We know that the second you drive an SUV, or any vehicle for that matter, off the lot it loses a substantial amount of its value. Some lose more than others, and it’s hard to point to one specific reason why. High depreciation isn’t always bad: it can also be a way to find a good used vehicle at a bargain. In the SUV world, however, the Hyundai Santa Fe is the SUV with the worst depreciation.
The pandemic screwed up used SUV prices
The last few years have turned the used car market on its head and there are some cars and trucks that are actually worth more used than they are new, simply because of supply chain issues making new ones unavailable. But it’s also caused spikes in some parts of the used market, like with trucks. The old rule of thumb was that any vehicle loses about 50% of its value after five years. That’s no longer true for most vehicles.
The Santa Fe is value-packed
The Hyundai Santa Fe may is the SUV with the worth depreciation. But there’s a lot to the Santa Fe. It is a five-seat SUV that packs in a lot of value for a base price of $27,700. With options, it can top $41,000. But, after five years a Hyundai Santa Fe will lose 43% of its value according to CAREdge. A Santa Fe loses more value than any other SUV. Some of that value loss may be attributed to the fact that the Santa Fe was all-new in 2019 and the previous version that was available five years ago was not as loved as the current Santa Fe.
CAREdge calculates prices using its own pricing tools and says that a 2017 Santa Fe today that cost $24,982 should sell for $20,612. A 2021 that sold new for $38,115 would lose about 7% of its value and should sell for about $36,000 today.
How much is a new Hyundai Santa Fe?
The base model Santa Fe in SE trim starts at $27,700. The SEL starts at $29,450, while the off-road biased XRT starts at $32,750. The Limited and Calligraphy trims add more luxury touches for $39,410 and $41,410. The Santa Fe has a 2.5-liter four-cylinder engine with Apple CarPlay and an 8.0-inch screen standard. Options on the higher trim levels include larger wheels, a blind-spot monitor, a surround-view monitor, and even quilted Nappa leather on the Calligraphy trim. All-wheel drive is an option.
The Santa Fe’s standard engine is a 2.5-liter four-cylinder engine with 191 horsepower. But, you can order it as an all-wheel-drive hybrid, which has a 59-horsepower electric motor that adds 59 horsepower for a total of 225 horsepower. The Santa Fe can also be ordered as PHEV, or plug-in hybrid, that has a total of 261 horsepower and all-wheel drive. The plug-in version can travel 30 miles under electric power alone and gets 33 mpg combined.
The 2023 Hyundai Santa Fe is a carry-over model for 2023.