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The COVID-19 pandemic has had a dramatic effect on automakers and their respective supply chains. Many brands have had reduced production of new cars due to limited supply which in turn caused unprecedented prices in the used car market. iSeeCars conducted an annual study looking at more than three million used cars sold in 2022 and determined how depreciation has changed in the last three and five years. 

The study showed three-year depreciation dropped in 2022 to 16.9% compared to 23.8% in 2021. “The market is pricing late-model used cars as though they were new,” said Karl Brauer, Executive Analyst for iSeeCars. “If shoppers can’t buy a new car, the next closest thing is a used car with low miles, thus the appreciation in value for these cars.”

In the study, five vehicles stood out by actually appreciating over three years instead of depreciating in value.

A used car lot where people go to when they are in need of buying a used car.
Used car dealership | Matthew Hatcher via Getty Images

Porsche 911

The Porsche 911 is an iconic sports coupe and has held its value unlike any other used car or SUV iSeeCars included in its annual analysis. It’s a very far cry from the 16.9% depreciation seen from all vehicles across the board; iSeeCars data shows it appreciated by 5.7% over the last three years. 

That’s more than double the second-best numbers in the analysis. That appreciation means the price actually increased compared to the MSRP by $11,373 on average. 

Sales figures from GoodCarBadCar show that Porsche sold more than 9,000 911s in 2019. That was the year the latest generation debuted and sales have dropped off slightly since then. That appreciation of more than $10,000 means many used cars are being sold for more than $100,000. 

Toyota RAV4 Hybrid

Though it didn’t appreciate as much as the 911, the Toyota RAV4 Hybrid bucked the depreciation trend many used SUVs have seen over the last three years. The RAV4 Hybrid appreciated by 2.5% which correlates to an $883 increase in price. 

Toyota’s RAV4 Hybrid debuted in 2019, the same year that saw the biggest sales figures for the RAV4 since 2005, according to GoodCarBadCar. More than 448,000 units were sold that year so there are a lot of models on the used SUV market. 

Per a study from the American Chemical Society, hybrid cars are twice as vulnerable to issues within supply chains than gas-powered vehicles. As record-high gas prices in the U.S. fall slowly, high demand for hybrid vehicles continues, putting a premium on used SUVs like the RAV4 Hybrid. 

Jeep Wrangler Unlimited

The four-door version of the iconic off-roader, the Jeep Wrangler Unlimited is another model that’s seen an increase in value over the last three years. iSeeCars’ analysis shows the Wrangler Unlimited appreciated by 2.0%, an increase of $880 on average for the used SUV. 

That’s a relatively small departure from the original $44,000 MSRP for the Wrangler Unlimited in a year with bad reliability ratings by Consumer Reports.

Porsche 718 Cayman

Porsche’s mid-engine sports coupe also appreciated in value over the last three years. It’s not quite as much as the 911 but the 1.8% appreciation is a lot better than the average change in value of cars from that year. 

That appreciation correlates to an average increase of $1,342 in value from the MSRP at the time. It also reflects how many reviewers consider the used Porsche: U.S. News rated it one of the five best used luxury sports cars for $50K and up in 2022.

Jeep Wrangler

The four-door Wrangler Unlimited set the bar high with a 2.0% appreciation figure but the two-door Wrangler also gained value at 0.3% appreciation. That means a slight increase of $90 on average for a model that sold more than 228,000 units in 2019, per GoodCarBadCar.

Which used cars and SUVs showed little depreciation over the last three years?

The five models on this list were the only ones to gain value over three years. The national average of depreciation was 16.9% but some models had much lower figures in iSeeCars’ analysis. 

Used SUVs that depreciated very little include the Mercedes-Benz G-Class (0.6% for an average of $980 less than MSRP), Subaru Crosstrek (1.9% for $545 less), and Toyota C-HR (2.5% for $639 less). 

There were many used cars with small depreciation figures as well, including the Honda Civic (1.4% for $352 less), Porsche 718 Boxster (2.5% for $1,907), and Toyota Corolla Hatchback (3.4% or $846).

RELATED: The 3 Best Used Luxury Sports Cars Under $30K Are All Porsche Models