When you’re shopping for a new car, the color is probably one of the things you think about the most.
And while we all know that new cars start to depreciate the second you leave the dealer’s lot, your car’s color can have a surprising impact on its resale value.
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Why the color of your car matters
The average car depreciates 29.8% over the first three years, according to iSeeCars.com.
But the website’s analysis of 1.6 million cars found that orange and yellow cars depreciated the least – 27.4% and 26.2% less than the average car respectively.
“One of the main contributing factors is supply and demand,” explained Phong Ly, CEO of iSeeCars.com. “The more unusual colors, such as orange, yellow, and green, are not as readily available (making up only 1.5 percent of all vehicles), yet they are popular with enough car buyers to create a demand that directly affects their resale value.”
The study found that popular car colors like black, white and gray had depreciation rates closer to the average car, because buyers have so many more options.
Gold vehicles showed the worst depreciation of any color, at 33.5% over the first three years.
Another factor that impacts resale value is mileage. Orange and yellow cars are primarily sports cars that are not used daily. Therefore, their mileage tends to be lower.
And the study found cars in these rare colors don’t take much longer to sell, a few days on average.
Bottom line: If you really want an orange, yellow or green car, go ahead and buy it without worrying about having trouble selling it down the road.