Do Chevy Silverados have good resale value?
Yes, Chevy Silverados generally have good resale value compared to other full-size pickup trucks. The Silverado is known for its reliability, durability, and strong brand reputation, which contribute to its ability to retain its value over time.
Factors Affecting Silverado's Resale Value
Several factors contribute to the Chevy Silverado's strong resale value:
- Reputation and Brand Loyalty: The Silverado is a well-established and respected truck brand, with a loyal customer base. This brand recognition and loyalty help maintain the truck's value over time.
- Reliability and Durability: Chevy Silverados are known for their reliability and ability to withstand heavy-duty use, which makes them attractive to used-truck buyers.
- Demand and Supply: Full-size pickup trucks, including the Silverado, are in high demand, especially in the used-vehicle market. This high demand helps maintain the truck's resale value.
- Customization and Aftermarket Support: Silverados can be easily customized with a wide range of accessories and aftermarket parts, which adds to their appeal and resale value.
These factors, combined with Chevy's reputation for producing high-quality, durable trucks, contribute to the Silverado's strong resale value in the used-vehicle market.
Comparing Silverado's Resale Value to Competitors
When compared to other full-size pickup trucks, the Chevy Silverado generally performs well in terms of resale value. According to industry data, the Silverado typically retains a higher percentage of its original value over time compared to competitors like the Ford F-150, Ram 1500, and Toyota Tundra.
For example, a 2020 Chevy Silverado 1500 LT with average mileage is estimated to retain around 60-65% of its original value after three years of ownership. In contrast, a 2020 Ford F-150 XLT with similar mileage may only retain around 55-60% of its original value over the same time period.
The Silverado's strong resale value makes it an attractive option for both new and used-truck buyers, as it can help minimize the financial impact of vehicle depreciation over time.
Which Silverado to stay away from?
2012 and 2013 Silverado
These models are among the worst years in the Silverado 1500's second generation. Consumers complained about transmission, engine, and interior accessory problems. If you're considering buying a used truck, count these models as some of the Chevy Silverado 1500 years to avoid.
What truck manufacturer has the best resale value?
Best Resale Value Top 10 Vehicles for 2024
| RANK | MODEL | 5-YEAR RESALE VALUE |
|---|---|---|
| 1 | 2024 Ford Bronco | 66.7% |
| 2 | 2024 Toyota Tacoma | 62.6% |
| 3 | 2024 Mercedes-Benz G-Class | 61.2% |
| 4 | 2024 Toyota Tundra | 60.4% |
Do Chevy Silverado hold their value?
Why do Silverado's have a good resale value? Overall, pickup trucks in general tend to hold their value better than other kinds of vehicles on the market.
What is considered high mileage for a Chevy Silverado?
The average Chevy Silverado will last around 200,000 miles. If you are sure to take care of your Silverado over the years, it can last as long as you'd like it to. A few truck owners have even reached the one million-mile mark on their Chevy Silverado.
What is the resale value of a Chevy Silverado?
2023 Chevrolet Silverado 1500 Value - $25,105-$61,065 | Edmunds.
Why are used Chevy Silverados so expensive?
Trucks are highly sought after due to their versatility in both personal and commercial use. They are capable of handling tough work tasks while providing comfortable passenger accommodation, making them a practical choice for a wide range of buyers. This high demand across diverse markets keeps resale values strong.
What year Chevy Silverado should I stay away from?
The 2015 year model is also one of the worst ones you can buy. It has a litany of problems, and many have transmission failures. The 2016 and 2017 Chevrolet Silverado 1500s are also infamous for transmission issues. These two are highly likely to surge and jerk or have your transmission fail outright.
What is the #1 selling truck?
The Ford F-150 continues to be the most popular passenger vehicle in America because it is a rare truck that can be something different for each driver. This is what is meant by versatility. With all the options and choices, Ford allows drivers to find an F-150 that is right for them.
What year is Silverado not to buy?
The 2008 model year competes with the 2014 model year as one of the worst ever produced. Due to its frequent engine problems and overuse of oil, which was repair that cost owners over $2,700 to fix, this problem continued onward from the 2007 into the 2009 model years.
What truck depreciates the fastest?
The Ford F-150 might be a top-selling truck, but when it comes to value retention, it's the worst. After five years, the F-150 will have lost around 51% of its original value, leaving you with a resale price of about $30,245.
