It turns out that the Chevy Colorado might not be a risky investment. It’s shedding its history as an unreliable truck and came close to the top of the list of the trucks with the best resale value. So, it may be less of a gamble to go for a Chevy Colorado than you initially thought.
The Chevy Colorado has a good resale value
The AutoBlog released a list of the trucks with the highest resale value after three years, and the Chevy Colorado landed in second place. It landed between the Toyota Tundra and the Toyota Tacoma, making the third and first place on the list.
According to this list, after three years of use, the Chevy Colorado has an above-average depreciation rate of 28.8%. The Toyota Tacoma has a depreciation rate of 25.2% after three years, meaning its depreciates at the slowest rate.
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The list looks at the Chevy Colorado Z71, the off-roading variant. After three years, the average resale price of this truck is $25,795. This price allows drivers to get their value back if they decide that this truck isn’t for them.
Is the Chevy Colorado a reliable truck?
The high resale value of the Chevy Colorado is surprising because this truck had a troubled past. It made its debut in 2004 to replace the Chevy S-10 and started off as a popular option against the Ford Ranger. It’s counterpart, the GMC Canyon, did well too.
However, the first-generation Chevy Colorado was known for engine problems. They then developed transmission problems and took a hiatus in 2010 after receiving a slight refresh in 2009.
Then it made a triumphant return with the 2015 Chevy Colorado, or at least Chevrolet hoped for a glorious revival. However, the problems with the 2015 model year were expensive and frustrating. It made it to a list of trucks to never buy.
Over the years, the Chevy Colorado had fewer issues reported by drivers as the transmission issues, and engine problems seemed to be improved. But reliability ratings are often based on previous truck models and their problems according to how often they need maintenance, the severity of the issue, and how expensive the issue is.
The problems plagued the Chevy Colorado so bad, that even the 2019 Chevy Colorado was listed as the most unreliable truck of 2019. This occurred even though significantly fewer problems are reported for this model year compared to the 2015 Chevy Colorado.
Is the 2020 Chevy Colorado reliable?
The reliability rating for the 2020 Chevy Colorado isn’t looking too good. It only received 2 out of 5 stars from J.D. Power. Consumer Reports provided a score of 1 out of 5 for the 2020 Chevy Colorado too.
However, it’s a bit early to tell how well the Chevy Colorado performs. Drivers haven’t had a chance to put many miles on it. The 2020 Chevy Colorado is noted for having a comfortable ride, quiet interior, powerful engines, and an abundance of towing power. With its high resale value, it could be worth the risk.