If you know Jeep Wranglers, you know they hold on to their resale value as well as most vehicles on the road. It’s rare that used Jeeps just shed 33% of their value like a Wrangler doors on the Fourth of July. In fact, this might be once-in-a-generation depreciation. But there’s a catch. The sudden drop in Jeep values is because used Wranglers were recently reselling for more than MSRP.

How used Jeeps were recently selling for even more than MSRP

Jeep redesigned its flagship Wrangler SUV for the 2018 model year. The “JL” generation of the 4WD kept the Wrangler’s unique charm while improving most aspects of the SUV. Jeep couldn’t make enough of them. Then the perfect storm hit the used market.

The COVID-19 pandemic seriously disrupted automotive supply chains all over the world. Many factories had to be shut down. Dealerships struggled to keep cars in supply, and many began marking up new cars. As buyers turned to the used market, those prices rose too.

The hot new Jeep Wrangler led the charge with sky-high used prices. Maybe everyone just wanted the new Jeep JL. Or maybe without access to their normal hobbies, many folks decided to finally invest in a 4WD for camping and off-roading. Whatever the reason, Jeep prices climbed quicker than a Rubicon with its lockers on.

By the end of 2022, the average three-year-old used car had lost 23.8% of its value. But a 2019 Jeep Wrangler two-door was reselling for 0.3% more than its original price. A four-door Wrangler Unlimited was selling for 2.0% more than MSRP.

Are Jeep Wrangler prices falling or just evening out?

Today, the average five-year-old Jeep Wrangler is worth 33.9% less than when it was new. Put another way, a 2019 Jeep Wrangler’s worth about $10,888 less than MSRP. A 2019 Wrangler Unlimited lost about $5k in value each year for the past two years, shedding 35% of its worth in just 24 months. But it’s still depreciating slower than the average 2019 vehicle.

The average five-year-old vehicle has depreciated 45.6%. So, depending on its original MSRP, it’s lost about $17k in value. The Jeep Wrangler is no longer the 2019 vehicle holding its value the best. That award goes to the Porsche 911, which has loss less than 20% of its original value. It’s not even the SUV holding its value the best. A Toyota 4Runner has only depreciated 31.3%. But even with the recent nosedive in values, the Jeep Wrangler is holding on pretty well.

Curious how cheap you can get a Jeep? See used Wranglers listed near you.