Most cars lose their value as soon as you drive them off the lot.
If you tried to sell your car after only a year, you’d end up still owing money on your loan.
Some cars will lose thousands of dollars over their lifespan, and some become basically worthless.
However, some hold their value better than others, earning you a nice little return when you decide to sell.
Here are a few cars that are known for retaining their value better than their competitors:
One reason that used Lincoln cars retain their value so well is the quality used in manufacturing. Popular cars like the MKZ and MKC are made with the highest quality materials and are designed with the highest standards for performance, safety, and longevity in mind. You can buy a used Lincoln with confidence, knowing that you are going to get your money’s worth many times over.
Bankrate named the Honda Fit the best subcompact for retaining value. Bankrate says that the Fit had a 36-month resale value of 61.5 percent. The car already starts at an affordable price point of just over $15,000 when new, and it has excellent fuel efficiency and low repair costs that help it maintain that value.
The popular pickup has always maintained its value well, but Kelley Blue Book says that the 2015 model is so far performing better than any previous models in terms of resale value. KBB pegged its 36-month resale value at 74.9 percent and its 60-month resale value at 60.4 percent. The Toyota Tacoma is poised for a total redesign with the next model year, so we’ll have to see how that influences the resale value of past models.
For luxury cars, Lexus has been named one of the top brands for resale value by Kelley Blue Book. Lexus offers a variety of models, including sports cars, compacts, and even crossovers. Hybrid models are also available for the eco-conscious. You can get the luxury look of a Lexus with the cost-saving and reliable technology upon which Toyota has made its name.
What to Look for in a Used Car
Unfortunately, even when a brand or a specific model has been identified for its quality, that doesn’t mean that you can just look for that nameplate and get a great car. Someone could have mistreated the car or neglected its maintenance, putting it at risk for all kinds of problems. The best thing you can do to protect yourself is to shop with a reputable dealer instead of an individual and to get a copy of the vehicle history report. The report will give you information about previous ownership, whether the vehicle was involved in any accidents, and whether it was involved in any criminal activity.
You should also do an inspection of the vehicle yourself for signs of any aesthetic or mechanical issues. Take a test drive to make sure everything is working smoothly. Then bring the car in for an inspection by a mechanic of your choosing.
When you buy a quality used car, you could get years of reliable performance from it. Make sure you start your search with cars that are known for their quality, such as used Lincolns, and then do your due diligence to make sure the specific model is a quality one.