The Mercedes-Benz G-Wagon’s resale value was once the stuff of legend. Crypto millionaires paid double MSRP for the boxy status symbol. But the party didn’t just end. It drove off a cliff. Within a year, resale prices cratered by $80,000 and they’ve kept sliding. Let’s see how this luxury SUV went from flex to financial faceplant.

Crypto hype made G wagon values skyrocket

Mercedes-Benz redesigned its G-Class SUV, often called the “G Wagon” in 2019. It was the iconic 4WD’s first ever redesign. And the automaker couldn’t make enough of the refreshed status symbol. By 2021, demand for the redesigned G-Class was absurd. Dealers charged well over MSRP, and buyers paid.

The crypto investor crowd loved these things. The Mercedes-Benz G-Wagon became the “new money” badge for self-made millionaires who wanted to show off. Then the music stopped. There were finally enough used G Wagons on the market that buyers stopped paying double MSRP. A drop in cryptocurrency values left many broke buyers desperate to unload their overpriced Mercedes-Benz, even at a massive loss.

The bubble popped and G wagon values tumbled

Prices crashed in late 2022, as crypto money vaporized and listings flooded resale sites. Marshall Haas noticed “more than 1,600 G-Wagons for sale on AutoTrader,” adding, “That’s more than I’ve ever seen. Crypto boys are hurting.”

According to CarDealershipGuy, “Exotic car market is getting decimated right now.” He watched one 2021 G-Wagon with just 3,378 miles resell for $187,000, calling it “nearly an $80,000 (or 30%) drop in under 12 months.”

As one insider said, “It’s clear that in the last couple of months the decline in prices for exotic vehicles has accelerated and that correlates very, very well with the meltdown in the crypto markets.”

By 2023, average second-gen G wagon values dropped approximately 33% further in one year. And they didn’t stop. The 5-year depreciation now averages about 38.8%. A three-year-old model goes for somewhere around $182,000 while a five-year-old averages $132,000.

Today’s G-Class prices tell the real story

Buyers once saw these SUVs as investments. But the used G wagon values keep falling as supply normalizes. Sure, they still have more of their original value than many luxury SUVs—but the easy-flip days are gone. And if you paid $100k over MSRP, you aren’t seeing a penny of that back.

Karl Brauer of iSeeCars explained, “To put some context to these numbers, consumers could have bought these cars new, driven them for three years, and then sold them for anywhere from just a few hundred dollars to around two thousand dollars below MSRP, which is unusual to say the least.”

If you dished out for a G-Wagon at the peak, ouch. The crypto bubble popped, the hype died, and resale values went off a cliff. Today’s prices might finally make sense—but they’re a long way from the highs. It’s a cautionary tale about chasing trends instead of knowing what you’re buying.