Find the depreciation rate of your Chevrolet Equinox in the graph below.
A new car begins depreciating as soon as it’s driven off the seller’s lot. Many vehicles lose around 20% of their initial value within the first year of ownership. After that, the vehicle can continue to depreciate rapidly for the first five years of ownership; then the depreciation typically slows. For the Chevrolet Equinox, you can expect depreciation to begin slowing rapidly around the eighth year of ownership, as the rate changes from 79.8% to 80.1%, as opposed to jumping from 25.6% to 37.7% in the first two years.
Keep in mind that just because the vehicle costs the least to own in the sweet spot we have outlined here, you still may not want to own the vehicle during these depreciation sweet spot years. Although vehicles depreciate less as they get older, they have more repairs. Duh right? However, keep in mind that repairs don’t just cost you money, they cost you time. Reliability is the difference between being able to make it to your destination on time or missing an opportunity because the car broke down.
Check out our article on the best and worst years of the Chevrolet Equinox to see our reliability ratings for all years of the Equinox between 2001-2022. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Equinoxes registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Equinox is.
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Chevrolet Equinox Depreciation
|Model Years||Mileage||Amount Depreciated||Residual Value Percentage||Resale Value|
This chart provides the approximate depreciation for a Chevrolet Equinox and considers data from 2001 through 2022, obtained from Kelley Blue Book. The data assumes an Equinox in the standard trim level in a basic color, such as gray, black, or white, with a mileage of 12,000 per year.
Keep in mind that the auto market was heavily affected in 2020 and beyond. Automakers selling new cars during the COVID pandemic raised prices which caused a spike in demand in the used car market as people tried to save money. Many automakers, however, did not drop prices after the pandemic, they kept them so they could make a larger profit.
This is why the most recent years of many vehicles have seemingly experienced less depreciation. Some, such as the 2013 and 2020 models, may have even appreciated due to the heightened levels of inflation created.
Factors That Impact the Chevrolet Equinox Depreciation Rate
The Chevrolet brand is known for producing vehicles with great reliability and safety ratings. Many Chevrolet vehicles have an average rate of depreciation that allows them to remain usable for many years after the initial purchase. However, there are many factors that can contribute to the depreciation of vehicles such as the Equinox, aside from their model. Here are a few additional factors that can impact the depreciation rate of a Chevrolet Equinox:
A car’s age is determined by its model year, which is the year demoting a vehicle’s generation and pricing, and can affect a vehicle’s depreciation. This is because the resale price of a car drops drastically as it continues to run for multiple years. A car that’s many years old can have multiple owners throughout that time, which can cause more depreciation as the vehicle changes hands and possibly has more repairs. Many older vehicles can be more difficult to maintain, as they sometimes use parts that manufacturers no longer produce, reducing the overall value due to increased repair costs.
Classic cars are a notable exception to this pattern. Many collectible vehicles, such as the Aston Martin DB7 and the Porsche 924, hold high value even when they’re very old. This is due to the high demand these vehicles usually have, as more of them won’t become available over time.
Another factor that can affect a vehicle’s depreciation rate is its body type. The body type refers to the shape and size of the car. Vehicles come in a variety of types, and each of them maintains their value and usability at different rates, especially in varying climates. For example, in an area that experiences heavy precipitation and varying temperatures, an SUV such as the Chevrolet Equinox will typically hold its value more effectively than a small, compact sedan.
Some body types also historically have better fuel economy than others. This can impact depreciation as well since cars with low fuel efficiency can have a lower resale value due to the higher cost of fuel during ownership.
The recorded mileage on a vehicle can also affect the depreciation rate, especially if it’s been driven for hundreds of thousands of miles. Most vehicles require maintenance more frequently after they’ve passed a certain mileage, meaning you can typically see a higher resale value when selling or trading in a vehicle that has fewer miles on the odometer.
For instance, a Chevrolet Equinox with 12,000 miles will likely be valued higher than one with 150,000 miles, even if the Equinox with higher mileage is a more luxurious trim level. If you want to try to reduce how quickly your car depreciates, you can drive it less frequently to keep the odometer from rising too quickly.
A vehicle can experience varying amounts of general wear and damage from accidents throughout its life. When a car undergoes multiple repairs, it can be more likely to break down or show issues in the future that cost even more money to fix. Therefore, the overall condition of a car can cause it to depreciate either more quickly or slowly. When a car maintains excellent condition, its resale value is often higher than similar models in worse condition.
When you’re getting ready to purchase or sell a used car, inspect its condition thoroughly. Check for scratches or missing parts on the exterior and stains or tears in the upholstery on the interior. You can also verify whether all the features on the car work properly. All these imperfections can accelerate a car’s depreciation.
Even a vehicle’s color can have an impact on how quickly it depreciates. For example, a study found that yellow cars seem to depreciate more slowly than other vehicles, at a rate of around 60% less than other colors. There are a few other colors that hold their value the best, such as green, beige, orange, and red. The colors that seem to depreciate at a higher rate include generic shades, such as white, black, and gray. This is likely because the market is more saturated with these options since they’re often the most popular among customers who purchase new vehicles.
Other Costs of Chevrolet Equinox Ownership
Depreciation is only one aspect of the total cost of ownership for a Chevrolet Equinox. Here are a few other factors to consider when you purchase a Chevrolet Equinox:
An important cost to consider when purchasing a vehicle is the amount you’ll pay to insure it. All drivers need insurance in case of accidents, so it’s important to understand how much it’ll cost you to ensure that you’re protected. The Chevrolet Equinox is known to have a low insurance rate in comparison to other vehicles, with an average annual cost of $1,459 for insurance. The national average insurance cost is $2,014 annually, so this is a great sign that an Equinox can be less expensive to own.
Taking a vehicle in for routine maintenance is essential to maintaining its value and keeping it operable. The average maintenance cost for a Chevrolet Equinox is around $703 per year, so it’s a good idea to budget for repairs and regular maintenance when preparing to purchase one. You can also research the average maintenance costs of the specific Equinox year you’re interested in to learn more about what it may cost you to maintain it.
The Best Model Year To Buy a Chevrolet Equinox
Based on factors including price and reliability (but not depreciation), our choice for the best Chevrolet Equinox model years to buy are the 2012-2015, 2016-2017, and 2019-2021, but check out our article on the best and worst years of the Equinox to get the whole story. Equinoxes from these years have shown outstanding resiliency and reliability, meaning they often hold their value well.
Buying a Chevrolet Equinox New vs. Used
|Years Since Purchased||Depreciated Value||With Inflation|
You can save money when purchasing a vehicle by opting for a used model over a new one, as a used vehicle generally holds its value better. The Chevrolet Equinox is a great example; the cost of a two-year used Equinox after three years of ownership is around $18,208. For a new Equinox that’s owned for the same amount of time, the value only stands around a projected $14,603.
When trying to find the vehicle with the lowest potential for depreciation, look for clues such as its condition and mileage to determine how well it may hold its value. You can also utilize our used car buying checklist to guide your efforts.
The data in this article applies to the standard trim level for the Chevrolet Equinox, with standard options for features and colors. When opting for a higher trim, you may find that your Equinox depreciates at a slower rate, especially if it includes advanced upgrades and performance features. The COVID-era chip shortage can also contribute to resale values, as well as the condition of the vehicle.
The method you use to sell a used car can also impact how much you get for it. For instance, a gray Chevrolet Equinox in the standard trim can get between $15,997 and $17,742 when trading it in at a dealership, according to Kelley Blue Book. However, the same vehicle can be worth between $18,553 and $20,614 when you sell it through a private sale.
Keep in mind, there are large economic factors at play here too and the sale of new cars has caused shifts in the used market too. There is a stark difference in the cost of vehicles due to car manufacturers seeking higher profit margins after COVID as detailed by CNN and posted by CBS channel 58:
“… (T)he auto industry saw sky-high profits even as sales plummeted. Domestic manufacturers of cars and car parts saw a profit of $32 billion through the third quarter of 2022 (the latest data available) — their largest profit since 2016. Car dealerships also reported record-breaking profits through Q3, according to auto-retail advisers Haig Partners.
That’s because pandemic-era pent-up consumer demand remained strong as supply shifted, allowing automakers to increase their prices and their profit margins. Cars and trucks were sold nearly as soon as they hit dealership lots, and the average price paid for a vehicle in December soared to a near-record high of $46,382, according to J.D. Power.
Data from the Labor Department’s November Consumer Price Index shows American consumers are paying about 20% more for cars than they were in 2019.
The trend could continue into next year — research website Edmunds expects new-car sales to hit 14.8 million in 2023, a marginal increase from last year but well below pre-pandemic levels.
The auto industry has entered a new era: Less choice, higher prices and larger profit margins. So far it seems to be working for them.”
This shift by car companies to create higher profit margins by taking advantage of the heavily-reported-on chip shortage panic of COVID has had rebounding effects upon the value of used cars.
Be aware that newer years (the latest 3-4 model years) may be inflated in price because of this and depending on how big this problem is for the model you are considering – it may even be inflating the price of the older model years.
Frequently Asked Questions About Vehicle Depreciation
The Chevrolet Equinox typically holds its value well, especially in models from later years. However, the potential resale value of your vehicle can vary greatly, depending on several details. For instance, you can often get more for your car during a resale when it’s in excellent condition and when you sell it to a private party.
The best years for the Chevrolet Equinox to buy are those from 2012-2015, 2016-2017, and 2019-2021. This is supported by surveys that found models from these years receive great reliability and safety scores from drivers. They also often have great fuel economy and a low cost of ownership and maintenance. If you opt for a newer model, such as 2020 or 2021, you may also be able to enjoy updated features and technology, which can help the car maintain its resale value.
In terms of the worst years for this vehicle, you should avoid buying an Equinox from 2005-2007, 2008-2011, and 2018. Drivers report more issues with models from these years, including engine problems, transmission failure, and costly repairs for brakes. Older models also may have higher mileage since they’ve usually been owned by one or more drivers before you, which can cause faster depreciation.
A Chevrolet Equinox is usually considered to have high mileage when it reaches 145,000 miles or more. Some Equinoxes can last up to 150,000 miles, but a few years for the model show signs of intense damage by 125,000 miles. For newer versions of the Equinox, it’s expected that they can handle higher mileage over time. However, it’s best to stick with models that have fewer than 145,000 miles when purchasing a used Equinox to protect yourself from high repair costs.
To ensure you get a vehicle with the lowest possible depreciation rate, opt for models that hold their value well, such as the 2019, 2020, and 2021 years. While some drivers stay away from 2005-2010 models, this is generally considered the sweet spot for depreciation for the Equinox, so you may consider buying one of these older models if you can find one in excellent condition. This can help increase the chances of your car holding its value for a longer period.
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(2023.) Best & Worst Years of Chevrolet Equinox – Graphs & Owner Surveys. Fixd. Retrieved August 25, 2023, from https://www.fixdapp.com/car-reviews/best-worst-years-of-chevrolet-equinox-graphs-owner-surveys/
(2023.) Chevrolet Equinox Depreciation. CarEdge. Retrieved August 25, 2023, from https://caredge.com/chevrolet/equinox/depreciation#:~:text=A%20Chevrolet%20Equinox%20will%20depreciate,price%20of%20%2431%2C528%
(2023.) What Are the Factors That Affect the Car Depreciation Rate? Indus Used Cars. Retrieved August 25, 2023, from https://indususedcars.com/blog/factors-that-affect-car-depreciation-rate
(2023.) Which Classic Cars Retain Their Value Best? (2021). PrivateAuto. Retrieved August 25, 2023, from https://privateauto.com/blog/which-classic-cars-retain-their-value-best
(2023.) The Best and Worst Car Colors for Resale Value. iSeeCars. Retrieved August 25, 2023, from https://www.iseecars.com/car-color-study
(2023.) Average Cost of Car Insurance in August 2023. Bankrate. Retrieved August 25, 2023, from https://www.bankrate.com/insurance/car/average-cost-of-car-insurance/
(2023.) My Car’s Value; 2021 Chevrolet Equinox; L Sport Utility 4D. Kelley Blue Book. Retrieved August 25, 2023, from https://www.kbb.com/chevrolet/equinox/2021/l-sport-utility-4d/?condition=good&intent=trade-in-sell&mileage=12000&modalview=false&options=10414255%7ctrue&pricetype=private-party&vehicleid=449980
(2022.) What Cars Have the Lowest Insurance Rates? Fixd. Retrieved August 25, 2023, from https://www.fixdapp.com/auto-insurance/what-cars-have-the-lowest-insurance-rates/
(2021.) 12 Factors That Affect Your Car’s Resale Value. Money Crashers. Retrieved August 25, 2023, from https://www.moneycrashers.com/factors-affect-used-cars-resale-value/
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