The Chevy Silverado With the Best Resale Value in 2023 Isn’t the 1500
The Chevrolet Silverado lineup consists of the light-duty 1500 and the heavy-duty 2500HD and 3500HD. Among those, the Silverado 1500 is the bestseller. So, it’s easy to assume the 1500’s popularity would translate to the best resale value in the series. However, that distinction belongs to one of Chevy’s HD trucks.
The 2500HD has the best resale value rating among 2023 Chevy Silverado trucks
The 2023 Chevy Silverado 2500HD rates well in resale value and depreciation. A vehicle’s resale value measures the amount it might sell for on the secondary market. Most new cars depreciate the moment they drive off the lot and fall to about 23.5% of their original value after a year.
Its projected depreciation value is where the 2500HD shines. According to J.D. Power, which rates on a scale of 1 to 100 for projected depreciation over three years, the 2500HD is a 92. That score is in the “best” range. Among all 2023 heavy-duty pickups, only the GMC Sierra 2500HD comes close, with 91.
Edmunds says 6% is the lowest reported depreciation rate, and the 2023 Chevy Silverado 2500HD hews toward the bottom end. (The lower the depreciation, the better.) Edmunds predicts this heavy-duty truck will depreciate only 17% after three years. That assumes it racks up 12,000 miles yearly and is in relatively good condition.
Why doesn’t the Chevy Silverado 1500’s popularity translate to the best resale value?
According to Edmunds and J.D. Power, the resale value of the more popular 2023 Chevy Silverado 1500 is lower. With a J.D. Power resale rating of 88, the 1500 lands a few points below the 2500HD’s 92. The light-duty truck is projected to depreciate 18% in three years, slightly more than the 2500HD.
Still, the Silverado 1500 comes out looking great on the secondary market. However, it curiously falls below the value proposition of the 2500HD. The respective vehicles’ overall ratings are the key to this discrepancy. The 2500HD lands at an overall J.D. Power rating of 84, compared to the 1500’s 82.
In particular, the 88 rating for quality and reliability stands out for the 2500HD. The Silverado 1500 drops to 80 in the same category, implying drivers report more issues with the more popular Chevy truck. For secondary market buyers, the 2500HD is the surer bet, as long as a heavy-duty truck is the right choice for the buyer. The 2023 Silverado resale value is well above average.
How does the 2023 Colorado rate in resale?
J.D. Power and Edmunds haven’t posted resale ratings for Chevy’s midsize truck, the 2023 Colorado. But CarEdge reports it has the lowest estimated depreciation rate among all Chevy pickups: 14% after three years. That’s an interesting result, given the Colorado sells around half of what the Silverado series does in a given month.
The Colorado is likely more popular as a used option because of its midsize status. It tows less and has less room, so it lacks the showy qualities of a massive ride like the 2500HD. But ultimately, the smaller pickup easily matches the needs of most drivers. Savvy shoppers tend to buy used, especially when trying a different model, which could explain the shift in demand for the Colorado once it’s off the lot.
For new-car buyers looking to minimize depreciation losses, going with a 2023 Chevy Colorado might be the best choice of all Chevrolet trucks. With Chevy resale value normalizing after pandemic-era jumps in value, it’s more important than ever to choose wisely when buying a new car you intend to resell after a few years.