Oneaccounting terms, When an asset (real estate, equipment, transport vehicle ...) has been used for years, it is normal that it has lost its value, that is, it has suffered a depreciation. That last value that an asset has at the end of its useful life is what I know as residual value.
Any asset, of whatever type, has a value that is losing over time either due to use or because the years simply go by and obsolescence arrives. This value also varies depending on whether the good can be sold or reused later. For example, the residual value of a premises or a property will not be the same as that of a vehicle that is 15 years old.
Although it does not always occur or does not happen in all countries, governments sometimes establish tables to calculate the residual value.
At the accounting level, the residual value must be taken into account to calculate the depreciation of an asset.