• Monday, June 24, 2024
businessday logo


Here are 10 pickup trucks with their resale values in 2023

Here are 10 pickup trucks with their resale values in 2023

Pickup trucks hold values that position them better than passenger cars in the used market. Pickups are bigger, making them safer and more reliable, which influences resale value.

Most midsize cars will lose about 43.6 percent of their value over the first five years of ownership, whereas full-size and midsize trucks will only lose about 31.8 percent and 21.4 percent respectively, according to SoFi report.

Here are 10 pickup trucks with their resale value in terms of depreciation over a 5-year period.

Nissan Titan

The Titan, which is currently in its second-generation, was introduced way back in 2015 and it has a 74 percent residual value in terms of depreciation over a five-year period.

Titan is not a bad product but lacks some of the newer tech and features found in most of its rivals.

Ram 1500

Ram 1500 is an appealing product that is now in its fifth generation. This latest model made its debut in 2019 and the Dodge pickup has a 5-year residual value of 75.6 percent mark.

It’s a genuine workhorse, capable of pulling its weight in any scenario. The only “problem” is popularity, as U.S. buyers continue to choose the likes of the Chevy Silverado and Ford F-150 over the truck formerly known as a Dodge.

Chevrolet Silverado 1500

The Silverado is a true stalwart when it comes to full-size pickup trucks. It’s as popular as the Ford F-Series, with Chevrolet having sold over 12 million units since the first-generation Silverado was introduced back in 1999.

Now in its fourth generation, having recently undergone an upgrade, the Silverado is as formidable as ever with 80 percent residuals over five years.

Toyota Tundra

Tundra made its debut in 1999 with a good number of sales. It had everything, resulting in a lot of U.S. buyers choosing it over what was then the tenth-generation F-150.

Now in its third generation, the Tundra continues to be a beast. This third-gen truck was unveiled last year, and it has five-year residuals of 81 percent mark.

Chevrolet Colorado

It is established that mid-size trucks hold onto their value much better than full-size ones. The production of Colorado dates back to 2003.

It is available in regular and extended cab configurations, with a series of gasoline and diesel powertrain options. With five-year residuals hovering around the 84 percent mark, the Chevy Colorado is a safe purchase as just about any truck out there.

Read also: Here are 10 cars, SUVs with the worst resale value in 2023

GMC Sierra 1500

The Sierra is ranked above the Silverado when it comes to depreciation. GMC is synonymous with pickup trucks and has had five generations of the Sierra and only four of the Silverado. In terms of 5-year residuals, it holds strong at just under 85 percent.

GMC Canyon

GMC Canyon is a mid-size pickup that is ranked higher than its sibling, the Chevy Colorado, for the same reasons as the Sierra when compared to the Silverado.

This latest generation of Canyon made its debut last summer alongside Colorado and is currently priced at $36,900, with a 5-year residual of 85 percent, which is only marginally better than Colorado.

Ford F-150

The Ford F-Series is the most successful pickup truck in automotive history. Fourteen generations of these workhorses have been roaming the roads since the late 1940s when the first-gen models were introduced.

The F-Series has 86.7 percent five-year residuals despite its dominance and popularity. In 2020, Ford sold 787,372 units, and in 2018, over 900,000 units found new homes. A buyer can spend roughly $35,000 on a brand-new 2023 F-150.

Toyota Tacoma

The Tacoma first arrived in February of 1995, replacing the Hilux truck. Tacoma offered improved ride quality, comfort and safety, catering to buyers who often use pickup trucks as regular passenger vehicles.

Sales have looked amazing ever since the third-gen truck was introduced in 2015, peaking at 252,490 in 2021, before dipping a tiny bit to 237,323 last year.

The pickup, which is expected to continue dominating the market, has a resale value of 87.5 percent residuals over five years.

Nissan Frontier

Nissan Frontier is relatively refined for a midsize truck and looks rugged and youthful. It has strong residuals of 88.5 percent according to CarEdge. The third-generation Nissan Frontier is borderline depreciation-proof.