Here are 10 cars, SUVs with the worst resale value in 2023

A potential car buyer concerned about the depreciation value of the car of interest over a five-year period must pay attention to this because the resale value is critical to vehicles, especially in today’s Nigeria.

According to CarEdge, the recent resale value ranking looked at depreciation for both regular passenger cars and SUVs, as well as some luxury brands, and have put together a top 10 that features some of the worst resale values in the auto industry.

Top on the list is four Nissan brands of cars, which according to industry close watchers says that the carmaker is not doing a good enough job updating its model range.

Nissan GT-R

The Nissan GT-R is a legendary supercar with AWD, four seats, a powerful V6 engine, and the latest technology. Its latest model currently goes for about $120,990 and it has a five-year residual value of 77 percent of its manufacturer’s suggested retail price (MSRP) after five years of ownership.

Dodge Challenger

The Dodge Challenger holds the worst resale value among American muscle cars at 76 percent.

Now in its third generation, the Challenger made its debut back in 2008 at the Chicago Auto Show looking retro AF. Over the years, Dodge made sure to make it even more aggressive and give it even more road presence.

Nissan Maxima

The Nissan Maxima is another car that has the worst resale value. Among its peers, it can boast of a 75 percent five-year residual value even though it is the type of car that people really want to keep around for many years.

Regardless, if you fancy a 2023 Maxima car, you don’t need to worry too much about its resale value. Prices start from $38,340 and it has a 3.5-liter V6 engine, good for 300 horsepower.

Chrysler 300

When the first-gen model of the Chrysler made its debut back in 2005, it became one of the world’s most intriguing sedans in the market.

The second generation of Chrysler 300 was unveiled in 2011 and it’s been around since – it’s finally being discontinued, but Chrysler is keeping it in production until December of this year.

In terms of residual value, it has roughly 74 percent over five years, according to CarEdge, although that depends on the status of the vehicle. One can get a 2018 or 2019 model for as little as $20,000 now.

Read also: Suzuki, Cars45 sign deal to bridge access, affordability of brand new cars

Nissan LEAF

The electric vehicle (EV) industry has come a long way in recent years and the LEAF, now in its second generation, is not left out.

In terms of Nissan LEAF, it is rated 72.55 percent in five-year residual value, which is among the worst in terms of non-premium models.

The 2023 Nissan LEAF can be purchased for $28,040 while the bigger battery model, the SV Plus, goes for upwards of $36,040.

Jeep Cherokee

In terms of non-premium compact SUVs, the Jeep Cherokee has been deemed as ‘depreciation champ’.

For starters, production for this model ceased back in February of this year. With nearly a 10-year life cycle for this so-called KL-generation Cherokee, it might be one of the least desirable models ever produced by Jeep, together with the third-gen variant.

The Cherokee has a five-year residual value that stands at 72.28 percent, which actually seems high.

As for its MSRP, that would be $37,695, which also seems high, considering all the alternatives.

Nissan Armada

The Nissan Armada is still in its second generation, following its unveiling at the 2016 Chicago Auto Show. An updated version was revealed in late 2020, featuring a redesigned front end, larger grille, C-shaped LED headlights, redesigned LED taillights, refreshed interior, improved connectivity, better safety tech, and so on.

Also, it has a starting MSRP of $50,700, which is quite competitive as far as the full-size SUV segment is concerned.

After five years, the buyer can expect 68.80 percent residuals on it.

Jaguar XF

The Jaguar XF is such a nice thing to drive and be driven in. It’s not quite as modern as the latest E-Class or the latest five series.

The buyer of Jaguar XF should expect 63.41 percent after five years of residual value. As for buying a brand-new one, pricing in the U.S. starts from $49,800.

Audi A8

An owner of a 2023 Audi A8 can expect five-year residuals to be as low as 50 percent, which really stings, especially on such an expensive car.

The person can get one starting from $87,800. Meanwhile, the 2023 Audi A8 is a brilliant luxury sedan, and if you ever find yourself driving one, it can guarantee total satisfaction.

Mercedes-Benz GLS

The Mercedes GLS is an SUV that serves as the ultimate family vacation car. Now in its third generation following a world debut at the 2019 NY International Auto Show, the GLS is a fine vehicle.

One can buy a brand-new one in the U.S. for $81,800. The GLS now faces much stronger competition ever since BMW came out with the X7. Plus, you’ve got the new Range Rover, new Escalade –its residual value hovers around the 47.62 percent mark.