What Car Has the Best Resale Value? Top Brands and Models for 2024

Car depreciation is a significant factor that many buyers often overlook. It can be one of the most substantial expenses of car ownership, sometimes even exceeding fuel or insurance costs over the years. Understanding which vehicles hold their value is crucial for making a financially sound automotive investment. To guide car buyers in making informed decisions, Kelley Blue Book (KBB), a trusted authority in vehicle valuation, has announced the winners of its 22nd annual Best Resale Value Awards. These awards highlight the brands and vehicles predicted to retain the most value over the initial five years of ownership.

Why Resale Value Matters for Car Buyers

Depreciation is the natural decline in a car’s value over time. For the average new 2024 model-year vehicle, you can expect to lose around 57.6% of its original value after five years. This means a new car purchased for $50,000 might only be worth approximately $21,200 after five years. However, some vehicles defy this average and retain a significantly larger portion of their initial value. Choosing a car with a strong resale value can save you thousands of dollars in the long run, impacting your finances positively when you decide to trade in or sell your vehicle.

Kelley Blue Book’s Best Resale Value Awards: Methodology and Significance

The Kelley Blue Book Best Resale Value Awards are highly respected in the automotive industry. Now in their 22nd year, these awards are based on meticulous projections from the Kelley Blue Book® Official Residual Value Guide. Experienced automotive analysts at KBB utilize statistical models, analyzing millions of vehicle transactions to forecast residual values. These residual values represent the predicted percentage of the original Manufacturer’s Suggested Retail Price (MSRP) a vehicle will retain after five years, assuming average condition and 75,000 miles. The awards recognize vehicles with the highest projected residual values across various categories. Excluding low-volume vehicles, except in specialized categories like electric, luxury, and sports cars, ensures the awards reflect real-world market relevance for most car buyers.

Toyota and Lexus Dominate the 2024 Best Resale Value Rankings

For the third year in a row, Toyota has been named Best Resale Value: Brand, marking its eighth overall win in this category. This consistent recognition underscores Toyota’s long-standing reputation for quality, reliability, and durability, factors that significantly contribute to strong resale value. Similarly, Lexus, Toyota’s luxury division, secured the Best Resale Value: Luxury Brand award for the third consecutive year and fifth time overall. This achievement highlights Lexus’s ability to maintain high value in the luxury segment, appealing to buyers who prioritize long-term investment.

Top Resale Value Cars Across Vehicle Categories in 2024

Kelley Blue Book’s awards also recognize top performers in individual vehicle categories, providing detailed guidance for buyers interested in specific types of vehicles. Here are some notable category winners for 2024:

Notably, Honda secured top spots in the competitive Compact Car and Midsize Car categories with the Civic and Accord, respectively, reinforcing Honda’s reputation for reliability and value retention. Chevrolet Corvette continues its reign in the Sports Car category, reflecting its iconic status and desirability. Toyota’s Sienna minivan and Tacoma midsize pickup truck, along with the Tundra full-size pickup, further demonstrate Toyota’s breadth of vehicles with exceptional resale value. The Ford Bronco’s win in the Off-Road SUV category highlights the strong demand and value retention in the popular SUV segment. Interestingly, Rivian’s R1S, an electric SUV, secured a category win in its first year, indicating the growing resale value recognition for electric vehicles.

2024 Top 10 Cars for Resale Value: The Best of the Best

For buyers seeking the absolute best in resale value, Kelley Blue Book identifies the Top 10 cars across all categories. These vehicles are projected to retain a remarkable percentage of their MSRP after five years, offering peace of mind and financial advantages for their owners. In 2024, vehicles in the Top 10 are projected to retain around 58% or more of their original value, significantly outperforming the average vehicle.

The Top 10 list features a diverse mix of vehicles, from sports cars like the Chevrolet Corvette and Porsche 718 Cayman to SUVs like the Toyota 4Runner and Ford Bronco, and pickup trucks like the Toyota Tacoma and Ford Maverick. Toyota dominates the list with six models, further solidifying its brand’s leadership in resale value. The inclusion of the Mercedes-Benz G-Class and Toyota GR Supra highlights that luxury and performance vehicles can also hold exceptional value. The Toyota Prius, known for its fuel efficiency and longevity, also makes the list, demonstrating that practical and eco-conscious choices can be smart investments in terms of resale value.

Making an Informed Car Buying Decision with Resale Value in Mind

Understanding which cars have the best resale value is a critical step in the car buying process. By considering depreciation and choosing vehicles recognized for their value retention, buyers can minimize their long-term ownership costs and maximize their return when it’s time to sell or trade in. Kelley Blue Book’s Best Resale Value Awards serve as a valuable resource, guiding consumers towards smart and financially sound car buying decisions. For more detailed information and to explore the full list of award winners, visit Kelley Blue Book’s official website.