Whether buying a new or used car, it’s always worth considering how well the vehicle holds its value. After all, new cars are hit with depreciation the very moment they drive off the forecourt, with some motors losing up to 50-60% of their value within the first 3 years. Used cars, on the other hand, have usually undergone this initial depreciation, typically providing a much lower starting price. When it comes to sports utility vehicles, this type of car tends to have strong residuals across the board, yet it’s a big market to keep track of, which is why we’ve put together this list of the best used SUVs that hold their value.
WHAT AFFECTS YOUR CAR’S VALUE?
When it comes to cars there is no escaping depreciation. However, there are things that affect a car’s value that buyers and sellers can both look out for. Here are 9 reasons why one vehicle might depreciate faster than another. Typically:
- The more miles driven, the less the car is worth (average mileage is around 10,000 miles per year)
- The number of owners also has an impact on the car’s value (the fewer the better)
- More recent models usually hold their value better
- The condition and service history of the car has an impact on the value: the better the condition and the more complete the service book, the more you can command a better price
- Cars that are considered unreliable can depreciate more
- A car’s warranty can have an impact too, especially if it enjoys a larger 7 years warranty
- Desirability plays a major part, with certain brands and models more likely to retain their value
- Miles per gallon is important as well, with better fuel economy adding to desirability
- Safety is another key factor, with vehicles that perform badly in Euro NCAP safety tests usually depreciating faster
TOP 10 BEST USED SUVS THAT HOLD THEIR VALUE
Whilst you may have to pay more upfront initially for a used sports utility vehicle with a strong residual value, there are a number of benefits for doing so. Firstly, if you plan to sell down the line, you are much more likely to be able to command a better sale price with an SUV that holds its value. Also, if you decide to buy with a PCP finance deal, you could get lower monthly payments too. Please, read on to discover our top 10 best SUVs that hold their value.