Which Truck Has the Lowest Depreciation?
We know you’re not going to keep your truck forever. So, it’s important to know how much you can sell it for in a few years. New and used trucks are selling for crazy money right now, but one truck should depreciate less than others. The 2022 GMC Canyon has the best residual value and the least depreciation of any truck over five years. But, it’s impossible to say what will happen when the new 2023 GMC Canyon hits dealers this fall.
Keep any truck maintained and it’ll keep its value
Trucks don’t appreciate unless they’re collectible exotics. Some are buying and flipping trucks for massive profits. But unless you put in an early order on a Rivian R1T or a GMC Hummer EV Truck, you’re out of luck if you’re looking to make a quick buck flipping.
Knowing that your truck is worth more should you encourage you to maintain it. Maintain your truck well, and it will be worth more when it comes time to sell it. So, show your compact truck some love. But don’t show it too many accessories if you want it to appreciate in value. A lot of the custom accessories that you love probably won’t increase your truck’s value. So, skip adding $5,000 worth of rims.
The 2022 GMC Canyon has the best depreciation curve
But according to CAREdge the 2022 GMC Canyon will have less depreciation than any other truck over five years. CAREdge measures a vehicle’s residual value and says that after three years, the 2022 GMC Canyon will maintain 87% of its value. After five years, that only drops to 84%. That’s impressive compared to other trucks. However, that’s over five years. In the first year it takes a big hit and it loses more than 10% of its value.
There’s a new 2023 Canyon on the way soon, however. A redesign can make an older version look, well, old. So there’s no telling what could happen.
Kelly Blue Book says the Tacoma will keep more value
There are several ways to determine deprecation. The experts at KBB said that the Toyota Tacoma will retain more value than any other compact truck. Tacomas have been the best-selling smaller trucks for the last 17 years and are expected to retain 61.7% of their value according to Kelly Blue Book. The base price of a Tacoma is $26,700.
Tacomas are a nice size and offer great utility. Toyota Tacomas are smaller than a full-size Tundra, by quite a bit, which makes them easy to thread to your local tight Trader Joes parking lot. In TRD trims they offer tons of off-road capability. The base SR version is a great little work truck that can even get acceptable gas mileage with Toyota’s legendary reliability. You can order the Limited version that comes as a full luxury truck.