Virtually every asset other than homes, land, and collectibles loses value over time. This is known as depreciation. Many new car buyers are shocked to find the value of a car worth substantially less than what they paid for it. Cars tend to depreciate more quickly than most assets, losing up to half their value in the first five years of ownership.
You can save money in the long run by purchasing vehicles with higher resale values. Market research shows that the following vehicles have some of the highest resale values of all American cars.
2015 Nissan Frontier
Since 1997, the Nissan Frontier has been one of America’s favorite mid-size pickup trucks. In 2015, new models ran anywhere from $17,990 to $35,260. On average, the 2015 Nissan Frontier had a five-year depreciation of 43.5%. In other words, the average 2015 Nissan Frontier commanded a selling price from $7,825 for low-end models to $15,338 for the top trim package available.
2015 GMC Canyon
The GMC Canyon has been sold in the United States since 2003. It was considered a compact pickup truck during its first run, which ended in 2012. Since GMC restarted production of the Canyon in 2014, it became one of the most popular midsize pickup trucks in the country.
At a starting price between $20,955 and $37,250, the 2015 GMC Canyon won U.S. News and World Report’s 2015 Best Compact Truck for the Money award. On average, the 2015 GMC Canyon held 41.2% of its value over the following five years, putting its average sale price between $8,633 for entry-level models and up to $15,347 for the highest-end model.
2015 Dodge Challenger
Initially introduced in 1969, the Dodge Challenger has been a favorite of U.S. drivers since it was brought back into production with its third generation in 2008. Although more expensive than most vehicles on the U.S. market, featuring a new list price between $26,995 and $58,295, the model held an impressive 40.6% of its value after five years, making it worth somewhere between $10,960 and $23,667 — depending on the model.
Wondering How to Find the Value of a Car? We Can Help!
Here at Get More Cheddar in Youngstown, we buy vehicles from private owners all across the region. You can find the value of a car by visiting our website and providing information such as VIN, license plate number, make, model, and year of manufacture. If you’re satisfied with our offer, simply schedule an in-person inspection with us — you might get paid on the spot!
Image By Mankaido