Avoiding car depreciation: Best resale value cars in 2024

Vehicle owners who have been around the block a couple of times know that selecting the perfect vehicle is about much more than the initial joy of ownership. In 2024, economic prudence prompts a closer examination of a crucial aspect that oftentimes gets overlooked in car buying–a vehicle’s resale value.

This comprehensive guide aims to illuminate a straightforward path to buying a reliable vehicle that runs well, is easy to maintain, and maintains its value throughout its lifetime.

There are a number of different factors that influence resale value. We’ll dissect some of these elements that make a vehicle not just a dependable ride but a strategic asset.

From the sleek contours of modern sedans to the robust capabilities of trucks and SUVs, we will analyze the most important factors related to a vehicle’s resale value.

Join us as we navigate the nuances of depreciation, weigh the pros and cons of used dealers and private sellers, and more. Let this guide be your compass on the road to sound automotive investments. Read on to learn how to make choices that resonate when you’re behind the wheel and in your financial portfolio.

What determines a vehicle’s resale value?

A vehicle’s resale value is a dynamic metric influenced by a multitude of factors. As such, it’s a pivotal consideration for prospective buyers. Cars that hold their value can be a great asset. Understanding what contributes to a vehicle’s resale value empowers buyers to make better-informed decisions.

Here are some of the key determining factors that affect the resale value of a vehicle:

Depreciation rates

Perhaps the most significant element involved is vehicle depreciation. Depreciation is a term that refers to the gradual loss of a vehicle’s perceived value over time. Cars that hold their resale value well generally exhibit slower depreciation rates. In other words, they retain a higher percentage of their original value over the years. This characteristic is often associated with trustworthy brands, models with strong performance records, and those equipped with highly sought-after features.

Brand reputation

A brand’s reputation can also impact the perceived resale value of a vehicle. Establish brands that are known for reliability, durability, and quality craftsmanship tend to produce cars, trucks, and/or SUVs that hold their resale value better. Positive brand perception can also contribute to the desirability of a used vehicle in the market, positively influencing resale prices.

Maintenance and repair history

Regular maintenance and a well-documented repair history contribute substantially to a vehicle’s resale value. Cars that have been well maintained, with timely servicing and a comprehensive repair record, instill greater confidence in potential buyers. This transparency enhances the perceived reliability of the vehicle, positively impacting resale prices.

Market demand

The law of supply and demand applies here as well. In the automotive industry, cars that maintain a high demand in the used car market naturally command better resale values. Factors like fuel efficiency, safety features, and evolving consumer preferences will also influence the demand for specific models. This directly affects their perceived resale value.

Technology and features

Technological advancements and quality-of-life amenities will also contribute to a vehicle’s resale value. Cars equipped with the latest safety technology, entertainment systems, and other sought-after features tend to age more gracefully in the market. These types of vehicles appeal to a broader range of buyers which, in turn, sustains their value over time.

In essence, the complex interplay of these and other factors will determine whether or not a vehicle will retain its value. By scrutinizing these elements, prospective buyers can more confidently navigate the market. With greater confidence and know-how, buyers can land on an investment that serves their immediate needs but retains its value long after driving away from the sale.

Resale value in different categories

While all makes and models will depreciate differently, it can be helpful to group them into their body categories to glean more insights.

Best resale value cars

Sedans, known for their fuel efficiency and practicality, often exhibit slower depreciation rates when compared to larger SUVs or trucks. Their compact design and widespread appeal contribute to their resilience and ability to retain their value over time.

Here are some of the best resale value cars available at EchoPark:

• Honda Civic – A stellar choice of used cars, the Honda Civic combines reliability, fuel efficiency, and has a reputation for longevity. Renowned for its solid build quality and low maintenance costs, the Civic delivers a comfortable ride with dozens of practical features. With a track record for dependability, it’s no wonder the Civic has such a strong resale value. This is a compelling option for those seeking a trustworthy, economical used car.

• Toyota Corolla – The Toyota Corolla’s exceptional resale value can be attributed to its reputation for being reliable, having good fuel economy, and popular brand recognition. Coupled with relatively low maintenance costs, the Corolla consistently ranks high in reliability assessments. Its widespread appeal and no-frills design also contribute to its sustained demand in the used car market. Furthermore, Toyota’s commitment to quality and the Corolla’s consistent performance make it a sound option for discerning buyers.

• Hyundai Sonata – The Hyundai Sonata boasts strong resale value due to its winning combination of style, features, and competitive pricing. As a midsize sedan, the Sonata offers a spacious and comfortable interior. This makes it an attractive choice for families and commuters alike. Hyundai’s focus on innovation (with advanced safety features and technologies) enhances the Sonata’s desirability in the used car market. With a reputation for reliability and a commitment to driving excellence, the Hyundai Sonata stands out in the used sedan market.

Best resale value SUV

SUVs, with their versatility and spacious interiors, occupy a unique position in the resale value landscape. Compact and mid-size SUVs often fare better due to their popularity among families and individuals seeking a blend of space and maneuverability. Larger SUVs may experience slightly different depreciation trajectories that are influenced by factors like fuel efficiency and fluctuating consumer preferences.

Here are some of the best resale value SUVs available at EchoPark:

• Subaru Crosstrek – The Subaru Crosstrek is a vehicle that really understands itself. Seamlessly blending practicality with an adventurous spirit, the Crosstrek effortlessly tackles urban landscapes and off-road terrain alike. The Crosstrek also excels in safety, featuring advanced technologies like EyeSight, which offers added peace of mind on any journey. Its spacious interior accommodates a variety of lifestyles and the Subaru brand can further enhance the Crosstrek’s appeal. Combining style, performance, and versatility, the Subaru Crosstrek retains its value exceptionally well. This is a sound option for those who seek a practical vehicle that’s equally adventurous.

• Dodge Durango – The Dodge Durango is a powerful SUV that can handle all sorts of situations. It’s best known for its robust performance and spacious interior. And with an array of potent engine offers, the Durango provides impressive towing capabilities. The Durango’s bold and aggressive design exudes a commanding presence on the road. Inside, it’s comfortable, tech-savvy, and an enjoyable atmosphere for passengers. The Durango’s strong resale value makes it a compelling investment for those in search of power, style, and iconic American manufacturing.

• Toyota RAV4 – The Toyota RAV4 is celebrated for its reliability, versatility, and fuel efficiency (especially for an SUV). With an inviting, well-designed interior, the RAV4 caters to families and adventurers alike, providing ample cargo space with a suite of user-friendly features. The RAV4’s efficient performance and available hybrid options make it a perennial favorite in the compact SUV category. And Toyota’s Safety Sense provides an added layer of comfort when you’re behind the wheel. The RAV4’s dependability allows it to retain its value in the used car market, making it a smart choice for those in search of quality and practicality.

How cab styles impact resale value

Trucks – and especially trucks with more robust features–can hold their own in the used vehicle market. The choice between regular cab vs crew cab introduces another dynamic.

Regular cabs, with their smaller size, may appeal to those who prioritize utility and efficiency. Crew cabs are more spacious and cater to buyers seeking additional passenger space.

Here are some of the best resale value trucks available at EchoPark:

• Toyota Tacoma – The Toyota Tacoma is a respectable midsize pickup truck, renowned for its off-roading prowess, reliable components, and enduring appeal. With a rugged design and impressive handling, the Tacoma is a favorite among thrill-seekers and those requiring a capable workhorse. Its versatile bed configurations and towing prowess make it suitable for just about anything. The model consistently maintains its value well in the used truck market, reflecting its reputation for reliability and demand. Whether you’re conquering city streets or challenging terrains, the Toyota Tacoma is a resilient choice that holds its worth over time.

• Ford F-150 – The Ford F-150 is an iconic full-size pickup truck, celebrated for its enduring dominance in the truck market. With its robust towing capacity, diverse engine options, and other innovative features, the F-150 caters to a wide swath of drivers. It’s a great truck for everyday commuting and for drivers who need more serious hauling and towing capabilities. With a sturdy, yet refined design, it exudes both strength and style. The F-150’s reputation for toughness and resilience contributes to its strong resale value. As such, the Ford F-150 is continually a beloved, sought-after choice for those in need of a powerful, dependable truck.

• Jeep Gladiator – The Jeep Gladiator stands out as a unique and adventurous midsize pickup truck. It seamlessly combines the legendary off-road prowess of a Jeep with the utility of a modern pickup truck. With its distinctive design, removable roof and doors, and the availability of four-wheel drive, the Gladiator offers an unparalleled open-air driving experience. Its remarkable towing capacity and functional bed make it well-suited for trail enthusiasts and those with more suburban needs. The Gladiator’s off-road prowess, combined with its modern technology and comfort features, sets it apart in the midsize truck segment. As a result of its rugged, enduring charm, the Jeep Gladiator holds its value well. It’s a decent choice for buyers looking for a distinctive, capable pickup truck.

Used dealer vs. private sale resale values

The typical resale market presents prospective buyers with two main choices: used dealerships and private sellers. Both possibilities come with some distinctive considerations, and both entities will likely have different calculations factoring into the perceived value of a vehicle.

More often than not, used dealerships will provide a structured, more secure environment for both buyers and sellers. The resale value at used dealerships is influenced by a few factors:

• Inspection and certification – Vehicles offered by used dealerships typically undergo rigorous inspections and may also receive certain certifications. At EchoPark, each vehicle undergoes a comprehensive 190-point inspection process. The assurance of a well-inspected and certified vehicle can instill confidence in buyers, positively influencing resale values.
• Warranty options – Many used dealerships offer extended warranty options for their vehicles or other protection plans. The availability of such warranties can enhance the perceived value of a vehicle, as buyers are reassured about potential repair expenses.
• Trade-in opportunities – Used dealerships also provide more flexibility in terms of trade-in options. This allows buyers to leverage the value of their existing vehicle and put that toward a new purchase. This convenience can make the overall transaction much more appealing while also positively impacting a vehicle’s resale value.

Private sales, on the other hand, involve direct transactions between individual sellers and buyers. Resale values in private sales are dictated by a couple of factors:

• Negotiation flexibility – Sometimes, private sellers will offer more wiggle room for negotiation. Buyers and sellers can directly discuss and agree on the price, potentially leading to a mutually beneficial deal. However, some sellers may not be this flexible or have a reasonable understanding of the vehicle’s actual value.
• Personalized history – Private sellers can generally provide a more personalized history of the vehicle by offering insights into its maintenance, usage, and overall condition. A well-documented history will positively impact a vehicle’s resale value in these situations.
• Reduced overhead costs – Private sales typically involve lower overhead costs than dealership transactions. This may allow for more competitive pricing, meaning buyers can sometimes score a better deal.

Choosing between a reputable used dealer and a private seller will depend on your individual preferences and risk tolerance. Keep in mind, however, that used dealerships like EchoPark also offer additional services like warranties, inspections, and certifications.

Understanding the dynamics of these marketplaces is crucial for buyers seeking the best resale value for their investment.

Retention strategies to preserve the value of your vehicle

Preserving the value of an automobile involves a combination of thoughtful maintenance, aesthetic care, and proactive planning. Implementing value-retention strategies not only ensures a more enjoyable ownership experience but also contributes significantly to the vehicle’s resale value down the road.

1. Regular maintenance – Consistent, timely maintenance is key to preserving the value (and longevity) of a vehicle. Adhering to the manufacturer’s recommended maintenance schedule, including oil changes, fluid checks, and brake inspections, will help prevent premature wear and tear, maintaining optimal performance.
2. Detailed service records – Maintaining detailed service records is also crucial. A comprehensive history of regular vehicle maintenance and repairs provides a welcome layer of transparency to potential buyers. Think of your maintenance receipts as evidence for future buyers to showcase the care provided to your vehicle.
3. Protective measures – Utilizing protective measures such as waxing and detailing will also help your vehicle retain its value. Prolonged or continual exposure to elements like UV rays, pollutants, and road debris can take a heavy toll on your ride. Protective measures help preserve the vehicle’s aesthetic appeal while preventing long-term damage that could negatively impact the resale value.
4. Mindful driving habits – How a vehicle is driven plays a significant role in its long-term condition. Avoiding aggressive driving, sudden stops, and pothole-ridden roads can prevent unnecessary stress on the vehicle’s components. This preserves the vehicle’s performance and long-term value.
5. Upkeep of wheels and tires – Maintaining proper tire pressure and regular rotation are also essential. This helps ensure safety and optimal performance while mitigating uneven wear on your automobile. Additionally, addressing any damage to wheels promptly can prevent costly expenses in the future.
6.  Addressing repairs swiftly – Addressing minor repairs in an expedient manner decreases the likelihood of things escalating into more significant issues. Timely resolution of any mechanical or cosmetic issues maintains the vehicle’s overall condition and reinforces its resale value.

By adopting these retention measures, vehicle owners can enjoy a well-maintained, reliable vehicle while positioning themselves for a more favorable resale experience when the time comes. These measures collectively contribute to the longevity of an automobile while simultaneously enhancing its appeal in the competitive used car market.

The depreciation dilemma: New vs. used

It’s a dilemma that’s been around for as long as the automobile industry itself. Is it better to buy a new vehicle or a used vehicle? Understanding the advantages of each option is crucial when making an informed decision aligned with your individual preferences and financial constraints.

Advantages of buying new

Investing in a brand-new vehicle can be a fun and exciting experience. Firstly, buyers get to enjoy the latest features, cutting-edge technology, and a pristine, untouched driving machine. New cars often come with manufacturer warranties that provide peace of mind regarding potential repairs. Additionally, being the sole owner allows for full control over the vehicle’s maintenance history and driving habits – factors which, as we know, can positively affect resale value in the future.

Advantages of buying used

On the flip side, opting for a used vehicle can be a prescient decision in volatile markets. While new vehicles experience their most dramatic depreciation in the first 1-3 years of ownership, used vehicles are a cost-effective alternative. Buyers can often acquire a well-maintained, low-milage used vehicle at a mere fraction of the cost of a brand-new one. With a wealth of information available on the web and at various used dealers, buyers can do their research and choose a vehicle they can count on.

Your premier destination for used vehicles

When considering the advantages of buying used, EchoPark stands out as one of the best destinations for acquiring a high-quality, low-depreciation vehicle.

EchoPark offers an impressive, curated inventory of meticulously inspected vehicles, providing buyers with the assurance of a reliable purchase. With a focus on transparency and customer satisfaction, EchoPark is renowned for its commitment to delivering exceptional value in the used car market.

Choosing a vehicle from EchoPark ensures significant savings, yes, but also the peace of mind that comes with a dependable, well-maintained vehicle.

Find your new ride at EchoPark

If you’re thinking about buying a used car or selling your car, it can be a lot to consider. Navigating these decisions requires a thoughtful consideration of depreciation factors like brand reputation and maintenance history.

As we’ve explored the intricacies of vehicles with the best resale value, it becomes clear that the decision-making process extends beyond the showroom floor. It encompasses the entire lifespan of the automobile.

When buying or selling a used vehicle, the ultimate goal is to make a choice that aligns with your priorities and long-term aspirations.

EchoPark’s unwavering commitment to providing quality, transparency, and exceptional value sets it apart as a premier destination for those seeking a dependable used vehicle. EchoPark’s inventory is full of vehicles that can hold their value when properly cared for, and EchoPark teammates strive to provide a seamless, satisfying purchase experience.

Take the next step towards driving a vehicle that can withstand the test of time–explore EchoPark’s expansive inventory today. Visit our website or contact your local EchoPark dealer today to discover some of the best vehicles with the best resale value anywhere. Let EchoPark be your guide in turning your next vehicle purchase into a strategic investment for the road ahead.

Your journey toward a wise automotive investment begins here, at EchoPark!