November 22, 2018 at 06:25 pm
Is a vehicle's resale value one of your considerations before purchasing a car? If it is, your best bet is a pickup truck, according to data released by the world's leading classifieds platform, OLX. Vehicles in this particular classification, on average, take about 9 years to lose 50 percent of their suggested retail price (SRP).
Based on a sampling from OLX’s secondhand car listings in the country from August 2017 to August 2018, the extensive data comprise the top 11 automotive brands based on 2017 sales volume. On average, it takes 5.10 years for a vehicle's SRP to get slashed to half, according to this sampling. Pickup trucks, multipurpose vehicles (MPVs), and vans, however, performed above average and take more time before they lose 50 percent of their value.
A number of factors affect the pickup truck's robust resale values says Manuel Roman, OLX Philippines' Head of Cars. "The versatility and reliability of pickups make them desirable vehicles. In the brand-new vehicle market, light commercial vehicles--one of which is the pickup truck--are popular choices among consumers. In the secondhand market, the demand for pickups remains high. Without an oversupply in the market, they keep their value well."
Meanwhile, car buyers looking for seven-seaters should consider including MPVs on their shortlist if they want a vehicle that doesn't depreciate fast. Compared to sport utility vehicles (SUVs), MPVs keep their value longer: It takes 7.06 years on average before they lose half of their SRPs. SUVs, on the other hand, slash their value by 50 percent after 5.04 years. The infographic below shows the average number of years it takes before a particular vehicle classification loses 50 percent of its SRP.
The OLX data shows that on average, three-year-old vehicles retain 62 percent of their SRPs. When automobiles reach their fifth year, they keep 52 percent of their value. On the 10th year, the vehicle's value becomes 33 percent of its SRP.