if you’re in the market for a new car, you may be considering how well the car will hold its value over time. After all, a car is a significant investment, and you want to make sure you’re getting a good return on that investment if you decide to sell or trade in the car down the line.
One car that is often touted for its strong resale value is the Toyota Camry. But does the Camry really hold its value better than other cars on the market? And if so, what factors contribute to its high resale value? In this article, we’ll take a closer look at the Toyota Camry and explore why it’s considered one of the best cars for holding its value over time.
Factors Affecting Toyota Camry’s Resale Value
If you are considering buying a Toyota Camry, it’s important to think about its resale value. The resale value of a car is affected by several factors, including:
- Brand reputation: Toyota has a reputation for producing reliable and long-lasting cars, which can positively impact the resale value of a Camry.
- Model year: Newer Camry models tend to have a higher resale value than older models, as they have more modern features and technology.
- Mileage: The more miles a Camry has, the lower its resale value is likely to be. This is because high mileage can indicate wear and tear on the car.
- Condition: The condition of a Camry is also important when it comes to resale value. Cars that have been well-maintained and are in good condition are likely to have a higher resale value than those that have been neglected or damaged.
- Market demand: The demand for Camrys in the used car market can also impact their resale value. If there are a lot of people looking to buy used Camrys, their resale value is likely to be higher.
It’s important to keep these factors in mind when buying a Camry if you want to maximize its resale value. For example, if you plan on selling your Camry in the future, you may want to consider buying a newer model with lower mileage and keeping it in good condition.
Historical Resale Value of Toyota Camry
If you are considering purchasing a Toyota Camry, you might be wondering if it will hold its value over time. The good news is that the Toyota Camry has a reputation for holding its value well.
Let’s take a look at the historical resale value of the Toyota Camry to see how it has performed in the past. According to CarEdge, A Toyota Camry will lose 24% of its value in the first 5 years and be worth $26,474 at that time.
This means that if you purchase a new Toyota Camry today, it will be worth about 76% of its original value after 5 years. This is a good resale value compared to other cars in the same class.
Kelley Blue Book also rates the Toyota Camry highly in terms of resale value. In fact, the 2021 Toyota Camry was named the Best Midsize Car Resale Value by Kelley Blue Book, with a predicted resale value of 40.9% after 5 years of ownership.
This means that if you purchase a new Toyota Camry today, it will be worth almost 41% of its original value after 5 years. When looking at the historical resale value of the Toyota Camry, it’s important to note that the resale value can vary depending on factors such as the car’s condition, mileage, and location.
However, overall, the Toyota Camry has a reputation for holding its value well, making it a good investment for those looking for a reliable car with good resale value. In summary, the Toyota Camry has a good reputation for holding its value over time.
According to CarEdge and Kelley Blue Book, the Toyota Camry has a predicted resale value of around 76% and 41% of its original value after 5 years, respectively. While the resale value can vary depending on several factors, the Toyota Camry is generally a good investment for those looking for a reliable car with good resale value.
Comparison with Other Midsize Sedans
When it comes to midsize sedans, the Toyota Camry is often compared to other popular models such as the Honda Accord, Mazda6, and Nissan Altima. While each of these sedans has its own unique features and strengths, the Camry stands out for its reliability and resale value.
According to Kelley Blue Book, the 2021 Toyota Camry is the winner of the Best Midsize Car Value Award, with a projected 5-year resale value of 48.8% of its original MSRP.
In comparison, the Honda Accord has a projected 5-year resale value of 44.6%, the Mazda6 has a projected 5-year resale value of 43.4%, and the Nissan Altima has a projected 5-year resale value of 40.4%. This means that if you purchase a Camry, you can expect to get more money back when you sell or trade it in compared to other midsize sedans.
While the Camry may not have the most luxurious interior or the most advanced technology features, it is known for its reliability and low maintenance costs. In fact, J.D. Power ranked the 2021 Camry as the on of the most reliable midsize car in its 2021 Vehicle Dependability Study, with a score of 84 out of 100.
Another advantage of the Camry is its wide range of trim levels and engine options. From the base LE model to the sporty SE and XSE trims to the performance-oriented TRD model, there is a Camry for every driver’s needs and preferences. Additionally, the Camry offers a choice of a fuel-efficient four-cylinder engine or a more powerful V6 engine, depending on your priorities.
Tips to Maintain Toyota Camry’s Resale Value
If you want to keep your Toyota Camry’s resale value high, there are a few things you can do to maintain it properly. Here are some tips:
- Get Regular Maintenance: Regular maintenance is an essential part of keeping your car in good condition. It’s important to follow the recommended maintenance schedule in your owner’s manual. This includes oil changes, tire rotations, and other routine maintenance tasks.
- Keep Maintenance Records: Keeping records of all maintenance and repairs can help prove to prospective buyers that you’ve taken good care of your car. This can include receipts, invoices, and other documentation.
- Keep Your Car Clean: Keeping your car clean can help maintain its appearance and prevent damage. This includes washing and waxing the exterior, vacuuming the interior, and cleaning the windows and mirrors.
- Drive Carefully: Being a careful driver can help prevent accidents and damage to your car. Avoid aggressive driving, speeding, and sudden stops and starts.
- Avoid Modifications: While it can be tempting to modify your car with aftermarket parts and accessories, this can actually hurt its resale value. Prospective buyers may be wary of a car that has been extensively modified.
- Consider Extended Warranties: Extended warranties can provide additional protection for your car and can be attractive to prospective buyers. However, make sure to read the fine print and understand what is covered.
By following these tips, you can help maintain your Toyota Camry’s resale value and get the most out of your investment.
Conclusion
Based on the research, it is clear that Toyota Camrys hold their value relatively well compared to other cars in the market. While there may be some depreciation over time, the Camry’s resale value remains strong.
If you are considering purchasing a Camry, it is important to keep in mind that factors such as mileage, condition, and location can impact the resale value. However, overall, the Camry’s reputation for reliability and durability, as well as its popularity among consumers, contribute to its ability to hold its value over time.
Additionally, if you take good care of your Camry and stay up-to-date with maintenance, you may be able to further increase its resale value. Regular oil changes, tire rotations, and other routine maintenance can help keep your Camry running smoothly and looking good.
Ultimately, whether or not a Toyota Camry holds its value is just one factor to consider when purchasing a car. It’s important to also consider your personal needs and preferences, as well as your budget when making a decision. However, if you are looking for a reliable, long-lasting car that will hold its value well over time, the Toyota Camry is definitely worth considering.
When he’s not working his magic under the hood, Ethan Wilson is usually sharing his love for Toyota cars through his writing. Ethan’s got a special talent for breaking down complex car topics into easy-to-understand articles, making him a go-to source for Toyota enthusiasts everywhere.
