If you are looking for a car that will hang onto its value after you buy it, then the Nissan Patrol is your best bet.
According to CarSwitch.com, a UAE platform for buying and selling certified used cars, the Japanese brand has the best resale value one year after purchase - retaining 85 to 88 per cent of what the buyer initially shelled out.
“This is considerably higher than the overall average of about 80 per cent,” the company said.
The Lexus IS came in second place with an 83 to 86 per cent retention rate, and the Toyota Land Cruiser took third position with an 82 to 85 per cent retention figure.
Imad Hammad, the co-founder and chief executive of CarSwitch.com, said many factors affect used car prices, “from supply and demand fundamentals to promotions on the price of the car new to the colour, specific features, and condition of the specific used car at hand”.
The company used transactional data from 7,000 buy and sell requests on its site to analyse which cars depreciated the least and were therefore the best value for money. The resale percentage is based on average resale values of the most popular cars one year after purchase.
The Nissan Patrol taking the top spot fits in with the news last month that Japanese cars dominate the UAE’s used-car market. According to different research from CarSwitch.com, Toyota leads in the secondhand popularity stakes with an 11 per cent market share thanks to its Land Cruiser models. Nissan was close behind with a 10 per cent share with the Altima and Patrol models leading the charge.
Bill Carter, the chief systems and innovation officer for Autodata, a vehicle data company, says Japanese brands often fare well in popularity and value studies on used cars because they have “built up a reputation for good build quality and reliability in the climate out here”.
“This then translates into good residual value,” he added. “This actually goes back a number of years.”
This is the second year the Nissan Patrol has come out on top in the CarSwitch.com study. The Japanese model took the top spot last year as well, however, the Honda Accord took second position with the Ford Edge in third. Both slipped in the rankings this year with the Honda Accord now in sixth position and the Ford Edge in seventh.
According to CarSwitch.com depreciation accounts for over 60 per cent of the annual cost of owning a car. However, vehicles lose about 1.5 times more value in the first year (20 per cent) compared to subsequent years when the depreciation rate falls to 10 — 15 per cent.
The top seven cars with the best resale value in 2017 are:
1. Nissan Patrol
2. Lexus IS
3. Toyota Landcruiser
4. Toyota Camry
5. Nissan Sentra
6. Honda Accord
7. Ford Edge