The Jeep With the Best Resale Value in 2023 Isn’t the Grand Cherokee
The Jeep Grand Cherokee is currently the best-selling Jeep of them all, so one would think that it has the best Jeep resale value. Given its appeal to the off-roading enthusiast crowd, we’re not surprised that the Jeep Wrangler’s average appraisal price is even higher. How much more will you earn reselling a Jeep Wrangler over a Jeep Grand Cherokee?
Average 2023 Jeep Grand Cherokee resale value
Edmunds data predicts that a 2023 Jeep Grand Cherokee will depreciate by $21,639 after you’ve owned it for five years. Depreciation refers to the loss of a car’s value thanks to age along with general wear and tear. If the vehicle’s depreciation rate is lower, that equates to a higher resale value.
Assuming that you purchase the Altitude X model with four-wheel drive, that’s an estimated value loss of about 43%. According to iSeeCars, a 33.3% loss is considered to be the average for a five-year-old vehicle. While not the best, the Grand Cherokee’s appraisal value was still decent enough to earn a ‘Great’ rating from J.D. Power. The Jeep Grand Cherokee also received a high score in terms of ownership experience. Highlights reported by owners include a high-quality sound system, an attractive infotainment interface, and easy third-row access.
The 2023 Jeep Wrangler’s excellent appraisal value
A Jeep Wrangler’s value will depreciate by $9,732 after the first year of ownership. After that, its value decreases by less than $2,000 annually over the next four years. If you take good care of the car and decide to sell it in 2028, you could walk away with $34,670.
According to Kelley Blue Book, that puts the Jeep Wrangler on an even playing field with the Subaru Crosstrek. Both tied for 9th place in the 2023 Best Resale Value awards. The Jeep Wrangler also has a higher estimated appraisal price than several luxury vehicles, electrified cars, and even consumer favorites like the Honda Accord.
J.D. Power says that the Jeep Wrangler has a superior resale value and reliability rating compared to the Jeep Grand Cherokee. However, its overall driving satisfaction score is slightly weaker. The Wrangler’s cabin is known to have elevated noise levels, especially with the roof removed. If you have a two-door Wrangler, it can be a hassle for some passengers to get situated in the second row.
Wrangler owners typically also quickly get burnt out by this car’s thirsty nature. The standard V6 engine can only get 20/24 mpg city/highway at best. The turbodiesel’s estimates are more promising at 22/29 mpg. The Jeep Grand Cherokee is just as bad from the consumer perspective, but 19/26 mpg is a little more acceptable for a midsize SUV.
Should resale value be a deciding factor when purchasing a new car?
Jeep SUVs are delightful to drive for some, but certainly not for everyone. If you end up regretting your purchase, it helps to know that you’ll still get most of your money back. With a higher appraisal value, you can buy another car that better suits your preferences.
However, keep in mind that the Jeep Wrangler is also frequently overpriced on dealership lots. We’ve seen some selling for 26% over MSRP, a problem that is only confirmed by Edmunds data. Despite the four-door 2023 Sport S model retailing for about $39,000 on Jeep’s website, the average buyer pays nearly $51,000 for theirs.
The estimated price for a mid-level 2023 Jeep Grand Cherokee is far closer to its original MSRP. Since both Jeeps are extremely popular amongst consumers, you should have no problems reselling either of them. However, it might be a better investment to pay more upfront for a car that will score you a better trade-in value later.