Pickup trucks are a specific breed of vehicle. Especially in today’s newest models, trucks blend brute strength and utility with luxurious options and ever-improving ride comfort. But do pickup trucks have a better resale value than SUV and crossover models?
Do pickup trucks have good resale value?
According to a recent study by iSeeCars, there are several pickup truck models that boast high resale value. However, there are SUV models with high resale value as well. In fact, the vehicle with the lowest rate of depreciation of all is the Jeep Wrangler Unlimited. The Jeep Wrangler and the Toyota 4Runner aren’t too far behind.
So do pickup trucks have good resale value? Overall, yes. Pickup trucks tend to hold their value better than the average SUV.
Pickup trucks like the Toyota Tacoma, Toyota Tundra, and GMC Canyon hold their value well. In terms of five year depreciation rates, these trucks offer some of the best resale value for owners looking to sell after five years of ownership. They have depreciation rates of 32.4%, 37.0%, and 41.2%, respectively.
What is the average depreciation rate of an SUV or crossover model?
The average five-year depreciation rate for an SUV is 50.8% according to iSeeCars. So this is higher than the average five-year depreciation rate of a pickup truck (44.1%). However, that doesn’t mean that SUV and crossover models have low resale value overall as a segment.
Nor does it necessarily mean that buying a pickup truck sets you up for surefire success in terms of depreciation either. Like other segments of automotive vehicles, there are going to be models with lower depreciation as well as high percentages. It’s important to do research on prospective SUVs or pickup trucks by make and model rather than generalizing resale value for an entire segment.
That said, all of the pickup trucks in the top 10 for pickup truck resale value have lower depreciation rates than the average depreciation over five years for SUV or crossover models. Pickup truck resale value is strong. Certainly stronger than the average resale value for an SUV or crossover model.
Buying a pickup truck vs. buying an SUV
For buyers choosing between a pickup truck or an SUV, this data can prove helpful. Especially if the buyer places a lot of stock in how much a vehicle will depreciate after the purchase. If resale value is at the top of the priority list, then it might be worth it to skip the SUV and crossover models for a pickup truck in stead.
However, there are compelling reasons to choose an SUV instead of a pickup truck. For one, SUV drivers have a covered cargo area. Though it may not be as large or as brawny as a pickup truck, the stuff stored back there isn’t exposed to the elements.
In addition, SUV and crossover models like the Toyota Highlander or Kia Telluride offer the option of third row seating. Any family that needs that third row option will definitely need to opt out of a pickup truck model and spring for the SUV and crossover segment instead. Sometimes lower depreciation rates are overlooked for other aspects that buyers place more importance upon.