When you buy a car, people are always telling you how much it’s going to depreciate. But that doesn’t have to be the case. Some types of cars hold their value much better than others. So, if you choose wisely, you could pick a car that holds onto a higher percentage of its value. And, in some rare cases, it could even go up in value. Here are the types of cars that hold their value the best.
Classic Cars
Sure, classic cars are an indulgence. You shouldn’t consider buying a classic car for the commute to work. You’ll just end up in a cloud of smoke at the side of the road. But, if you’re looking to buy a car as an investment, classic cars are the way forward. If you choose the right classic car, you could end up making a significant return on your investment. Look for a classic that is attractive, in good condition, and sought after. If you can, you should look for a rare classic. If there aren’t many of them, you can have more control over the price.
Limited-Run Performance Cars
Aside from classic cars, limited-run performance cars are a safe bet to avoid depreciation. If the car is sought after and rare, people will still pay top dollar for it years after it has been released. You need to check how many of the cars have been made if you want to maximize the value. And don’t thrash it around. It doesn’t matter how sought-after a car is; if it has been thrashed, it’s not going to be worth as much.
Exotic Cars
Exotic cars are always going to hold a higher percentage of their original value than a cheap hatchback. You can find 30-year-old Ferraris selling for $100,000+. Of course, you can’t guarantee that the exotic car you pick will hold its value this well. Some of them depreciate like mad. Plus, you need to know how to sell exotic car to maximize profit.
Specialized Vehicles
This might not be the most practical advice, but specialized vehicles always hold value better than standard vehicles. Vehicles like the Mercedes Unimog and the Hummer Limo should still fetch a high price with thousands of miles on the clock. Then again, you’re probably not going to buy a Unimog to drive the kids to school. The Land Rover Defender is a great specialized vehicle to buy as an investment – it’s practical enough to use on a daily basis and will hold its value much better than a standard car, especially now they have stopped making the old model.
SUVs
If you are looking for an everyday car that will hold its value well, SUVs are a good bet. Because they can be used for off-roading as well as normal road use, they have a great second-hand market. You won’t get all of your original investment back, but it’s unlikely that an SUV will be scrapped. Farmers, off-road enthusiasts, and others will repurpose them as utility vehicles.
Additional resources:
- Here’s what you need to know if you’re in the market for a truck.
- Read on for road safety tips.
- Should you buy a car online?
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