Whether you’re shopping for a new pickup or you plan to buy a used truck, it’s important to consider how well it will retain its value in the long term.
Investing in a truck that holds its value well means that you’ll get a better price when you come to sell it. A truck’s depreciation rate says a lot about the quality of the vehicle too.
But how much does a pickup truck depreciate each year on average? And which truck has the best resale value? For answers to these questions and more, let’s take a look at the trucks that hold value best in 2023.
How Much Does a Pickup Truck Depreciate Each Year?
Before we get into some of the trucks that hold their value best, you need to consider average used truck depreciation rates. This will give you a more realistic understanding of the long-term value to expect for the truck you plan on buying.
An established rule of thumb is that a new truck loses around 25% to 30% of its value in the first year and around 10% to 15% more every year after that. This assumption dictates that after five years, a truck that you took home new will be worth around half of what you paid for it at best.
That said, this guide doesn’t necessarily hold true anymore. Today, used truck resale values are higher due to chip shortages, supply-chain issues, and more demand for quality used vehicles. This means that, provided you choose well, you can expect your new truck to retain nearly two-thirds of its original value after five years.
Which Truck Has the Best Resale Value?
While there’s still a big difference between the best and worst resale value trucks, truck depreciation rates are more promising than they used to be. Here are some of the best trucks and their resale value predictions after five years:
1. Toyota Tacoma — 67.6%
The Toyota Tacoma is an iconic off-roader. This versatile, reliable, and very capable midsize truck also has a consistently low depreciation rate, earning it the top spot in our list of trucks with the best resale value. With reports showing that this truck retains over two-thirds of its original value after five years, investing in a Toyota Tacoma is a very smart move indeed.
2. Toyota Tundra — 64.1%
Toyota comes out on top for full-size trucks too. Its Tundra model is tough, comfortable, and tech-friendly, and offers an estimated five-year resale value of 64.1% of its original price.
Demand among truck fanatics for the Toyota Tundra’s reliability, power, and simple mechanics is sure to keep the resale price high. Industry insiders even predict that the Toyota Tundra could take the top spot as the resale value of 2022 and 2023 models is set to increase to as much as 70.2% over the coming years.
3. Honda Ridgeline — 61.9%
While it might not have the power to carry heavy payloads, the Ridgeline is a sturdy and efficient work and family truck that’s also one of the most underrated and reliable pickups on the market.
Use it for hauling the light loads and equipment that it’s meant for and your Honda Ridgeline will serve you for years or even decades. Should you choose to sell it, though, you can expect it to go for a little under 62% of what you paid for it after five years.
4. Nissan Frontier — 60.5%
As well as being one of the best-selling trucks across the world, the Nissan Frontier’s reputation as a tireless workhorse has seen it soar in popularity with construction workers, farmers, and anyone else in need of an affordable mid-size work truck. And, knowing that it retains more than 60% of its value after five years makes it even more of a worthwhile investment.
5. Chevrolet Silverado — 60.1%
The Ford F-150 might top the Silverado when it comes to the best-selling truck in America, but this popular work truck and family vehicle retains its value slightly better at a little over 60% after five years. Depending on your truck’s mileage at resale time and how well you’ve cared for it, you might even be able to command a higher price for this heavy-duty beast when it’s time to sell.
6. Jeep Gladiator — 58%
Rugged and unique, both new and used Jeeps are ever-popular among truck lovers.
While the Gladiator model is a relative newcomer to the resale market, early indicators show that it’s a good bet for truck buyers looking to score a good depreciation rate on a used truck. There’s even a strong chance that the Jeep Gladiator will start climbing up the rankings and sell for more than the present estimate of 58% of its value after five years.
7. Ford F-150 — 57.3 %
Ford’s F-150 is the world’s best-selling truck. But its undisputed popularity means that there are more than enough used Ford F-Series trucks in circulation to meet demand. This, coupled with the fact that many people use this as a work truck, means that the resale value isn’t as high as it could be. Take good care of your F-150, though, and you could net more than the 57.3% resale value that this model usually fetches.
8. Ram 1500 — 54.8 %
This modern version of the original Dodge Ram is another truck with excellent sales numbers. Said to be one of the most comfortable pickups to drive, many owners are reluctant to part with their Ram 1500. But if you do decide to sell yours, you can expect its resale value to be around 54.8% of what you paid for it after five years of ownership.
Your Guide to Trucks That Hold Value Best
As this guide shows, there’s never been a better time to invest in a truck — especially if you opt for one of these trucks that hold value best.
Then, when it’s time to sell your vehicle, you’ll know that you can expect to receive a good resale price. And, if you’re looking to buy used, you’ll now have a better idea of whether you’re getting a good deal.
For more information on buying or selling a used truck, get in touch with us here at Motobyo today!