In the midst of a global pandemic, buying a car might not be on the top of most people’s minds. However, there’s lots of evidence to suggest that there is no better time to be buying a car.
With decreased demand due to the uncertain economy, many dealers are offering special financing deals and other incentives to get people to buy. Dealers have come up with numerous creative ways to move the sales process along, offering everything from virtual test drives and video walk-throughs to contactless purchasing. Internet pricing and car delivery are also part of the new normal and may remain in place long after the pandemic passes.
Since a new car is a depreciating asset, you should consider a car’s long-term resale value when calculating which type to own. Cars that maintain their value are easy to sell or trade in later on and don’t cost as much in depreciation.
To help you locate the cars with the best resale value, GOBankingRates analyzed 46 cars from Edmunds’ 2019 Best Retained Value-awarded cars and 2020 Best Car lists. Cars were then ranked in reverse order, with the highest average percentage of retained value after five years topping the scale.
Overall, Japanese automakers dominate the list: Honda, Lexus, Subaru, Mazda, Toyota and Acura, all Japanese brands, occupy a whopping 19 of the top 30 slots on the list. Perhaps surprisingly, the top “car” on the best resale value list is actually a truck, the 2020 Toyota Tundra.
If you’re still on the fence about whether or not it’s a good time to buy a car, check out these cars that offer high resale value — it might just be the right incentive to get you to purchase one.