There are many reasons why you’d want to buy a 2021 Chevy Silverado 1500. However, before you pull the trigger on a brand-new full-size pickup truck, it may be worth knowing how depreciation affects the Silverado and other popular models.
To answer this question, iSeeCars conducted a study to find how much money it will truly cost you to own any of these trucks. Surprisingly, the Silverado came on top as the best full-size truck you should buy to keep your wallet happy long term.
This is why the 2021 Chevy Silverado 1500 is nice to your wallet
The 2021 Chevy Silverado is already an affordable full-size truck, thanks to its $28,900 base price. This pricing slightly undercuts trucks from both Ram and Ford. However, prices can quickly shoot up if you opt for well-equipped LT Trail Boss or High Country trim levels.
Despite this, iSeeCars says that you’re best off buying the Silverado thanks to its low depreciation rate. The study found that your truck will lose around 45.2 percent of its value over a period of five years. The average for all trucks is 44.1 percent, says iSeeCars. However, when compared to Ford and Ram, the Chevy is the best financial option.
From a long-term reliability standpoint, the 2021 Chevy Silverado 1500 should also be kind to you. A different study conducted by iSeeCars found that around two percent of all Silverados manage to surpass 200,000 miles in their lifetime.
How do trucks from Ford and Ram stack up?
In case the 2021 Chevy Silverado 1500 isn’t for you, here is how its fiercest competitors stack up. If you’re looking at a 2021 Ford F-150, you’ll start off with a $28,940 base price. Like the Silverado, the F-150 can quickly shoot up in price if you get a little crazy with options.
However, iSeeCars found that it’ll end up costing you long-term thanks to more significant depreciation. This is because the F-150 loses 47.3 percent of its original value over five years, a noticeable increase over the Chevy.
If you’re comparing the 2021 Chevy Silverado 1500 against the Ram 1500, you’re even better off. Despite having a higher base price of $32,595, the Ram is also the quickest-depreciating truck out of the three. According to iSeeCars, the Ram 1500 loses around 49.3 percent of its value in the first five years. As a result, you’ll pay more upfront and over time as well.
If we’re looking strictly at long-term reliability, the 2021 Chevy Silverado 1500 and the 2021 Ford F-150 are fairly close. iSeeCars reports that 1.9 percent of all F-150’s will surpass 200,000, slightly less than the Silverado’s two percent figure. However, both of those severely outlast the Ram 1500, given that only 1.1 percent of trucks make it to 200,000 miles.
What if I want the least depreciating full-size truck available?
Despite the 2021 Chevy Silverado 1500’s excellent depreciation ratings, it’s not the best full-size truck around from a financial standpoint. If you want to save the absolute most, you’re going to be looking at a 2021 Toyota Tundra. According to iSeeCars, the Tundra loses just 37 percent of its original value over a five-year period. This makes it the second-best truck in terms of depreciation, only second to the Toyota Tacoma.
From a reliability standpoint, the 2021 Toyota Tundra also beats the 2021 Chevy Silverado 1500. According to iSeeCars, 2.9 percent of all Tundras surpass 200,000 miles, eclipsing the Silverado’s two percent figure. However, it is worth noting that the current-generation Tundra has been on sale since 2008, meaning you might not get the latest and greatest aesthetics or tech. Despite this, your wallet will thank you for choosing the older and sturdier truck.