Do Hyundai Palisades Hold Their Value?
Hyundai produces several nameplates that provide plenty of value for their prices. The Hyundai Palisade sits atop the midsize SUV vehicle class alongside its cousin the Kia Telluride. Do Hyundai Palisades hold their value?
The Hyundai Palisade depreciates quickly
New vehicles depreciate the minute they roll off of the dealership lot. Used vehicles are often considered to be better buys by many consumers because of how quickly new vehicles depreciate. Finance personality Dave Ramsey thinks buying a new vehicle is a poor investment.
Some vehicles depreciate more quickly than others. A high rate of depreciation can play a huge role in deciding whether or not to purchase a specific make and model. ISeeCars.com claims that the average new vehicle is kept for about 8.4 years. Imagine owning a vehicle, attempting to sell it when you’re ready for a new vehicle and learning that your purchase has decreased in value by 70%+.
Some vehicles retain their value well. Market anomalies like the Toyota Tacoma actually appreciate over time in some cases. Unfortunately, that isn’t the case for the Hyundai Palisade.
According to CarEdge.com, the Palisade can depreciate as much as 47% over the course of five years. This means that the Palisade will lose most of its value after the 8.4 year-new vehicle average ownership period. If CarEdge.com’s depreciation estimate is accurate the $33,600 2022 Hyundai Palisade will have a value of $17,808 after five years. It could depreciate by over 79% after the average 8.4-year period of ownership. So, the Palisade may be a great new midsize SUV, but its depreciation rate is poor.
How much does a fully loaded Hyundai Palisade cost?
The 2022 Hyundai Palisade comes in four different trim levels: the SE, SEL, Limited, and Calligraphy. Many Hyundai SUV final trim levels resemble luxury SUVs. The 2022 Hyundai Palisade Caligraphy starts at $47,290.
The Palisade Caligraphy can be configured to feature several add-ons. All-wheel drive costs an additional $1,700, bringing the Palisade Caligraphy’s price to $48,990. Additional add-ons like roof rack cross rails, a winter package, and a cargo package bring the midsize SUV’s price much closer to $50,000. Drivers can easily spend over $50K for a fully loaded 2022 Hyundai Palisade Calligraphy.
Is the Hyundai Palisade a reliable SUV?
Consumer Reports gave the 2022 Hyundai Palisade an average predicted reliability rating. J.D. Power gave the Palisade an average quality and reliability rating as well. Based on these ratings, the 2022 Hyundai Palisade is reliable enough to satisfy most consumers.
The 2022 Hyundai Palisade is one of the best midsize SUV options that money can buy. That being said most automotive publications and many consumers favor the 2022 Kia Telluride over its more expensive South Korean cousin.