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Deciding what car to buy is a huge decision. There are lots of factors to consider. But one of the most important will be the resale value.
This raises an important question. Can the Toyota Camry hold its value over the long term?
No new car holds its value very well but the Camry is one of the best when compared with other new cars. On average, a Camry will depreciate about 49 percent over five years.
This is better than most of the other cars on the market. It will also last for a long time which is why the depreciation for it is less.
In some cases, Camrys have been able to last well over 300,000 miles. This will allow it to last over 20 years.
Driving a new car off the lot will instantly lower its value. This is true of all vehicles. But how much it drops by will depend on the type of car and the way you take care of it.
Keep reading to learn how to retain as much value in your Camry as possible.
How Much Does The Camry Depreciate?
To understand roughly how much a car will be worth, we need to look at the depreciation. This is a way of estimating how much value the car will retain over time, measured as a percentage.
The amount it depreciates will increase each year, as it gets driven more.
This is just a rough guide. As we’ll discuss later, several elements will impact the sale price. However, depreciation is a good starting point, as a good way of comparing the Camry with other cars in the same category.
It’s estimated that the Camry will depreciate around 49 percent after five years. This will give you a rough resale value of $14,291. This is fairly good when compared with other cars.
Under this calculation, it’s assumed that you are driving 12,000 miles a year. If you drive less, you will be able to get a better depreciation rate but if you drive more then it will depreciate more over that time.
What Factors Affect Resale Price?
While the age of the car is a significant factor, it isn’t the only thing that will determine how much you will be able to sell the car for. Some of the other elements to consider include:
- The number of miles on the odometer. The more you have driven the car, the more damage the engine has sustained. As a result, the value will be lower.
- Quality of the interior. If the interior has taken a bashing, with torn seats and a ripped dash, no one will want to purchase it from you.
- Exterior condition. While a few minor scratches are to be expected from a second-hand car, if there are any dents, people won’t want to purchase it.
- Modifications. Sometimes, you will want to modify your car. For example, you might want to add a bigger stereo system. While this can be a significant cost, it might not boost the sales price of the car. The buyers won’t know whether these modifications have been done properly. Because of this, they might be more hesitant to purchase.
- Color. While this is a less important factor, it might have some influence on the way that a buyer will behave. For example, bolder colors, like orange, won’t appeal to everyone. Though if the car is in good condition, this won’t be too much of a stumbling block.
Why Does The Camry Hold Value So Well?
As we mentioned, the Camry doesn’t depreciate much. You’ll lose just under half the value over five years.
While this might seem like a big drop, you’ll still be able to get a good resale value. There are a few reasons behind this.
The first is the brand. Toyota has a good reputation amongst car buyers. They are known for making reliable cars which last for a long time. As a result, purchasing a used car is less of an issue.
Plus, when buying a used car, people prefer to stick to car brands that they already know.
Another huge factor is the popularity of the Camry. They are one of the bestselling models that Toyota has made.
This ensures that it will be easy for mechanics to work on the car. It should be fairly easy for them to get replacement parts, even for the older models.
Thirdly, the Camry is known for being a fuel-efficient vehicle. As a result, it will be very cheap for you to run.
When combined with excellent durability, meaning low maintenance costs, it will present value for money to the potential buyer.
How Long Does A Camry Last?
When thinking about your car’s value, it’s important to consider how long it will last. There are a few factors that will impact this. These include:
- How well maintained the vehicle is
- How often you drive it
- The conditions you are driving it in
Generally, though, one of the best options is to look at the number of miles on the clock. This is one of the most reliable ways to compare different cars from different manufacturers. According to this research, the Camry had a 1.5 percent chance of reaching 200,000 miles.
Though this might seem like a remote chance, it is actually fairly high. For comparison, the average number of cars to reach this point is just 0.7 percent. Given that most people drive for 10-12,000 miles a year, the Camry should last you 16-20 years.
It also shows that the number of miles a used Camry has done might not be as big a factor.
Tips To Maintain Value In Your Car
As we mentioned, there are plenty of things that can affect the value of your car. But one of the most important elements is the way that you are taking care of it.
One of the best ways to maintain a car’s value is by maintaining it properly. Make sure that you are getting it serviced regularly.
Keep these records. It’s a good way of proving to prospective buyers that you are taking care of it.
It’s also important to make sure that you are keeping the car clean. This will keep the exterior looking good.
Don’t forget about the interior. It can be a good idea to put covers over the seats. This will stop them from getting stained or discolored by the sun.
Finally, you want to avoid doing some activities. First, you shouldn’t modify the car.
As we already mentioned, these changes might scare a prospective buyer, as they don’t know whether they were done to a professional standard.
You should also avoid smoking in the car. This smell will stay in the fabric and will be impossible to remove.
This can be a big turnoff.
Your car is a big investment. Because of this, you want to make sure that you are getting something that will hold its value well.
In this area, the Camry will be a great choice. As long as you take care of it properly, you shouldn’t have any problems finding a buyer.
Even better, you should be able to sell it for a good price.