Does the Most Popular Kia SUV Have Good Resale Value?
The Kia Sportage is the best-selling model in the brand’s lineup. But just because this Kia SUV is popular doesn’t mean it has excellent resale value. How much of the 2023 Kia Sportage’s original purchase price can you expect to earn back if you trade it in or resell it?
Why is the 2023 Sportage the most popular Kia model?
Kia sales data shows the automaker sold nearly 84,000 Sportage SUVs in the first half of this year. That’s a 30% gain over this compact SUV’s sales in the first six months of 2022. The 2023 model got an attractive redesign, which could explain its sales spike. The exterior, featuring arrow-shaped headlights and a bolder grille, is completely different from the 2022 Kia Sportage’s design.
Every Sportage packs a 187-hp four-cylinder engine, but all-wheel drive costs extra. The X-Line and X-Pro trims have standard AWD, along with an elevated ground clearance and a few other mechanical enhancements.
Starting at $26,290, the standard Kia Sportage has wireless smartphone integration, but every other trim arguably has nicer features. The EX has upgraded faux leather seats, a larger center touchscreen, and built-in navigation. Higher trims, like the SX Prestige, have a premium audio system and the most advanced safety features.
What’s the estimated resale value of a 2023 Kia Sportage?
The 2023 Kia Sportage has a resale score of 81/100 from J.D. Power. Though the data analytics firm doesn’t provide concrete statistics, that “great” rating based on owner feedback suggests the Sportage has a lower depreciation rate over 36 months than most other vehicles. CarEdge data shows the average Kia Sportage loses only 15% of its value over the first three years.
At five years, owners should be able to sell their Sportage for about 71% of its original purchase price. That’s a higher resale value than quite a few other Kia cars, including the award-winning Telluride. On average, the Sportage depreciates by 34% after five years.
Another Kia SUV, the Sorento, has a depreciation rate of about 40% in that timeframe. Cheaper Kia cars, like the Soul and Forte, have lower depreciation rates. The average Forte goes for $20,635 when sold after five years.
The Kia Sportage’s depreciation rate is also low compared to rival SUVs. The Subaru Crosstrek, winner of the Kelley Blue Book Resale Value Award in the SUV category, retains 61% of its value after five years. Progressive says it’s not uncommon for some cars to lose only 20% of their value after one year.
After 12 months, the Kia Sportage’s value should decrease by only 11%, CarEdge reports. Of course, that assumes the Sportage is in good condition and has about 12,000 miles on the odometer.
A high-mileage car has a less usable lifespan than a low-mileage vehicle, reducing resale value. A car will also lose more value if it’s been in an accident or has aftermarket modifications.
In addition, Progressive explains that popular cars also have higher resale values. That works in Kia Sportage owners’ favor.
Why should you consider car depreciation rates when shopping for a new vehicle?
Except for classic cars and specific variations of sports cars, most vehicles depreciate quickly over years of ownership. Finding potential buyers for cars with lower resale values is also more difficult.
Fortunately, outside of its minimal depreciation rate, the Sportage is a good car. If you take care of this Kia Suv, you should have no problem getting its maximum resale value.
