money 15 Great Cars To Own for More Than 15 Years
Americans have always had a love affair with their cars. In many cases, car owners would never want to give up their beloved vehicles. Yet, only 7.7% of Americans end up keeping their cars for at least 15 years. Part of this can be attributed to the desire for a newer vehicle, but it also comes from a combination of vehicle maintenance costs, durability and depreciation.
With that in mind, GOBankingRates conducted a survey to find 15 cars that make great long-term investments. To determine which cars meet an appropriate level of value and durability, GOBankingRates analyzed more than 350,000 cars from model years 1981 to 2004 that were first sold in 2019, using data from automotive research company iSeeCars. Only the most basic style/trim level for each model was considered. After locating these long-lasting models, GOBankingRates used Edmunds.com’s True Cost to Own calculator to find the actual cost of ownership for these models for five years.
GOBankingRates also located 2020 MSRPs and used Navy Federal Credit Union’s car depreciation calculator to find how much of each car’s MSRP will be lost to depreciation in 15 years, thereby projecting the value of each car in 2035. Cars were ultimately ranked by the average percentage of owners that kept their car for at least 15 years, in comparison to the national average.
The results of the survey reveal more than a statistical anomaly. When it comes to the long-term durability and the cars that Americans tend to keep around for more than 15 years, Toyota and Honda dominate.
If you’re looking for a good car to last you at least five years, and maybe even 15 or more, the cars on this list are worth considering.
Last updated: Aug. 12, 2020
Toyota Land Cruiser
Percentage of owners that kept their vehicle 15+ years: 10.60%
Compared to average: 1.4x
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If You Buy a 2020 Model
2020 starting MSRP: $85,415
True cost to own after 5 years: $104,405
15-year depreciation: $74,989
Value of car in 2035: $10,426
Toyota Camry
Percentage of owners that kept their vehicle 15+ years: 11.00%
Compared to average: 1.4x
If You Buy a 2020 Model
2020 starting MSRP: $24,970
True cost to own after 5 years: $39,339
15-year depreciation: $21,922
Value of car in 2035: $3,048
Honda Civic
Percentage of owners that kept their vehicle 15+ years: 11.00%
Compared to average: 1.4x
If You Buy a 2020 Model
2020 starting MSRP: $20,650
True cost to own after 5 years: $36,534
15-year depreciation: $18,129
Value of car in 2035: $2,521
Read: The Biggest Ways You’re Damaging Your Car’s Trade-In Value
Toyota Corolla
Percentage of owners that kept their vehicle 15+ years: 11.40%
Compared to average: 1.5x
If You Buy a 2020 Model
2020 starting MSRP: $19,600
True cost to own after 5 years: $34,755
15-year depreciation: $17,208
Value of car in 2035: $2,392
Honda Odyssey
Percentage of owners that kept their vehicle 15+ years: 11.60%
Compared to average: 1.5x
If You Buy a 2020 Model
2020 starting MSRP: $30,790
True cost to own after 5 years: $47,161
15-year depreciation: $27,032
Value of car in 2035: $3,758
Toyota 4Runner
Percentage of owners that kept their vehicle 15+ years: 11.80%
Compared to average: 1.5x
If You Buy a 2020 Model
2020 starting MSRP: $36,120
True cost to own after 5 years: $52,113
15-year depreciation: $31,711
Value of car in 2035: $4,409
Toyota Prius
Percentage of owners that kept their vehicle 15+ years: 11.90%
Compared to average: 1.5x
If You Buy a 2020 Model
2020 starting MSRP: $28,375
True cost to own after 5 years: $40,503
15-year depreciation: $24,911
Value of car in 2035: $3,464
Honda CR-V
Percentage of owners that kept their vehicle 15+ years: 12.40%
Compared to average: 1.6x
If You Buy a 2020 Model
2020 starting MSRP: $25,050
True cost to own after 5 years: $38,538
15-year depreciation: $21,992
Value of car in 2035: $3,058
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Honda Pilot
Percentage of owners that kept their vehicle 15+ years: 12.60%
Compared to average: 1.6x
If You Buy a 2020 Model
2020 starting MSRP: $31,650
True cost to own after 5 years: $50,184
15-year depreciation: $27,787
Value of car in 2035: $3,863
Toyota RAV4
Percentage of owners that kept their vehicle 15+ years: 12.70%
Compared to average: 1.6x
If You Buy a 2020 Model
2020 starting MSRP: $25,950
True cost to own after 5 years: $40,785
15-year depreciation: $22,782
Value of car in 2035: $3,168
Subaru Forester
Percentage of owners that kept their vehicle 15+ years: 12.80%
Compared to average: 1.7x
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If You Buy a 2020 Model
2020 starting MSRP: $24,495
True cost to own after 5 years: $40,993
15-year depreciation: $21,505
Value of car in 2035: $2,990
Toyota Tundra
Percentage of owners that kept their vehicle 15+ years: 14.20%
Compared to average: 1.8x
If You Buy a 2020 Model
2020 starting MSRP: $33,575
True cost to own after 5 years: $54,836
15-year depreciation: $29,477
Value of car in 2035: $4,098
Toyota Tacoma
Percentage of owners that kept their vehicle 15+ years: 14.50%
Compared to average: 1.9x
If You Buy a 2020 Model
2020 starting MSRP: $26,050
True cost to own after 5 years: $47,382
15-year depreciation: $22,870
Value of car in 2035: $3,180
Toyota Sienna
Percentage of owners that kept their vehicle 15+ years: 15.50%
Compared to average: 2.0x
If You Buy a 2020 Model
2020 starting MSRP: $31,640
True cost to own after 5 years: $50,701
15-year depreciation: $27,778
Value of car in 2035: $3,862
Toyota Highlander
Percentage of owners that kept their vehicle 15+ years: 18.30%
Compared to average: 2.4x
If You Buy a 2020 Model
2020 starting MSRP: $36,800
True cost to own after 5 years: $51,231
15-year depreciation: $32,308
Value of car in 2035: $4,492
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Methodology: GOBankingRates, in order to find 15 cars that are great long-term investments, referenced iSeeCars’ report on cars people keep the longest, which analyzed more than 350,000 cars from the 1981-2004 model years that were resold for the first time in 2019. Vehicle types included SUVs, pickup trucks, luxury vehicles and sports cars. From this report, GOBankingRates looked at the 15 cars that were most likely to be kept for 15 years or longer in recent years, then identified each car’s 2020 model and MSRP from its manufacturer’s site. GOBankingRates used Edmunds Inc.’s True Cost to Own calculations to find the five-year cost to own each 2020 model in its most basic style. GOBankingRates kept the location for the calculations constant, using the ZIP code 90245 (El Segundo, California). Edmunds Inc. True Cost to Own calculations use the following assumptions:
You will drive 15,000 miles per year
You are financing the vehicle using traditional financing, not lease financing
You have an above-average credit rating for the purpose of determining your finance rate
You are making a 10% down payment on the vehicle at purchase
Your loan term is five years, or 60 months
Finally, GOBankingRates used Navy Federal Credit Union’s car depreciation calculator to find how much of each car’s MSRP will be lost to depreciation in 15 years and used this to project the value of each car in 2035.
This article originally appeared on GOBankingRates.com: 15 Great Cars To Own for More Than 15 Years
