If there is one thing that will cost any car owner more than anything in the first few years when it comes to owning their cars is depreciation. But there are still ways for car owners to retain the value in their car by finding a car that has the best retained value. Here is what you need to know when it comes to maximizing your car’s value.
1. If you have the taste for the finer things
Purchasing a luxury brand car is one option you can consider when looking for a car that retains its value. According to WhichCar, brands like Audi proved to hold up to 63% of their value at the end of 36 months. People who pour their money into luxury brands such as Mercedes-Benz and BMW also managed to retain the car's value within the 60% range, which can help them get a return on their investment when they trade in their vehicle.
Not everyone will be able to fork out money on luxury brand cars, but it is possible to find cars that are mainstream that still manage to hold a fair amount of their value such as Toyota Landcruiser, Mazda, and Volkswagen to name a few.
2. A car that torques back
People who own cars that go fast can benefit from having cars that are able to retain their value. You may also be surprised to find that choosing between automatic and manual also plays a part in your cars retained value. According to data released by the automotive industry monitor Glass Data, vehicles that were designed to go fast managed to retain 67% of the car's value at the end of 36-month/60,000km.
Once again, Audi took the crown with its RS3 Sportback hatch, A5 coupe, and Ford Mustang. Comparing the resale value of the car that you are interested in purchasing can also help you choose a car that won’t make your finances take a knock due to depreciation.
3. There is something about an SUV
It may come as no surprise that SUV’s have made the cut in terms of cars that retain the best value. The data further showed that SUV’s were part of the group of cars that were able to retain up to 60% of its value. This may be due to its body style and the versatile nature of the SUV which is also a popular pick in the used market. Some of the cars that made the list of body styles that retained their value were:
- Range Rover Evoque
- Landrover Discovery Sport
- Porsche Cayenne and Macan
- Volvo XC60
- AUDI Q5
- Mercedes GLE-Class and GLS-Class
Aussie car buyers are known to be conservative in terms of the car colours they buy. Cars that had colours such as grey, white, silver and black are more likely to retain their value since these are popular. Other things that can help you retain your car's value is keeping the mileage low, and ensure that you keep to a maintenance schedule that will keep the interior and exterior of your car in good condition.