Most car shoppers have a pretty good idea of what vehicle they are looking for when they start the shopping process. While some prefer the latest technology and safety defenses of a new vehicle, others prefer the affordability of a used one.
A current trend for consumers is cross-shopping for used cars, which involves comparing both new and used cars at the same time. According to Jumpstart Automotive Media, this trend is growing. Cross-shopping for used cars is up 19% when compared to last year. This is for both luxury and non-luxury segments. The jump in the luxury segment alone rose 36% when compared to last year’s statistics. Used cars are starting to rival new cars thanks to their value and solid build.
The survey also asked participants to share what they considered their most important shopping tools. At the top of the list for used-car shoppers was vehicle history, used car values, and financing options. Certified pre-owned shoppers wanted vehicle history, being able to search local inventory, and used car values. New car shoppers stated that searching local inventory, browsing expert car reviews, and researching vehicle information were some of their primary purchasing tools.
With these trends, used cars should start retaining their values for longer. For more information about which used vehicle might best suit your needs, stop by Pollard Used Cars.
Let’s say you’ve had a vehicle for a few years, and now you’re ready to move on to something new. You probably want to go to a dealership and turn in your old ride to put the cost towards your next vehicle, but you might be unsure how the trade-in value of your old car will be determined. According to the experts at CarsDirect.com, different factors go into determining how much the dealer will pay for your vehicle such as:
The year of your car will play a big role in its trade-in value. Typically, older cars have less value than newer ones.
Make and model
Some brands and nameplates hold their value better than others. For example, sports cars will usually sell for more than a sedan from the same brand.
If your vehicle has been well-maintained and/or has low miles on the odometer, it will likely sell better than a more damaged car that has been driven a lot.
Some cars are just more popular than others. Dealers know that more popular vehicles will sell faster, so they’re willing to pay more from the get-go.
If you have a used vehicle and you’re wondering what kind of trade-in value you can get for it, don’t hesitate to contact us at Pollard Used Cars in Lubbock; we would be happy to assess your vehicle’s trade-in value.
When you drive a new car off the lot immediately after purchase, you automatically lose a significant portion of its value due to depreciation. This is one of the major reasons that so many drivers decide to buy used models—they do not suffer the same major depreciation that new cars do upon purchase.
But if you’re buying used at Pollard Used Cars in Lubbock, how do you know which car to choose? A common way to choose a solid used daily driver is to look at which models retain their value the best. Websites like Edmunds, KBB.com, and more hand out awards every year to models that have the fewest mechanical issues and retain their value the best over three to five year timelines.
Top Cars That Retain Value
If you’re in the market for a used sedan or a used coupe, you’ll want to consider some of the following models, which have frequently won retained value awards in the last few years:
- Ford Mustang
- Honda Civic
- Honda Fit
- Lexus GS
- Nissan Altima
- Porsche Panamera
- Subaru Impreza
- Subaru Legacy
- Subaru WRX
- Toyota Camry
Top Trucks, Vans, and SUVs That Retain Value
If you are instead looking for a used truck, used van, or used SUV, take a look at the list of the following models, which retain value better over the years:
- Audi Q7
- Chevrolet Suburban
- GMC Acadia
- Honda CR-V
- Honda HR-V
- Honda Odyssey
- Jeep Wrangler
- Lexus GX
- Ram 2500
- Toyota FJ Cruiser
- Toyota Highlander
- Toyota Tacoma
- Toyota Tundra
How to Retain Your Car’s Value
Want to ensure a better resale price down the road? Follow these steps to retain your car’s value:
- Wash and wax it regularly, and store it in a garage.
- Stay current with all maintenance.
- Don’t smoke or keep trash in the car.
- Drive it well, with minimal rapid acceleration and hard stops.