The good news for used-vehicle shoppers is that prices of pre-owned models are finally falling back down to earth after a protracted pandemic-fueled period of preposterousness. According to Cox Automotive, wholesale used-car prices have dropped by a substantial 13.1% over the past year. Electric vehicles seem to be the biggest losers here, with resale values falling by 20% or more in the past 12 months.
Unfortunately, lower used-car costs moving forward means new-vehicle buyers need to be extra vigilant to choose a model in a given class that will depreciate the least down the road. Getting a higher resale value means an owner will be able to pocket additional cash in a private sale or make a larger down payment on his or her next vehicle. It’s an especially important consideration for those shopping among costlier luxury models, simply because there’s more money at stake to lose.
In addition, resale values directly affect how much one will pay to lease a particular model, as costs are largely based on the difference between a model’s transaction price and what it’s expected to be worth at the end of the term.
According to the valuation experts at Kelley Blue Book (KBB), the average new vehicle can be expected to hold onto about 42.4% of its original value after a typical five-year/75,000-mile ownership period. Of course a given model’s ultimate resale value will depend on its mileage, location and condition, but all else being equal, that means a car priced at $50,000 today will be worth around $21,200 after five years on the road.
But some vehicles inherently retain more of their original values than others, and this is based on a plethora of factors. These include supply and demand issues, and a how deep the discounts or generous the automakers’ incentives it takes to sell a given vehicle line; bigger cash-back rebates tend to accelerate a given model’s rate of depreciation. Regional preferences also affect a given model’s long-term value – four or all-wheel-drive models are in greater demand in snowy parts of the country, for example.
According to KBB’s annual Best Resale Values data, the top performers in this regard for 2024 are mainly trucks and sports cars that are predicted to retain at least 54% of their transaction prices after 60 months. The burly throwback Ford Bronco SUV is estimated to beat all comers by preserving 66% of its original value after five years. That means a $50,000 Bronco would be worth $33,350 at trade-in time, which tops the industry average by a whopping $12,150. We’re featuring the 10 best performers for 2024 below.
Among automakers, KBB predicts Toyota models will retain the best resale values among mainstream brands, with its upscale relation, Lexus, taking top honors among luxury nameplates.
In addition, KBB cites models in 25 separate categories, including five for electric vehicles.
The Chevrolet Corvette leads the passenger-car segment (59.0%), while the Toyota Tacoma (62.6%) is the most frugal among pickup trucks, while the Toyota Sienna (48.4%) tops this year’s short list of minivans. Among electrified rides, the Toyota Prius (55.3%) is the top hybrid, while the rookie Rivian R1S (47.0%) can be expected to hold its value the best among full-electric vehicles.
Otherwise, these are the 10 vehicles from the 2024 model year KBB predicts will hold onto the highest percentages of their original values after five years or 75,000 miles on the road, with their starting sticker prices and future value percentages noted:
- Ford Bronco: MSRP $41,525; 5-year value 66.7%
- Toyota Tacoma: MSRP $32,995; 5-year value 62.6%
- Mercedes-Benz G-Class: MSRP $144,150; 5-year value 61.2%
- Toyota Tundra: MSRP $41,815; 5-year value 60.4%
- Chevrolet Corvette: MSRP $69,995; 5-year value 59.0%
- Toyota GR Supra: MSRP $45,540; 5-year value 57.2%
- Toyota Prius: MSRP: $29,045; 5-year value 55.3%
- Toyota 4Runner: MSRP $40,455; 5-year value 54.6%
- Porsche 718 Cayman: MSRP $68,300; 5-year value 54.2%
- Ford Maverick: MSRP $25,410; 5-year value 54.0%
KBB’s full list of Best Resale Value Awards for 2024 can be found here.
