The Jeep Wrangler Is Doing a Great Job Holding Its Value Right Now
Some drivers will choose to keep their cars forever, but other drivers will choose to sell or trade their car in for something else. For drivers who are looking to sell, the one stat that matters the most is a car’s depreciation rate. While automakers like Toyota and Honda tend to dominate in that regard, the Jeep Wrangler is actually doing a great job at that too.
Trucks dominate, but the Jeep Wrangler isn’t far behind
According to Edmunds, many cars are experiencing a spike in trade-in values due to the COVID-19 pandemic. However, by and large, trucks are dominating this depreciation race. Edmunds wrote that, of the top 10 cars from the 2017 model year to depreciate the least, seven of them were trucks. This means that truck owners who bought a new truck from that model year can trade or sell their truck for a substantial amount of money.
While trucks like the Toyota Tacoma held the lead, the Wrangler wasn’t actually far behind. In fact, three SUVs filled out the rest of that top 10 list, according to Edmunds, and the Wrangler was the highest-scoring SUV when it came to how little it had depreciated. In fact, overall, the Wrangler is tied for third place as the 2017 Wrangler is, on average, worth about 71 percent of its original value.
For reference, the 2017 Tacoma is, on average, worth about 75 percent of its original value. That said, due to their starting price differences, the average Wrangler owner should have a more valuable car than the average Tacoma owner. Edmunds wrote that the average 2017 Tacoma is worth about $26,766, while the average 2017 Wrangler is worth about $27,843.
The Jeep Wrangler beats other SUVs
But, as Edmunds wrote, the 2017 Wrangler was the SUV that held its value the best, and it wasn’t exactly a close race. The Wrangler is a midsize SUV, and its competitor, the Toyota 4Runner, was close, as it held onto 69 percent of its original value. That said, other SUVs were significantly behind the Wrangler in terms of how they depreciated.
For example, the 2017 Honda CR-V only held onto 64 percent of its original value, while the Honda HR-V only held onto to 61 percent of its original value. The numbers get worse when the Wrangler is compared to larger or more luxurious SUVs. Edmunds said that the Chevy Tahoe, which is a full-size SUV, only held onto 57 percent of its original value, while the BMW X1 only held onto 47 percent of its original value.
Why this matters for owners
Many Jeep fans wouldn’t dream about selling their Wranglers anytime soon, but, like Edmunds wrote, COVID-19 has caused a surge in trade-in prices. As a result, every owner should be checking to see what their cars are worth right now. The main reason for that is because the lockdowns have caused a shortage of new cars, and the result is that used cars are becoming more valuable. As such, this surge in value may not last forever.
On top of that, a lot of people are struggling financially during this pandemic, and some people may have too many cars that they don’t need. The Wrangler is a great SUV, but since it’s holding onto its value so well, struggling Wrangler owners may be better off selling their Wrangler and buying a cheaper car instead.
But, even for Wrangler owners who don’t want to sell or trade their cars in, this is still great news. This low depreciation rate shows that the Wrangler is, for one reason or another, better than many of its competitors. So, at the very least, this is another reason for Jeep lovers to love their Jeeps.