Skip to main content

It might be time to reconsider the Chevrolet Colorado against the Toyota Tacoma. It’s transforming into a better truck with plenty of benefits to offer. Plus, the 2023 Chevy Colorado could catch the 2023 Toyota Tacoma in one valuable area. 

2023 Chevy Colorado vs. 2023 Toyota Tacoma: Which truck has a better depreciation rate? 

The 2023 Toyota Tacoma off-roading on a dirt trail
2023 Toyota Tacoma | Toyota

Technically, the 2023 Toyota Tacoma has a better depreciation rate than the 2023 Chevy Colorado. But the Colorado has been improving and has the best chance of catching the Tacoma. 

Because Tacoma has been an unstoppable class leader for years, this is a significant accomplishment. The average depreciation rate for the Toyota Tacoma after five years is 20.4%. It’s the truck with the best depreciation rate overall, including full-size options. 

The Toyota Tundra comes in second place with a five-year depreciation rate of 25.3%. The Chevy Colorado snagged third place with a depreciation rate of 30.2%. 

The midsize truck with the worst depreciation rate is the Honda Ridgeline at 35.9%, but the Ford Ranger isn’t included on the list provided by iSeeCars. The Nissan Titan is in last place with 43.2%. 

While the Frontier is attractive with a recent redesign, the refreshed Colorado has the best chance to close the gap. 

Is the Colorado or Tacoma more reliable? 

The 2023 Chevy Colorado doesn’t have an official reliability ranking from J.D.Power yet. But the 2022 Colorado has a score of 85 out of 100. The new model has the same engine and chassis but a stronger exterior. 

It could have a similar rating after it spends more time on the pavement. The 2023 Toyota Tacoma has a score of 83, and the 2022 Tacoma has the same score. 

This puts both trucks in the above-average category. Scores between 81 and 90 are above average, while scores between 91 and 100 are best. 

According to RepairPal, the 2023 Colorado has a score of 4.5 out of 5.0, and the 2023 Tacoma earned a 3.5 out of 5.0. 

You can expect the average Colorado to make it between 200,000 to 300,000 miles. With proper care and regular maintenance, surpassing 300,000 miles is possible. 

The average Tacoma is expected to reach between 250,000 and 300,000 miles, but some models have surpassed 400,000 miles. 

While the Tacoma has a better history of reliability and longevity, the Colorado currently has higher reliability scores. 

Is the Colorado or Tacoma better? 

The 2023 Chevy Colorado off-roading in muddy conditions
2023 Chevy Colorado | Chevrolet

The 2023 Chevy Colorado and 2023 Toyota Tacoma don’t stack up apples to apples but have unique benefits to consider. For example, the Colorado can tow up to 7,700 lbs, and the Tacoma can tow up to 6,800 lbs. 

But the Colorado only offers a five-foot two-inch bed while the Tacoma offers a five-foot bed and a six-foot bed. Also, the Tacoma is a rare option that still has an available six-speed manual transmission. 

It has a dated six-speed automatic transmission as well. The Colorado has more standard and overall engine power. Each of the three powertrain options pairs with an automatic eight-speed transmission. 

The Colorado is more modern, with advanced tech and a larger interior. The Tacoma is starting to show its age but has a lockable center console. 

The Colorado is catching up with the Tacoma regarding reliability and value, but things could change when the 2024 Tacoma finally hits the streets. Do you think the Colorado has a real chance to compete?

This year, I’ve tested both the 2023 Tacoma and the 2023 Colorado. To learn more about the pros and cons of each of these truck models, check out my reviews below. Or read about how the 2023 Chevy Colorado won this year’s annual MotorBiscuit Truck of the Year award.

Midsize pickup truck reviews: