Though most car buyers understand the value of their car will depreciate, they may not be entirely aware of how much this loss can vary from one model to the next or to what extent.
To help new-car buyers shop smart, Kelly Blue Book and Cox Automotive have revealed the 2023 model year brand, category, and top 10 winners of the 21st annual Best Resale Value Awards, which honors vehicles for their predicted retained value over the first five years of ownership.
Most new car buyers are unaware that depreciation is frequently the biggest expense owners have during the first five years of ownership. After five years of ownership, the average 2023 model-year car would only be worth around 45% of what it cost to buy it, which means that a $45,000 new car today will only be worth about $20,250. Comparatively, after the first five years of ownership, every car in Kelley Blue Book’s Top 10 for Best Resale Value in 2023 is anticipated to hold onto 60% or more of its MSRP.
2023 Best Resale Value Brand– Toyota
2023 Best Resale Value Luxury Brand– Lexus
Compact car- Honda Civic
Midsize car- Honda Accord
Sports car- Chevrolet Corvette
Subcompact SUV – Subaru Crosstrek
Compact SUV- Subaru Forester
Midsize SUV- 2-row Subaru Outback
2023 Best Resale Value Top 10 cars:
- Chevrolet Corvette
2. Ford Bronco
3. Ford Maverick
4. Honda Civic
5. Jeep Wrangler
6. Subaru Crosstrek
7. Tesla Model X
8. Toyota 4Runner
9. Toyota Tacoma
10. Toyota Tundra
New car resale value might vary substantially. In the marketplace, it’s not difficult to locate cars with ordinary or below-average resale values, but some cars are predicted to keep their worth better than others. Although supply and demand, as well as current and anticipated future market conditions, account for a large portion of a vehicle’s resale value, vehicles that hold their value the best are often reduced the least and tend to attract a lot of consumer interest.
Meanwhile, Phillip Chylinski, senior valuation operations analyst for Kelly Blue Book notes he found that the “Ford Bronco taking the top spot in the off-road category was surprising. However, when looking at the current market and the scarcity it makes sense.” He continues, “Ford makes their presence known on the list with desirable vehicles like the Maverick, Mustang Mach-E, and the F-150 Lightning.”
