Congrats on a smart choice!
When you chose Toyota, you made a wise decision: that’s because time and time again, Toyota has been named as a brand that really holds its value
Why vehicle value over time matters
You’ve likely heard the term depreciation before: it refers to how much value your car loses over time. Said another way, depreciation is the difference between what you paid for your vehicle and what it’s worth as it ages.
Depreciation matters most when it’s time to sell or trade your current vehicle for another one. Specifically, if you financed your vehicle rather than buying it outright and then decide to sell it before the end of your finance contract, you may realize that you owe more money than the car is worth. Or, you may pay off your finance contract and then decide to sell, only to realize that your vehicle isn’t worth nearly as much as you’d hoped it would be - and if you have to sell for less, you’ll have less available as your next down payment, or less to spend or save in whatever manner you’d choose.
A wise decision
Did you know that the average new car loses between 50 - 60% of its value after the first five years?
That’s according to depreciation research by Edmunds and CarFax, but there is a bright side according to additional reports. In a 2019 study of more than 7.7 million new and used car sales (model years 2014-2019), data shows that “as a brand, Toyota vehicles have the best resale value… [and] Toyota vehicles hold their value across all vehicle segments thanks to the brand’s reputation for reliability.”
...data shows that “as a brand, Toyota vehicles have the best resale value… [and] Toyota vehicles hold their value across all vehicle segments thanks to the brand’s reputation for reliability.”
The good news continues with research provided by Kelley Blue Book (KBB) which named 2022 Toyota models the Best Resale Value compared to all other brands – a recognition we’ve received five times in the last six years.
Without a doubt, choosing the best vehicle brand for retaining value is important whether you’re leasing, financing or purchasing a new car outright. We think it’s safe to say that no matter which Toyota model you’ve chosen, you’ve made an excellent choice, as the brand named with overall best resale value!