Pickups show highest resale value—even after 5 years
Those that do the toughest of jobs do get their just recognition. Pickups, those can-do vehicles for all seasons and reasons, have been the apple of the eye of both government and the used-car market.
In early 2018, when the excise tax on vehicles brought about by the first wave of the Tax Reform for Acceleration and Inclusion (TRAIN) Act was implemented, the government exempted pickups.
Then just last month, OLX Philippines’ car research team released data on their classified site’s resale traffic, indicating that pickup trucks took about 9 years on average to lose 50 percent of their suggested retail prices (SRP).
The data, according to OLX Philippines, was based on a sampling from OLX’s secondhand car listings in the country from August 2017 to August 2018.
It comprised the top 11 automotive brands based on sales volume. According to the sampling, on average, it took 5.10 years for a vehicle’s SRP to get slashed to half.
Pickup trucks, multipurpose vehicles (MPVs), and vans, however, performed above average and took substantially longer to lose 50 percent of their value.
OLX Philippines further noted that on the fifth year, pickup trucks, on average, retain about 66 percent of their brand new SRP.
In a follow-up, Inquirer Motoring asked OLX Philippines’ ranking of the site users’ highest-valued pickup brands for resale after five years.
The Toyota Hilux came out on top, with this brand retaining 79.91 percent of its brand new SRP after five years.
Rounding up the top three was the Mitsubishi Strada at 66.06 percent.
Isuzu D-Max retained 59.46 percent of its brand new SRP value, while the Ford Ranger retained 57.87 percent.
Chevrolet Colorado retained 57.51 percent, while the Mazda BT-50 retained 55.06 percent.
In terms of overall resale values across all vehicle categories, however, OLX Philippines stated in its original news release that Mitsubishi and Isuzu vehicles offered the best resale values, with Toyota coming in only at fourth.
OLX Philippines told Inquirer Motoring: “It’s worth noting that the resale value per brand is affected by other factors, including the marque’s other models. For one, Isuzu listings are only utility vehicles like AUVs, SUVs and pickup trucks.
“Toyota, on the other hand, has a full lineup, ranging from hatchbacks and sedans to crossovers and pickup trucks.”
Manuel Roman, OLX Philippines’ head of cars, said: “A number of factors affect the pickup truck’s robust resale value.
“The versatility and reliability of pickups make them desirable vehicles. In the brand-new vehicle market, light commercial vehicles—one of which is the pickup truck—are popular choices among consumers.
“In the secondhand market, the demand for pickups remains high. Without an oversupply in the market, they keep their value well.”
OLX Philippines, or Online Exchange Philippines, connects millions of Filipinos to buy and sell brand new and used items, including automobiles and motorcycles, via their mobile phones or the web.
Every month, around 45,000 vehicle listings are posted on the OLX platform.
Formerly Sulit.com, OLX Philippines has over 1.4 million users logging in to the site monthly.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.