6 Cars That Are Plummeting in Value Quickly
Some of these models will lose more than 50% of their value in 5 years
When you're on the hunt for a new set of wheels, the hope is to land a ride that not only serves you well but also holds its value when it’s time to trade up. But hold your horses, because some cars drop in value faster than a lead balloon. Here are six vehicles that are depreciating quicker than you can say “trade-in value.”
1. Hyundai Genesis
The Genesis is Hyundai’s answer to luxury, aiming to compete with the likes of Lexus and Acura. It's sleek, it's stylish, but it's also a depreciation disaster. According to Megazinos.com, the Genesis loses a whopping 38% of its retail value in the first year alone. If you're eyeing this one, it might be wiser to go for a used model.
2. Kia Cadenza
Kia’s Cadenza tries to blend luxury with affordability. Bigger than your average sedan, it offers plenty of space and comfort. But here's the kicker: it also loses about 38% of its value within the first year. So, if you're thinking long-term, a pre-owned Cadenza might be your best bet.
3. Maserati Ghibli
Luxury and depreciation go hand in hand, especially for the Maserati Ghibli. This sporty sedan from the Italian automaker comes with a hefty price tag and a few quality issues, like flimsy window controls. U.S. News notes that both its high starting price and questionable reliability contribute to its rapid depreciation. Over five years, expect it to lose around 56.3% of its value. If you're after a luxury car that holds its value better, you might want to keep looking.
4. BMW 7 Series
BMW's 7 Series is the epitome of luxury with cutting-edge technology and plush interiors. But here's the rub: its resale value drops like a rock. U.S. News highlights that the constant release of newer models with even more advanced tech drives down the value of older ones. Over five years, this model will depreciate by more than 50%. If you’re planning to sell it down the line, you might want to reconsider.
5. Ford Expedition
The Expedition is Ford’s flagship SUV, ideal for large families and road trips. But when it comes to holding its value, it falls short. U.S. News points out that while it’s great for ferrying families around, it’s not so great at maintaining its worth. In five years, expect it to depreciate by about 50.7%. For a more value-retentive SUV, you might need to look elsewhere.
6. GMC Yukon
The Yukon is a robust, family-friendly SUV that’s perfect for parents with active kids. But it comes with a downside: it's a gas-guzzler. According to Megazinos.com, the Yukon loses around 33% of its value in the first year. While it’s reliable and spacious, its poor gas mileage significantly impacts its resale value.
So there you have it, six cars that are plummeting in value. If you're in the market, you might want to steer clear of these models if you're hoping for a better return on your investment.