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The Jeep Wrangler barely depreciates. A combination of its reputation for durability, high demand, and timeless looks conspire to keep prices high. According to iSeeCars, the average Wrangler loses 33.9% of its value in its first 5 years ($10,888). It’s a heck of a lot better than the average vehicle: 45.6% or $17,395. That’s great news if you already own a Jeep Wrangler. But you’re out of luck if you want to buy one, until now. It looks like there’s a new “cheap Jeep” generation dropping in value.

What’s the “cheap Jeep?”

For decades, used Jeep Wrangler prices have been relentlessly high. New Jeep supply never quite met demand, so many Wrangler fans paid top dollar for used ones. If prices threatened to slip, enthusiasts bought up used Jeeps as platforms for their next off-road build.

There was a single glimmer of hope. A single path for diehards who needed a cheap Jeep. That’s the Jeep “YJ
generation. In 1987, Jeep swapped from the iconic round headlights the SUV had since WWII to more trendy square headlights. It listened to its buyers and went back to round headlights in 1996. Those three model years had some of Jeep’s lowest resale prices. Ever.

Now David Tracy, proud owner of a Jeep YJ and automotive journalist at The Autopian, argues there’s a new “cheap Jeep.” And it’s not the square-headlight YJ. It’s one of the later Jeeps. The JK.

So what’s wrong with the Jeep JK? Not much. But it is one of the final old school Wranglers. The later “JL” came out in 2019 and improved on the JK in every way. Its grille was much larger, befitting the size of modern Jeeps, so many think it looked better. It offered a ton of new features, such as a much better convertible top mechanism. Yet it kept the Wrangler’s distinct flavor. Finally, Jeep made a ton of JKs, so there are a ton available.

Is the Jeep Wrangler JK cheap?

The cheapest JKs seem to be from before the 2011 interior refresh. The cheapest configuration is the 3.8-liter V6 and automatic transmission. One of those just sold on Cars & Bids for $8,550. And if you know Jeeps, you know that’s higher YJ prices. So what about a Rubicon? A 2009 sold for $13,250. Still cheap for a Jeep.

Tracy based his argument on a few Wranglers that have sold on Cars & Bids. And it’s tough to tell, because low mileage JKs can still command $25k. I’m going to pile on with some data.

In 2022, I wrote up Jeep Wrangler depreciation. Note that the used car market was so strong, some models (such as the Porsche 911 and Mercedes G Wagon) were reselling for more than MSRP. But the average vehicle was still losing 40.1% of its value in five years. The four-door Jeep Wrangler Unlimited was losing just 10.5% of its value in five years. Meanwhile, the two-door Wrangler was losing 9.2% of its value. Now, Jeep Wrangler depreciation’s skyrocketed to 45.6%. And that 4x increase is likely because of plummeting Jeep JK values.

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