Residual Value

The residual value is the dollar value of an asset when its useful life is over.

If a machine is used until it is obsolete and will no longer work, the scrap metal dealer will give us $250 for it. The $250 is the residual value. Residual value is sometimes called salvage value.

https://accounting.uworld.com/cpa-review/lc/accounting-dictionary/term/residual-value/