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Since its 2019 redesign, the Mercedes-Benz G Wagon has become one of the most sought-after luxury SUVs on the market. Because of high demand, values shot up, and some new owners apparently dished out twice the AWD vehicle’s MSRP. It looks like the bubble is finally bursting because the value of 2019, 2020, and 2021 G Class SUV is falling. Last fall, there were over 1,600 listed on AutoTrader at once and in early 2023 this number is holding above 1,000. It may seem like the perfect time to pick one up, but if values keep falling, you might end up regretting investing.

How much is a 2021 G-Wagon worth?

According to CarGurus, the current average sale price of a 2021 Mercedes G Class is $198,411. This is still above the vehicle’s original MSRP. But not that every model year of second-generation G Wagon’s value plummeted over 20% since this time last year.

This AMG-tuned Mercedes-Benz G63 2021 G Class is falling in value on the used SUV market.
2021 Mercedes-AMG G 63 | Mercedes-Benz

There are three main trims of the latest G Wagon: the base (G 550), AMG hight-output version (G 63), and AMG version on lifted portal axles (G 63 4×4 squared). Mercedes-Benz only offered the 2021 G Class in the first two trims. AMG did not roll out the 4×4 squared version of the third-generation G Class until 2022.

The MSRP of the 2021 Mercedes G 550 was $131,750. The AMG version of the G Class, the 2021 G 63, started at $156,450. Because of high demand and low supply, these iconic SUVs went for much more than their MSRPs, and continue to resell for a bit more than MSRP. That said, their values appear to be going down.

Do G-Wagons lose value?

Mercedes is known for high build quality, and even an older G Class SUV looks at home on modern roads. This combination means that a G Wagon holds its value better than most vehicles.

A row of 2019 Mercedes-Benz G550s parked on the street to commemorate the launch of the 2nd generation G Class.
2019 Mercedes-Benz G550 | Mercedes-Benz

In November, 2022, the experts at compiled their yearly list of the vehicles that depreciate the least. But they found something interesting, the average three-year depreciation of the G Class was just 0.6%. No other vehicle held its value over three years, nearly as well.

“To put some context to these numbers, consumers could have bought these cars new, driven them for three years, and then sold them for anywhere from just a few hundred dollars to around two thousand dollars below MSRP , which is unusual to say the least.”

Karl Brauer, Executive Analyst for iSeeCars

But the same month iSeeCars was compiling its 2022 report, over 1,600 G Class SUVs went up for sale on AutoTrader. It looks like the second-generation G Class’s exceptional lack of depreciation may be at an end. A Jeep Wrangler Unlimited, for comparison’s sake, loses about 8.7% of its value in its first five years on the road–which is far less than the industry average. A Cadillac Escalade ESV loses 52.3% of its value during the same period. We’ll have to wait and find out which end of this spectrum the G Class lands at.

How much is the cheapest G-Class?

Mercedes-Benz advertises the current G 550 MSRP at $139,900. Though technically the entry-level trim, it is equipped with a powerful V8 and AWD. Used G Class prices correlate to the vehicle’s age and mileage, though there are bargains to be had before the 2019 redesign.

White Merceds Benz G Class descending a rocky hill, blue sky in the background.
2019 Mercedes-Benz G550 | Mercedes-Benz

The average 2018 Mercedes Benz G Class is currently going for $122,014. To get under $100k, you might have to go as far back as the 2016 model year, which is currently changing hands for $90,724 on average.

Next, see what’s in store for the 2023 Mercedes-Benz G Class or see TFL Now’s discussion on falling G Class prices in the video below: