If you plan to buy a new vehicle this year, consider splurging on a truck or SUV.
Trucks and SUVs tend to hold their resale values better than other types of vehicles. In fact, trucks and SUVs took all of the top 10 slots in Kelley Blue Book’s 2019 Best Resale Value Awards.
This is the first time that no cars — as opposed to trucks and SUVs — have finished in the top 10 of the ratings calculated by KBB, an auto valuation and research company.
KBB notes that the average vehicle transaction price has climbed to more than $35,000, making it more important than ever to keep resale value in mind when buying or leasing a new vehicle. As KBB says:
“During the first five years of new-vehicle ownership, depreciation costs more than fuel, maintenance and insurance combined. Finding the right vehicle with high retained value is the secret to saving money in the long run.”
This is in keeping with a 2018 AAA analysis that found depreciation is the biggest expense associated with owning and operating a new vehicle, as we detail in “Choosing the Wrong Car Can Cost You an Extra $3,400 Annually.”
The 10 vehicles that hold their resale value best
KBB notes that the average new vehicle is worth only about 39 percent of the original sticker price after five years. By contrast, the vehicles that KBB ranked in the top 10 this year are expected to be worth, on average, about 55 percent of their original value after five years.
Those top 10 award winners — all of which are 2019 models — are:
- Toyota Tacoma: Resale value of 62.2 percent at 60 months
- Jeep Wrangler: 58.3 percent
- Toyota Tundra: 56.9 percent
- GMC Sierra: 56.7 percent
- Toyota 4Runner: 56.3 percent
- Chevrolet Silverado: 53.7 percent
- Honda Ridgeline: 51.3 percent
- Chevrolet Colorado: 50.9 percent
- Ford F-Series: 50.6 percent
- Porsche Macan: 50 percent
The Best Resale Value Awards cover all size classes, shapes and prices of vehicles.
Finding the best car for you
While rankings such as these can be helpful for narrowing your car search, additional homework is crucial to landing a great purchase. Start by perusing the “7 Websites You Should Check Before Buying Any Car.”
Also, think twice about the wisdom of buying something new. As we have noted many times over the years, buying a two- or three-year-old car will get you a much better deal on a vehicle that’s almost as good as a new one.
However, there are times when buying new can make sense, as we also have noted:
“If you’re planning to get a car that’s only 1 year old, a new car may be cheaper in some cases after dealer and manufacturer incentives are factored in.”
For more tips, check out “8 Tips for Buying Your Next Car for Less.”
Do you have advice for buying the perfect set of wheels? Share it in comments below or on our Facebook page.
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