2023-11-07 13:43:32
Electric cars lose more value than any other type of vehicle, falling almost 50 percent following five years.
Trucks, hybrids and numerous sports cars hold their value better than most models, confirming the strong demand for these vehicles on the used car market.
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5-year depreciation for the most notable segments |
|||
|
Segment |
2023 |
2019 |
% Improvement since 2019 (percentage points) |
|
In general |
38.8% |
49.6% |
10.8% |
|
Hybrids |
37.4% |
56.7% |
19.3% |
|
EVs |
49.1% |
67.1% |
18.0% |
|
SUVs |
41.2% |
51.6% |
10.4% |
|
Trucks |
34.8% |
42.7% |
7.9% |
The new study from the iSeeCars site analyzed more than 1.1 million vehicles sold between November 2022 and October 2023 to determine 5-year depreciation rates. Comparing this data historically, it found that depreciation was lower in all major segments than in 2019, and the average used car held its value 10.8 percent better than before the pandemic.
“Restricted production of new cars for model years 2020 to 2022 continues to drive up the value of used cars,” said iSeeCars executive analyst Karl Brauer. “While all used cars are holding their value better than before the pandemic, electric cars still lose regarding half their value following five years, much more than any other type of vehicle.
“Interestingly, hybrids are among the best cars that hold their value, suggesting that consumers appreciate their combination of high fuel efficiency and zero range anxiety.”
The best cars for retaining value include the Porsche 911, Porsche 718 Cayman, Toyota Tacoma, Jeep Wrangler, and Honda Civic. The cars that lose value the most are the Maserati Quattroporte, the BMW 7 Series and the Maserati Ghibli.
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Top 10 Vehicles with the Lowest Depreciation in 5 Years |
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|
Position |
Model |
5-year average depreciation |
Average difference in dollars with respect to the factory price |
|
1 |
Porsche 911 (coupe) |
9.3% |
$18,094 |
|
2 |
Porsche 718 Cayman |
17.6% |
$13,372 |
|
3 |
Toyota Tacoma |
20.4% |
$8,359 |
|
4 |
Jeep Wrangler/Wrangler Unlimited |
20.8% |
$8,951 |
|
5 |
Honda Civic (sedan/hatchback) |
21.5% |
$5,817 |
|
6 |
Subaru BRZ |
23.4% |
$8,114 |
|
7 |
Chevrolet Camaro |
24.2% |
$10,161 |
|
8 |
Toyota C-HR |
24.4% |
$6,692 |
|
9 |
Subaru Crosstrek |
24.5% |
$7,214 |
|
10 |
Toyota Corolla |
24.5% |
$5,800 |
|
General average |
38.8% |
$17,221 |
|
Luxury cars always depreciate faster than conventional models, and the most recent data confirms that luxury cars lose an average of 48.1 percent in value following five years, more than the industry average of 38. .8 percent and 36.8 percent for non-luxury cars. The worst offenders are luxury sedans and luxury SUVs.
|
Top 10 Vehicles with the Most Depreciation in 5 Years |
|||
|
Position |
Model |
5-year average depreciation |
Average difference in dollars with respect to the factory price |
|
1 |
Maserati Quattroporte |
64.5% |
$90,588 |
|
2 |
BMW 7 Series |
61.8% |
$72,444 |
|
3 |
Maserati Ghibli |
61.3% |
$58,623 |
|
4 |
BMW 5 Series (hybrid) |
58.8% |
$37,975 |
|
5 |
Cadillac Escalade ESV |
58.5% |
$63,885 |
|
6 |
BMW X5 |
58.2% |
$44,828 |
|
7 |
INFINITI QX80 |
58.1% |
$47,399 |
|
8 |
Maserati Levante |
57.8% |
$55,858 |
|
9 |
Jaguar XF |
57.6% |
$39,720 |
|
10 |
Audi A7 |
57.2% |
$48,917 |
|
Promedio general |
38.8% |
$17,221 |
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