Your Toyota Camry will depreciate by nearly 50% in five years, and if you sell your Camry after five years, it will be worth a little over $14,000. These results are based on the assumption that there is a price of a little over $28,000 for buying it new.
The Toyota Camry has been one of the most popular vehicles in the country for years and years. That is why it is getting repossessed with a depreciation value that falls somewhere down the middle of the pack. They are known for being built well and reliable in use, but there are lots of them on the market, and that makes their prices fall low on average.
Moreover, they are very popular with rental companies, so if you buy a used Camry, there is a good chance that the company was getting it from an auction. That is not an assuredly terrible thing, but renting a car can be hard. Sometimes these cars have a lot of wear and tear in them. Make sure to ask your dealer about the history of the specific Camry that you are interested in.
A Comparison of Buying A New Toyota Camry vs. Used
When you buy a used Toyota Camry that is only two years old, you will save about $7,600. In contrast, buying a new car will be more costly. Buying it used within two years will also still retain lots of its useful life. In the event that you are keeping this vehicle for 3 years, you will have to pay a total of a little over $6,000 for the depreciation of the vehicle.
You might also try other combinations of vehicle age and ownership, as well as compare different models to find where there are dips in terms of depreciation. The aim is to find where this cost is at the lowest.
Which Model Year to Buy a Toyota Camry
If you are looking for the best value in the Toyota Camry, the 2020 model is your top pick for the best model year value. From the 2020 model, you will pay 80% of the price that you paid as new. Despite this great price deal, there will still be over 90% of your vehicle’s useful life. It is worth considering that the 2019 and 2018 model years also make sense for those interested in the Camry.
How to Maintain the Value of a Toyota Camry
Making sure the value of a Toyota Camry stays up is not just down to getting the depreciation prediction accurately. Sometimes, it simply comes down to how well an owner takes care of their vehicle.
Maintaining the Camry is one of the best ways to ensure that the value of this vehicle does not fall too much. Keep up with regular maintenance and service to keep it running well and in good condition. If you want to get more for your car, try looking for a car that has less miles on it. This will help to reduce the wear and tear that has already been on your vehicle, so it will retain its value more effectively.