No matter what kind of car you drive - or where you drive it - you want to be able to get the most out of the vehicle. This may refer to its capabilities or its value, but either way, motorists will have to be on the lookout for ways to keep the value high.
Depreciation dips in November
Many drivers take note of rates of depreciation, as they can have an impact on the worth of their own vehicles as well as the price of used cars. One resource that can help track this statistic is the NADA Used Car Guide, which provides insight into the automotive industry.
A recent report from this publication focused on the average rate of depreciation, and found that it skewed to drivers' favor in November. Throughout the month, the average rate of used vehicle depreciation slowed to 1.5 percent, down from 3.5 percent in October. That is good news for drivers who want to make sure their vehicle retains value, and if the economy holds steady, this rate may as well.
"November's decline in the rate of depreciation can be credit to favorable market conditions, lower unemployment, moderating gas prices and advantageous credit conditions, including the end of the federal government shutdown in October" said Jonathan Banks, an automotive analyst with the NADA Used Car Guide.
Finding the best value
There's no surefire way of determining which vehicles are going to maintain high value for an extended period of time. While qualities like fuel economy and safety features will certainly tip the scales in one way or the other, other elements or important factors are not as easy to predict. Ultimately, searching for a vehicle with a solid reputation and reliable qualities, and keeping up with regular maintenance throughout ownership, is the most effective way of making sure it retains value.
Even the truck modifications you make affect depreciation. For example, if you customize an automobile with updates like new shocks or armor, you could be increasing its value. Not only are these alternations relatively common for off-road drivers, making them desirable, but they also work to protect the vehicle and improve the driving experience. Both of these aspects are extremely important, and they may cause some drivers to think twice about their plans.
Trucks and SUVs that stand out
Kelley Blue Book recently analyzed some of the most popular trucks and SUVs on the market to see which vehicles retained the most value. The Jeep Wrangler was ranked as the best crossover or compact SUV, as it kept about 58 percent of its initial value five years after purchasing. Similar options like the Honda CR-V or Toyota RAV4 are also solid choices, but they don't offer the same off-roading tradition as the Wrangler.
When it came to midsize and large SUVs, Toyota took the crown. The Toyota FJ Cruiser and Toyota Sequoia were rated as the top models in these segments, respectively. According to KBB, the Sequoia retained just under half of its original value after five years, while the FJ Cruiser kept an impressive 70 percent of its value.
The brand didn't stop there. Both the Toyota Tacoma and the Toyota Tundra earned praise among pickup trucks. These editions retained approximately 62 percent and 52 percent of their original value, respectively. Of course, it should be noted that the Tacoma's only competition was the Nissan Frontier, as many manufacturers have bowed out from the midsize pickup truck segment in recent years. The Tundra, on the other hand, competed against many top-selling trucks and still managed to hold onto the No. 1 spot, even ranking sixth overall among all vehicle values in 2014.