How Much Value Do Trucks Hold Compared to Cars?
With a lot of compelling reasons why a truck may be better than a car when it comes to value evaluation between these two automobiles, disparities typically fan out in the air.
If you’re considering buying a car, one of the key things you’re most likely going to consider is not just the ability of the car to adequately meet your needs, but to also have a long useful life and the ability to retain value such that you’ll be able to get a reasonable percentage of your money back upon resale. However, controversy would always lie in figuring out whether or not a truck holds more value than a car, particularly when an automobile brand is concerned.
What Statistics Say
In a recent study, it was found that when compared to cars, trucks tend to hold their value. They, however, begin depreciating and lose value within the first five years of purchase, as opposed to cars that begin losing value within the first year.
The Chevy Silverado, being one of the most popular trucks known for its smooth ride, extremely functional bed, and strong towing and payload capabilities, has been found, from a recent survey by iSeeCars to have the ability to retain up to 60% of its lifetime value. This means that you can put your used Chevy trucks for sale and get a reasonable percentage of the original money spent on the purchase back.
Depreciation Rate of Trucks
The average truck depreciates at a rate of 44% over five years with 20%-30% of that happening during the first year of purchase, 10%-15% happening in the fourth year, and 40%-50% occurring after five years of purchase. Cars, however, depreciate at an average of 42% over five years.
With these statistics, cars can be said to depreciate at a much slower rate than cars, which implies that in the long run, they would have a much higher resale value compared to trucks. However, when the specific make-up of the cars and trucks is considered, you will find that not all cars have as much resale value when compared to trucks.
The diesel trucks trucks specifically tend to depreciate at a far lesser rate than other trucks. This is typical because these trucks have more powerful engines and are generally more economical when it comes to fuel consumption. The Chevy Silverado is a perfect example of these diesel trucks and this explains its high lifetime value of 60%.
If you’re looking to purchase a truck that holds a reasonable lifetime value, the Chevrolet truck is one you should check out. Their power and workability are a huge plus too, such that you can be sure to find used Chevy trucks for sale just as powerful as a new one.