When thinking about purchasing a new car (or even a used car), resale value should be a high factor on your list. Think about it; you might not want to drive this car for the entirety of its lifespan. You may want to be able to move on without too much of a sunk-cost fallacy. Knowing what cars hold their value is a good determination in the car-buying process.
Kelley Blue Book stated that the average selling price for a used car is 42% higher than in December 2019, sitting at an average of $28,205. This is directly caused by the lack of new vehicles and supply chain issues. Though it’s impossible to calculate if there will be a residual effect.
All in all, the resale value of your vehicle may be more important than ever in a scarce market. You want to make sure your investment is beneficial. So, here are the cars that hold their value in 2023.
Honda Remains King – Honda Accord, Civic, and Odyssey
Hondas are known to retain their value. While they may not be the most stylish or desired vehicle, they are synonymous with reliability. With cheap repair costs and performance you can trust, someone will always be in the market to purchase a Honda.
Furthermore, USNews rated the Honda Accord, Civic, and Odyssey as the best value for their respective car classes. The Accord won the best value for a midsize car, the Civic won for best compact and the Odyssey won for the best minivan.
Finally, buying a Honda will always be a sound investment. Their quality puts them above the rest in the resale market. And, for what it’s worth, they will do a great job while you own them.
(how much of the car’s value it will hold after 5 years according to Caredge)
- Honda Accord – a 5-year residual value of ~58.30%
- Honda Civic – a 5-year residual value of ~61.13%
- Honda Odyssey – a 5-year residual value of ~49.68
Subaru Holds Their Value – Impreza, Crosstrek, and Forester
If you live anywhere near Denver, you are already shaking your head. Subarus are everywhere. In fact, for cars that hold their value, Subaru is and continues to be at the top.
For cars and SUVs that can get you through treacherous terrain, Subaru will always be great. Ultimately, there is only one model of Subaru that doesn’t come equipped with All-Wheel Drive. They’re known for their snow capabilities, and they plan on staying that way.
Similarly, their style and dependability always remain desirable. Drive in a mountainous area and you’ll always see at least one Subaru. I promise. I’ll bet on it.
Subaru resale value will always be high due to its usefulness. You cannot go wrong with purchasing one, whether new or used.
- Subaru Impreza – a 5-year residual value of ~64.85%
- Subaru Crosstrek – a 5-year residual value of ~61.79%
- Subaru Forester – a 5-year residual value of ~59.64%
Toyota Trucks Reign Supreme – Tacoma, Tundra
If we were to discuss why Toyota trucks continue to be the most valued vehicle on the market, we’d be here all day.
Firstly, their reputation is impeccable. Everyone knows Toyota as reliable. In fact, in a study by MotorTrend, 2.8% of Toyota Tocomas and 3.7% of Tundras lasted well beyond 200,000 miles. If you don’t know the metrics, we’ll put it simply. That is incredible. Their recall rates are amazingly low, too.
Secondly, Toyotas not only last forever, but their appearance lasts forever, too. Toyota trickles out overhauls instead of coming out with completely new models each year, meaning that even older models still have a recognizable appearance. A Toyota is a Toyota is a Toyota.
Thirdly, people love them. Even a 2002 Tacoma with over 130,000 miles can still go for over $10,000. That’s a 20-year-old truck, people. Buyers still want them and always will.
Trucks will always hold their value more than cars due to their dependability and usefulness. Amongst trucks, Toyotas will always be the most valuable.
- Toyota Tundra – a 5-year residual value of ~61.40%
- Toyota Tacoma – a 5-year residual value of ~71.27%
Everyone Wants a Tesla – Model X, Model 3, Model S
Cars that hold their value are not just gasoline-fueled. Electric cars will continue to hold their resale prices, as well. And at the top of that list is anything Tesla.
Firstly, let’s start with the hard truth. Teslas are cool. They are the new, hip car company. They have great designs, are great for the environment, and are reliable. Their features are worth noting, too. People are drawn to the self-driving, technologically advanced Teslas
Also, Tesla continues to provide software updates for all of its vehicles, keeping the inside metrics of the car current. It’s the way of the future, and it’s selling as such.
Sure, they will not hold their value like a powerful truck, nothing will, but they will hold their value better than any other electric vehicle. Many compare them to smartphones in that they’re outdated every year, but they are still a solid investment. Even old iPhones still sell well.
- Tesla Model 3 – a 5-year residual value of ~55.94%
- Tesla Model S – a 5-year residual value of ~49.69%
- Tesla Model X – a 5-year residual value of ~55.18%
The Best Cars That Hold Their Value – Jeep Wrangler
We can’t speak of cars that hold their value and not mention the Jeep Wrangler.
Say what you want about its performance or reliability, but the Wrangler will always keep its resale value. There will always be a market for them, and the depreciation is at an all-time low. Ultimately, the Wrangler has a cult-like following. Any year of the model is going to be desired, regardless of its condition.
Are Wranglers as reliable as Hondas? No.
Are Wranglers as useful as Subarus? Not really.
Are Wranglers as sturdy as Toyotas? Not at all.
So why do they hold their value so well? They’re stylish, fun and everyone loves them.
Look, you may not want to buy a Wrangler over other vehicles on this list for yourself. They are not dependable and low-maintenance vehicles like the aforementioned ones. But, if you’re looking for an investment, you can’t go wrong.
- Jeep Wrangler – a 5-year residual value of ~65.07%
Looking to Sell Your Car?
Looking to sell your used or junk vehicle quickly and easily?
Sell My Car Colorado will give you cash for your vehicle today!