With gas prices and the increased cost of driving because of it, you might think that the largest cost for owning your car is gasoline. If you think a bit harder, you might consider finance charges or insurance to be your biggest cost. Another good guess would be repair and maintenance costs. These would all be incorrect. The biggest cost to you owning a car is the depreciation value and it can cost you tens of thousands of dollars compared to other similar models if you purchase the wrong one.
Resale value isn’t usually what’s on the top of your mind when you purchase a car, but considering how much it can potentially cost you, it probably should be. While you are far better off purchasing a used car to avoid steep depreciation in the first two years you own a car, it’s still good to know resale value. If you decide to buy new, considering resale value can put several thousand dollars back into your pocket when you decide to sell.
According to the 2006 Kelley Blue Book best resale value awards, BMW and MINI tied as having the best overall resale value of any brand of car. When it comes to the best resale value overall, the following vehicles made the top 10 list:
Honda Accord Hybrid
Lexus GX 470
Kelley Blue Book also broke down the top resale value car in each of 9 categories with the following the winners:
Sedan: Honda Accord Hybrid
Coupe: Infiniti G35 Coupe
Convertible: Chevorlet Corvette Convertible
Wagon: Suburu Outback Wagon
Hatchback: MINI Cooper & Toyota Prius (tie)
Pick-up: Toyota Tacoma PreRunner
SUV: Porche Cayenne
Van/Minivan: Honda Odyssey
Luxury: Infiniti M45