Resale Value: Toyota Camry Might Surprise You
The Toyota Camry is an institution in reliable, reasonably priced midsize cars. Furthermore, owners typically report being pleased with their purchases. The Toyota offers hybrids, sporty V6 sedans, and some affordable luxury. However, owners might be surprised to hear about how much their Toyota is worth in resale value and trade value.
Is a Toyota Camry a good car?
The Toyota Camry is a good, reliable, and sensible choice for car shoppers. Also, it is available as a hybrid, with a 2021 Hybrid LE managing an impressive 51 mpg city and 53 mpg highway. However, if fuel economy isn’t your concern, you could find a later model TRD V6 with the range-topping 3.5L V6 engine producing 301 horsepower.
Of course, if you want luxury in your Toyota sedan without switching to a Lexus or Mercedes-Benz, you can opt for the XLE and XSE trims.
How much is my Toyota Camry worth in resale value and trade value?
According to Cars.com, the Toyota Camry is one of the sedans with the best resale and trade-in value. Specifically, the Camry is worth 8 percent over what it would have been worth in 2020. That is good news for owners with an extra vehicle or the ability to offload their car for an upgrade.
Furthermore, dealerships are reportedly paying between 11 and 20 percent higher than 2020 in trade-in value for qualifying vehicles. Cars.com says that in some cases, consumers are getting around $3,000 more for their trade.
What is the best year for a used Toyota Camry?
The best years of Toyota Camry for resale value are the most recent models, namely from 2018 to 2021. For instance, TrueCar reports that the $26,070 starting MSRP for a 2021 Toyota Camry can’t compare with the demand-driven resale value. Cars.com says that the median price of a recent model year example is a whopping $28,373, a difference of over $2,000.
Which is cheaper, Corolla or Camry?
The Toyota Camry is more expensive than the Toyota Corolla. Recent median prices put the Camry at nearly $5,000 more than a Corolla. However, that is understandable given the fact that the Camry is a bigger car and sits higher up the Toyota model offerings.
Still, the Toyota Corolla manages to gain even more value than its sibling. The Corolla saw an impressive 9 percent increase in resale value.
Should you take advantage of the resale value sell or trade your car?
It might be tempting to rush over to your nearest dealership and try to upgrade your ride. However, there are a few factors to consider before cashing in on the higher values associated with the Camry. First, while the dealership may overvalue your trade-in, it doesn’t mean that you aren’t paying more for your upgrade.
Next, dealerships are feeling the squeeze of supply and material shortages, and as a result, they can’t get as much new stock as they need. That means that you might not be able to get that newer replacement vehicle. Finally, if your Camry is your only means of transportation, you might want to reconsider selling it given market volatility.
If you want to learn more about vehicles with higher resale values and trade values, scroll down to the following article!