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Topics: General Car Tips |
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| What Cars Are Holding Their Value the Best? |
Submitted by:
Tip Hero 08/27/2008 9:06 PM
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 According to Bankrate.com, a new car loses between 25% - 40% of its value the moment you drive it off the lot. That’s some serious depreciation at work! So if you are going to buy a new car, or a car that is only a year or two old, it's probably a good idea to understand what the resale value looks like before you make the purchase.
The website Ecomodder.com recently took a look at four different models and did an analysis to see which ones hold their resale value the best. As they discovered – and which shouldn’t come as much of a surprise given the high cost of gas these days – the more fuel efficient vehicles are holding their value better than the others.
Using Kelley Blue Book, they compared the Honda Civic, Toyota Prius, Dodge Caravan, and Ford F150, and compared the 2008 models to 2004 models. Here’s a look at their findings comparing the Honda Civic to the Ford F150:
2008 F150 MSRP: $26,140.00
2004 F150 Suggested Retail: $9,670.00
2008 Civic MSRP: $16,280.00
2004 Civic Suggested Retail: $11,980.00 We were surprised to see that the 2004 Honda Civic is selling for just over $4,000 less than the 2008 model – a depreciation of 26%. That’s not bad, particularly when you compare it to the Ford F150, which has lost over 63% of its value in the 4-year period.
The article also compares the Toyota Prius to the Dodge Caravan. Not surprisingly, the Prius holds its value quite well – in fact, the 2004 model is valued at 95% of the 2008! We’ve even heard stories recently of used hybrids selling for more than the new models.
To view the full article, and to see other comparisons, visit “Big Surprise: Fuel efficient cars are holding their value better than other cars”.
Other sources:
"Buying a new car vs. buying used" (Bankrate.com)
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