New cars are not going to stay new forever. Eventually every car owner will have to make the decision – should they hang on to their vehicle and run it to the ground or should they resell it and get some money back to assist with purchasing a new vehicle?
Although car owners are now choosing to keep their vehicles longer than previous generations – an estimated 10.8 years – there is still a market out there for used cars, and many car owners are opting to trade in their aging vehicle for a new one.
Taking into consideration the factors that affect resale value such as depreciation, climate, colour and upgrades, after one year, a vehicle tends to lose 30 per cent of its resale value. If you’re lucky, after three years, it’ll retain half of its value. This is even truer in the case of cheaper cars, which tend to wear out sooner. If you are thinking of selling your new vehicle after two to three years, it starts with selecting the “right” car.
The following list shows the residual value of each vehicle three years down the road, and when it comes to the resale value, the higher the percentage the better:
2014 Hyundai Elantra
MSRP: $15,999
Resale Value: 50%
The Hyundai Elantra is a sleek-styled sedan with an impressive engine, an enhanced infotainment system and a cabin that offers a peaceful ride for everyone onboard. The 2014 Elantra is insulated to present a quieter ride and a more luxurious interior than its predecessors. In addition, the vehicle offers an accommodating trunk space and drives smoothly on the highway.
2014 Mazda2
MSRP: $14,450
Resale Value: 50%
The Mazda2 is nimble, small and a pleasure to drive. Although it takes an effort for the responsive vehicle to reach highway speeds, it handles great in the city. The 2014 model comes with a roomier interior and upgraded tech features, but it still lacks a navigation and entertainment system.
2014 Chevrolet Sonic
MSRP: $13,995
Resale Value: 51%
The Chevrolet Sonic is the first five-door hatchback to receive a five-star safety score from the National Highway Traffic Safety Administration. The Sonic presents a comfortable ride, but the engine struggles in stop-start traffic and the minimal storage space leaves much to be desired.
2014 Kia Forte
MSRP: $15,995
Resale Value: 52%
The spacious Kia Forte is a modest vehicle with a rather defined steering that can handle turns confidently. The cabin features high-quality materials, while the touchscreen interface has a minimal learning curve. The engine, however, is lacklustre and strains to accelerate.
2014 Toyota Yaris
MSRP: $14,255
Resale Value: 53%
The economical and reliable Toyota Yaris handles with poise. The subcompact has a surprisingly roomy backseat, but it has less cargo space than some other vehicles in the class. The 2014 Yaris has little trouble on highways, but urban and suburban traffic is where it strives.
2014 Volkswagen Jetta Sedan
MSRP: $14,990
Resale Value: 56%
The Jetta Sedan is equipped with an improved turbocharged engine, which offers a smooth ride. Although the interior is far from opulent, it is spacious. Overall, the 2014 Volkswagen Jetta Sedan is a substantial vehicle with respectable fuel economy.
2014 Honda Fit DX
MSRP: $14,635
Resale Value: 56%
The sprightly Honda Fit DX lives up to its name by having a considerable amount of cargo space. The interior is furnished with quality materials, and exhibits a classy feel. Although the Fit doesn’t perform athletically, it does convey a sense of composure.
2014 Honda Civic Sedan
MSRP: $15,690
Resale Value: 57%
The Honda Civic Sedan is one of the most popular vehicles in North America – known for its affordability and reliability. The Civic has superb fine fuel economy, but lacks in certain performance attributes. Still for those who are looking for a respectable and fairly priced vehicle, the Civic does not disappoint.
2014 Toyota Corolla
MSRP: $15,995
Resale Value: 58%
The high-comfort Toyota Corolla is a machine that focuses on the simple details. The humble vehicle delivers standard performance, yet fails to stand out in traffic. That said, it does have good mileage and seems to be reliable in most driving scenarios.
2014 Nissan Versa Note
MSRP: $13,348
Resale Value: 61%
The affordable Nissan Versa Note is an apt car for new or young drivers. Perfect for resale after several years, the Versa Note doesn’t display a long list of desirable qualities. It’s comfortable, efficient and not the ugliest car on the road, but with all that being said, the vehicle is unlikely to grow old with their drivers.
