DO CHEVY EQUINOX HOLD THEIR VALUE? PLUS TIPS TO MAINTAIN RESALE VALUE
Do Chevy Equinox hold their value? Hopefully, if you’re looking at buying a new car, you’re asking yourself that question.
Too many buyers overlook it, only to be unpleasantly surprised at the resale value when it’s time for a trade-in.
Others don’t realize there are actually steps they can take to stem the flow. Whatever the case may be, it’s always better to be an informed buyer. This will help you plan your finances and protect your investment for maximum returns.
So, read on for an answer to the burning question – do Chevy Equinox hold their value?
What factors affect a car’s value?
If you know anything about cars, then you’re probably well aware of how the following factors can influence your car’s resale value:
- Brand news and incidents
- Service and accident history
However, there are other factors people often overlook:
- New or used – The rule of thumb is that a new car loses about 11% of its value as soon as it leaves the lot. If you need to dodge immediate depreciation, you should go used.
- Depreciation limits – If you use your vehicle for business, you can qualify for depreciation deductions.
- Fuel prices – As fuel prices rise, depreciation speeds up, particularly for fuel-heavy vehicles. Hybrid or green cars depreciate slower under these conditions.
- Optional features – Some features, especially styling options, are very personal and dependent on the times. Something too flashy might soon fall out of favor.
If you can make your car hold its value relatively well for at least 10 years, that’s considered striking gold. After this time, depreciation is slow enough that it almost flatlines, and it’s more about the condition.
So, at what rate does the Chevy Equinox appreciate?
As you can see, whether or not a Chevy Equinox holds its value depends heavily on the specific owner. However, we do have some stats we can fall back on. According to data from UsedFirst.com, a Chevy Equinox loses roughly 10% of its value per year. Except for the first year, where it goes down nearly 30%.
While this may seem shocking, it’s pretty much the case for all cars.
As you can see, the trend is for depreciation per year to decrease the older the model is. Right now, the sweet spot where you seem to get the best value for money is when you opt for a 2016 or 2015 model. The 2016 model only lost an average of 3.06% of its value and the 2015 model 6.89%.
This is probably because the 2015 and 2016 are viewed as two reliable models and are still new enough to feel relevant and contemporary.
A 2009 Chevy Equinox that has reached the 10-year milestone is now worth roughly a third of its ticket price.
What about the maintenance cost?
When calculating how economically feasible a car will be for the foreseeable future, depreciation is not the only thing you should consider. Different brands and different models have different maintenance needs. These can add up over the years and will also chip away at your return.
According to YourMechanic.com, a Chevy Equinox costs about $341 per year in maintenance. That’s better than most other cars out there. However, there’s no accounting for whatever big incidents might befall your car. As you can see, the eighth year usually balloons to about $848 to account for some transmission or other issues that usually pop up with time.
You can reasonably expect your yearly maintenance costs to fall in the range of $100 to $5,000 dollars.
The Verdict – Do Chevy Equinox hold their value?
That was a lot of numbers to take in, and you’re probably already reaching for your calculator. If you want to know what we think, then yes, a Chevy Equinox holds its value pretty well.
No car is immune to the ravages of time, and you’ll need to deal with the heartache of the first three years if you buy a car new. Although maintaining a car well can stall the aging process for a time, people’s perceptions will mean the value will still keep ticking down.
However, Chevrolet is a pretty reliable brand and the Equinox is a car with no real major issues. This means you should be safe from unexpected, big issues taking a chunk out of your resale value.
Tips to maintain your resale value
If you’re concerned about maintaining your resale value for whatever reason, you can follow these tips:
- Buy a used car. A car’s value plummets after the third year, so buying a car that’s 3-5 years old means you’ll skip the worst of it.
- Always service your car on time.
- Take good care of your car. Clean the engine, change the filters and oil regularly, don’t drive like a maniac, and don’t strain it unnecessarily. Love your car, and it will love you back.
- When looking at options, especially aesthetic ones, try to pick timeless ones that won’t go out of style.
The short answer
Do Chevy Equinox hold their value? Yes, but only if you treat your vehicle right and make good buying choices.