(NewsNation) — Cars are retaining their value better in 2023 compared to 2019, according to a report from iSeeCars published last month.
To determine this, iSeeCars analyzed over 1.1 million vehicles sold from November 2022 to October 2023. Data showed depreciation overall was lower across major segments.
iSeeCars attributes lower depreciation rates to reduced new car production during the COVID-19 pandemic, leading to used cars being in short supply these days.
Before the pandemic, cars would typically lose about 50% of their value in five years, iSeeCars writes. Currently, the average 5-year depreciation is 38.8%, the automotive research website says.
Electric vehicles, according to iSeeCars, had the worst depreciation at 49.1% — meaning they lost about half of their value in five years. Trucks and hybrids, meanwhile, had depreciation rates of 34.8% and 37.4%, respectively.
“The good news for car owners is that all used cars hold their value better than they did five years ago,” Karl Brauer, iSeeCars executive analyst, said in a statement. “But not all used cars retain value equally, with trucks and hybrids among the best segments and electric vehicles the worst.”
Cars that depreciated the least
Porsche 911 (Coupe)
Average 5-year Depreciation: 9.3%
Average $ Difference From Manufacturer’s Suggested Retail Price (MSRP): $18,094
Porsche’s website says the current MSRP for a 911 Coupe is at least $114,400.
Porsche 718 Cayman
Average 5-year Depreciation: 17.6%
Average $ Difference From MSRP: $13,372
The Porsche 718 Cayman has an MSRP of at least $68,300.
Toyota Tacoma
Average 5-year Depreciation: 20.4%
Average $ Difference From MSRP: $8,359
The current starting MSRP for a 2024 Tacoma is $31,500, per Toyota’s website.
Jeep Wrangler/Wrangler Unlimited
Average 5-year Depreciation: 20.8%
Average $ Difference From MSRP: $8,951
The 2024 Jeep Wrangler’s MSRP starts at $31,995.
Honda Civic (sedan/hatchback)
Average 5-year Depreciation: 21.5%
Average $ Difference From MSRP: $5,817
The starting MSRP for a 2024 Civic Sedan is $23,950. A Civic Hatchback’s starting MSRP is $24,950.
Cars that depreciated the most
Maserati Quattroporte
Average 5-year Depreciation: 64.5%
Average $ Difference From MSRP: $90,588
Maserati’s website says the starting MSRP for a GT is $108,400; for a Modena, it’s $119,700; a Moedna Q4’s is $124,400; and a Trofeo is $157,000.
BMW 7 Series
Average 5-year Depreciation: 61.8%
Average $ Difference From MSRP: $72,444
An electric BMW i7 eDrive50 has a starting MSRP of $105,700. The i7xDrive60 has a starting MSRP of $124,400, while the i7 M70 has a starting MSRP of $168,500.
Maserati Ghibli
Average 5-year Depreciation: 61.3%
Average $ Difference From MSRP: $58,623
The starting MSRP of a Maserati Ghibli is $85,300.
BMW 5 Series (hybrid)
Average 5-year Depreciation: 58.8%
Average $ Difference From MSRP: $37,975
The starting MSRP for a 530e Sedan is $5,600. For a 530e xDrive Sedan, that’s $59,900.
Cadillac Escalade ESV
Average 5-year Depreciation: 58.5%
Average $ Difference From MSRP: $63,885
An Escalade’s starting MSRP is $81,895.
