5 Pickup Truck Masters of Evading Depreciation in 2023
A lot of drivers are keeping vehicles longer these days, especially trucks. Prices remain high, supply stays low, and the good trucks can be hard to get ahold of. That said, American drivers are not avoiding buying pickup trucks. Even though pickup truck depreciation happens, it happens in lower amounts than the average vehicle. Here are five modern trucks, like the Toyota Tacoma, Chevrolet Colorado, and GMC Canyon, that avoid depreciation with durability.
Toyota makes the top anti-depreciation pickup trucks
The lowest pickup truck depreciation rate is only 20.4% over the first five years, with the Tacoma taking the top spot. Pickup trucks hold value better than other cars and SUVs, losing only 34.8% on average. One potential reason for low depreciation rates is that trucks are typically less expensive, save for the luxury models. The average vehicle depreciates at an average rate of 38.8%. The Toyota Tacoma has an average depreciation rate of only 20.4%, which is pretty good!
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After the Tacoma, iSeeCars reports that the Tundra only depreciated 25.3% in five years. That is a good sign for those considering a Toyota truck over one of the other models. The very similar Chevrolet Colorado and GMC Canyon depreciate 30.2%, followed by the Nissan Frontier at 30.9%.
Substantial resale value isn’t something guaranteed in any model. Keeping up with routine maintenance, not modifying unnecessary components, and general upkeep can work wonders for holding value. Trucks are built for durability more than any other models, but it takes two to tango when 200,000 miles is the goal. Finding a pickup that is a few years old can also help with depreciation. The most value is lost once the vehicle drives off the lot, so you can skip over some of those losses with a two or three-year-old option.
Truck depreciation is down 7.9% since 2019
Back in 2019, pickup truck depreciation rates were at 42.7% or so. Now that the average is 34.8%, things have significantly improved in those four years. Pickup trucks can hold value well for a few reasons. Most trucks have a reasonable price, save for the luxury models. I drove the Toyota Tundra Capstone for a week and found that it was a great truck with a smooth ride, but the $76,145 is higher than most want to pay. Expensive? Sure, but the Tundra is comfortable and suitable for the whole family. It has high towing rates, and I found the back seat was spacious, even for adults. Not many vehicles can seat five, tow 10,000 pounds, and still carry your groceries in the back.
The good news is that the base model Tundra starts at only $37,865 and tends to run for a long time. Durability is one of the reasons trucks hold value better than other types of vehicles. By keeping up with maintenance and not buying a new model every year, your pickup truck can run for 200,000 miles or so quickly.
The Toyota Tacoma starts even cheaper, at only $28,600. Toyota has sold 179,681 units of the Tacoma since the year began and doesn’t appear to be slowing down at all. The Tundra sold 92,688 units so far. Low depreciation rates and reasonable prices can certainly be attributed to the popularity of both trucks. The long history of reliability that follows any Toyota model doesn’t help either. If you are looking to avoid as much pickup truck depreciation as possible, a used Tacoma or Tundra might be a good place to start.
Midsize trucks offer the best value
These aren’t the only trucks that hold value well; the other pickup truck depreciation numbers are higher than average. The Honda Ridgeline saw only about a 35.9% depreciation over five years. Ford’s ever-popular F-150 landed at 36.0%. Midsize trucks have an advantage over full-size models, likely because of the lower starting price. Even though midsize pickup trucks used to be considered less capable, that isn’t the case anymore.
Dependability, reliability, and capability remain the top attributes that shoppers look for in a new or used vehicle. These five models are a good place to start, and don’t be afraid to shop around. You might have to live with it for a long time, so finding a depreciation-resistant pickup truck can take some time! Specific Facebook groups can be a good place to find well-kept vehicles that might be hard to locate at normal dealerships. These can also be a source of horribly-kept trucks, so due diligence is a must.