Fair-Market Prices For Your Junk Cars
It’s common knowledge that cars depreciate over time. In fact, the tongue-in-cheek statement is “the car loses value as soon as it leaves the lot.” Vehicle ownership is the largest long-term ownership expense.
Fair-Market Prices For Your Junk Cars
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Why is it that cars lose their value so quickly? It’s simple: they are a piece of equipment and any bit of use equates to “wear and tear.”
Selecting a vehicle with a higher expected resale value affects both how much the vehicle will be when it's traded in and how affordable the monthly payments will be for those who lease.
That said, it can be assumed that the average 2021 model-year vehicle will depreciate about 60% of its original value after the standard five-year ownership period (according to Kelley Blue Book). The resale value of any given model is ultimately dependent upon the condition and mileage of the vehicle.
With all vehicles losing over half their original value within a five-year period, there are some that retain more of their original value after that period than others. Accounting for various factors (supply and demand, automaker’s incentives, etc.) as well as regional preferences (four/all-wheel-drive in snowy places and pickups in The South), these car brands still reign supreme in the ring of long-term value retention.
According to a 2019 research study done by the automotive engine and research outfit iSeeCars.com, only 1% of cars sold during that year had at least 200,000 miles on their odometer. That said, there are brands that were proven to last longer than the others.
The study concluded that there are five brands with astounding long-term reliability. These brands build vehicles that are liable to last for at least 200,000 miles more than other vehicles. The Pickups and SUVs models reign supreme in regards to longevity, but sedans and minivans had some presence as well.
These five brands in order are:
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