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Car shoppers typically focus on a vehicle's sticker price when seeking the best deal. But what about residual value? Auto industry research and information company Kelley Blue Book says consumers can take a big financial hit if they don't consider how much their cars will be worth when they trade them in.
To help raise buyers' awareness of resale value, Kelley released a list of the 10 new vehicles it expects to retain the highest percentage of their original sticker prices after five years on the road.
Depreciation is often biggest expense for owners during the first several years. According to Kelley, an average vehicle from the 2013 model year will retain about 38.6% of its original value after a five-year ownership period, which means a $50,000 new car today will be worth about $19,300 after five years.
Kelley's Best Resale Value Awards are based on projections from the Kelley Blue Book® Official Residual Value Guide, which is determined by automotive analysts.
"The competition for Best Resale Value within many segments has become very heated in the last few years, as major vehicle redesigns and new model introductions have challenged the traditional favorites," said Eric Ibara, director of residual consulting for Kelley Blue Book. "However, for the second year in a row, Toyota and Lexus retain the top Best Resale Value ranking for both non-luxury and luxury brands, based on the average 60-month residual value across all models in each brands' respective lineup."
Here are the top-10 vehicles on Kelley's list and their projected residual value after five years of ownership:
1. Toyota FJ Cruiser, 63%
2. Toyota Tacoma, 57%
3. Jeep Wrangler, 55.4%
4. Honda CR-V, 50.7%
5. Toyota 4Runner, 49%
6. Toyota Land Cruiser, 49%
7. Porsche Cayenne, 47.3%
8. Lexus LX, 47%
9. Honda Civic, 46.9%
10. Scion tC, 46.5%