The Truck With the Best Depreciation Rate Isn’t the Ford F-150
Big trucks like the insanely popular Ford F-150 can be an excellent investment. However, being the most popular option doesn’t help the Ford F-150 hold its value as well as its rivals. See which truck actually has the best depreciation rate.
Which full-size truck has the best resale value?
The full-size truck that currently has the best depreciation value is the 2023 Toyota Tundra. It’s projected to only depreciate by about 25.3% after five years of ownership. The 2023 Toyota Tacoma is the only truck that beat it with a depreciation rate of 20.4%.
You might expect the 2023 Ford F-150 to be the best because it has been the most popular truck for decades. However, it’s projected to depreciate by roughly 36.0% over five years of ownership.
Out of every single full-size and mid-size truck on the market, it landed in seventh place for the best value. It falls under the average depreciation rate for 2023 truck models. The truck average is 34.8%.
Also, the Nissan Titan is in last place with a depreciation rate of about 43.2% after five years of ownership. It’s in the twelfth palace and falls behind others like the Ram 1500, Honda Ridgeline, and GMC Sierra 1500.
But on a positive note, due to the pandemic limiting vehicle production, depreciation values have increased. The average truck depreciation rate was 42.7% in 2019, and now it’s 34.8% in 2023. This represents a 7.9% improvement.
Why does the F-150 have a lower depreciation value?
The 2023 Ford F-150 could face a lower depreciation rate because of its popularity. It’s been the best-selling full-size truck for decades. This could mean that there are more F-150 models available to buy.
With more supply to meet demand, prices drop. Also, the 2023 Toyota Tundra hasn’t been selling as well. As a result, there could be fewer models at dealership lots. The Tundra could be benefiting from truck shortages driving up prices for used vehicles.
The usable lifespan of a truck comes into play as well. Typically the average truck has 12 years of use before its reliability and maintenance costs become more varied.
The average Ford F-150 model is expected to reach 200,000 miles before significant issues occur. If you drive about 15,000 miles per year, then you can expect roughly 13 years of service.
But, of course, proper maintenance and regular care play a role in longevity. It costs about $776 to maintain the F-150 annually, which is above average. The average new vehicle costs about $650 to maintain yearly. That said, maintenance prices can impact value.
How reliable is the 2023 F-150?
The 2023 Ford F-150 has a reliability ranking of 78 out of 100 from J.D.Power. This puts it in the average category. Scores between 70 and 80 are average, while scores between 81 and 90 are above average.
That’s not terrible, but it’s also not the best. The 2022 F-150 earned a score of 86 out of 100, so the reliability rating dropped by eight points. That doesn’t promote the best confidence in quality and durability.
Plus, how trucks are used may impact their value. If the F-150 is used at work sites, for towing, and off-roading, then it may get beat up more than the average pavement princess, lowering the resale value.
Stay tuned as we continue tracking market trends. Did you expect the F-150 to have the best depreciation rate? Will this impact you feel about this pickup truck model?
