No one wants to hear that their car loses 25 percent of its value as soon as the new vehicle is driven off the dealership’s lot, but it happens. However, what becomes more frustrating is when a car owner finds himself with a car that loses more than two-thirds of its value in just five years, the typical time period of initial warranty and coverage by the car brand.
A lot of that loss has to do with the performance, reliability, maintenance cost, and durability of a specific car model over time. So when making one of the larger purchases in life, a bit of research doesn’t hurt. It can only help a consumer.
So here are the models and the reasons why they just can’t see to hold value better than a pasta sieve holding water.
16. Kia Sedona
There are plenty of minivans on the road and the Korean carmaker, Kia, definitely wants to have a piece of the growing family market. The Asian company has long been associated with producing lower cost, quality cars, first making its name using older Toyota designs and rebranding them as its own.
Today, Kia is a well-established company with its own vehicle products. Unfortunately, the Sedona, which goes for a respectable price of $24,900, can’t seem to hold onto that same value very long afterwards, according to Kelley Blue Book.
After a typical five years of ownership the Kia Sedona’s resale value drops to $17,730, more than a $7,000 drop. Even more alarming is the fact that over time the maintenance on the small SUV doesn’t live up to its reputation for quality.
Instead, the Sedona will cost a buyer a total of $41,700 over its lifetime, including sale price and repair costs. Fortunately, this legacy car is the last of the older Kia models still be retailed out to the public, as stated by Edmunds. The company has been busy replacing its line with new cars and upgraded performance. However, the Sedona just seems to keep hanging in there, having been on the market as the same car since 2006.
For those who are looking for a family minivan that won’t become as valueless as a box of tissue paper in a few years, the Kia Sedona is not the car to buy. Instead, the Honda Odyssey might be the better choice. It has a great turning radius, seats 8 passengers, comes with multiple compartments, plenty of storage space and it even comes with a rear luggage area vacuum cleaner to pick dirt and dust. However, the Odyssey is no bargain; it does go for a hefty price tag these days.