Buying a truck is a major purchase, and rightly so. When a truck is properly cared for, many models can last for decades and hundreds of thousands of miles. But, the reality is that there’s always a new and better model coming out every year, and your truck is going to depreciate. Eventually, you yourself will even want to do a trade-in.
The reality is that when you want to do that, you want to get the most out of your previous purchase so you can invest in the next one. Every owner knows that the second you drive a car off the lot, its value sinks. One way to increase the value of a used truck is by installing a top-of-the-line backup camera from Camera Source. Regardless, knowing which trucks age better than others is a powerful tool, and we’re here to help you sort out which is which.
The 5 Trucks with the Lowest Resale Value
An important thing to note with this list is that some of these trucks might be worth owning in spite of the fact that they depreciate quickly. Additionally, these values usually reflect depreciation over a 5 year period after being purchased in new condition.
This is not a list about not buying certain vehicles, it’s more of a reminder that some are not the best if you plan to resell them. If you’re interested in adding value with additional features, Camera Source has the backup camera to meet your needs.
1. Ford F-150
Despite being the most sold vehicle, its value rapidly depreciates 44-47%. This is likely due to the high supply of these trucks available for sale. Otherwise, it’s a very reliable vehicle that’s worth purchasing.
2. Nissan Titan
The Nissan Titan, like many Nissan trucks, can have some serious depreciation after purchasing. The average for the Titan is 44%.
3. Ram 1500
The Ram 1500 is a model that depreciates rapidly, sometimes due to perceived reliability issues, as well as the volume of them on the market as well. If you purchase a 1500, you can expect a depreciation rate of 42-45%.
The GMC Sierra 1500 isn’t a bad truck by any means, and many model years depreciate well. The average is around 43% however, so make sure you check in on the model you’re about to buy before purchasing.
The Chevy Silverado depreciates at a rate of 42%, which makes it the Chevy with the fastest rate of depreciation.
Trucks with the Best Resale Value
The Toyota Tacoma has had some marvelous model years, many of which are extraordinarily reliable and are known for being workhorses. The Tacoma holds value very well, depreciating at a low 30%.
The GMC Sierra is comparable to the Chevy Silverado, and the powerful truck holds value well, usually only depreciating at a rate of about 30%.
The Silverado’s towing capacity is pretty incredible, and the market has responded well to it, with the truck depreciating very well, at around 34%.
Toyota’s full-size pickup is also known for holding value well. Model years starting in 1999 have excellent depreciation rates, at 37%. Don’t forget that Motor Trend picked it as Truck of the Year in both 2000 and 2008!
5. Nissan Frontier
Unlike its sibling the Titan, the Frontier has an excellent record and depreciates well, at a rate of around 37%.
Why Do Trucks Depreciate?
Pickup trucks depreciate the least on average compared to other vehicles, which can depreciate an average of 50% in the first 5 years.
Generally speaking, if you want to understand depreciation from a high-level perspective, cars depreciate with wear and tear. Cars and trucks that are less popular or common depreciate faster because their ability to keep running due to part availability.
Additionally, vehicles that are perceived as more efficient tend to depreciate slower, and in the first 2 to 3 years of its lifespan, a vehicle holds value well. Also, some insurers sell GAP insurance, which helps keep the value of a vehicle a bit longer, though it can be expensive.
How Can I Protect the Value of My Truck?
Now that you’ve seen some of the depreciation rates for many trucks, you’re likely asking yourself: how do I protect my truck’s value?
The truth is that most vehicles lose the lion’s share of their value in the first five years, after which they continue to drop depending on a variety of factors. Here are some things to think about:
- Age - Unless the truck is a vintage or collector’s vehicle, its value will continue to drop as it ages. Unfortunately, this is the way of the world.
- Mileage - Mileage is the largest factor when it comes to deprecation after age. Older vehicles with a massive amount of mileage have little to no value, as it’s really the one-two punch for depreciation.
- Maintenance - Keeping a truck well maintained will help it retain value over time, increasing the life of both the engine and the transmission.
- Features - The more intact features a vehicle has, the more value it holds. A high quality backup camera from Camera Source is worth investing in as both a safety feature and a convenient tool.
Remember that the market is a fickle thing, and it’s hard to predict what will happen. You don’t have full control over the value of the vehicle, so be sure to enjoy the one you have while you have it.
If you’re looking to trade-in for a model with a backup camera, you don’t have to buy a new truck, just install a backup camera on your old one! Additionally, if you are considering selling your truck and want to get the most out of the sale, adding a backup camera will increase the value. Camera Source has a wide variety of options for high quality backup cameras and monitors, so you can get yours installed and ready today.