Find the depreciation rate of your Chevrolet Silverado 2500 HD in the graph below.
All vehicles depreciate, or lose value, from the moment of purchase. The Chevrolet Silverado 2500 HD is no exception. The most depreciation occurs during the first year; after the drop in value over those first 12 months, the Silverado 2500 HD depreciates more slowly each year until the five-year mark. Vehicles depreciate at different rates depending on the make and model. By learning the Chevrolet Silverado 2500 HD depreciation rate, you’ll have more insight into its long-term value and total ownership cost.
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 Silverado 2500 HD to see our reliability ratings for all years of the Silverado 2500 HD between 2001-2020. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Silverado 2500 HDs registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Silverado 2500 HD is.
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Chevrolet Silverado 2500 HD Depreciation
|Model Years||Mileage||Amount Depreciated||Residual Value Percentage||Resale Value|
The chart above conveys the approximate depreciation for a Chevrolet Silverado 2500 HD. It uses Kelley Blue Book data since 2001, assuming a vehicle in standard trim, a generic color such as black or white, and 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 2021 and 2022, may have even appreciated due to the heightened levels of inflation created.
Factors That Impact the Chevrolet Silverado 2500 HD Depreciation Rate
For over 100 years, Chevrolet has built a reputation for producing durable cars, trucks, and SUVs. Part of General Motors, Chevrolet makes accessible vehicles at lower prices than other GM brands. While Chevrolet makes a variety of popular vehicles, it ranks lower than other car brands for quality and dependability. In a recent survey, Chevrolet scored near the bottom in reliability ratings. Chevrolet’s reputation can affect the depreciation rate of its vehicles. Here are some other factors to consider related to the depreciation of your Silverado 2500 HD.
The age of your Silverado 2500 HD can significantly impact its depreciation and resale value. Like other vehicles, the Silverado 2500 HD depreciates quickly over the first few years, especially as new generations replace outgoing ones. After that, the depreciation rate slows, gradually becoming consistent from year to year.
Your vehicle’s age refers to its model year. The model year denotes the car’s generation, features, and pricing. Since Chevrolet and other automakers update their vehicles annually, different model years have different technologies and safety features. For this reason, some model years are better than others and may have higher resale values as a result.
A vehicle’s body type refers to its size, arrangement, and classification. Common body types include sedans, hatchbacks, coupes, sports cars, station wagons, sport-utility vehicles, minivans, and pickup trucks. Your vehicle’s body type can affect its depreciation rate. In North America, SUVs and pickup trucks usually depreciate more slowly since they’re the most popular body styles. Small luxury cars, on the other hand, depreciate more quickly.
The Chevrolet Silverado 2500 HD is a heavy-duty pickup truck available in several cab configurations. Vehicles in this class usually depreciate at a slower rate than smaller cars. If market trends change, shifting toward small sedans, hatchbacks, or coupes, the Silverado 2500 HD and other large pickup trucks may start to depreciate faster.
Mileage is another important factor to consider related to depreciation. High-mileage vehicles often show more wear and tear; they may also require more extensive maintenance or repairs. That’s why vehicles with high mileage usually have lower resale values.
The average driver travels slightly over 1,000 miles each month, according to federal data. With this average in mind, we base our model on 12,000 miles of driving per year. If you drive more than that, your Silverado 2500 HD may depreciate more quickly. However, if you drive fewer miles than average each year, your truck may retain its value over a longer period.
The condition of your Silverado 2500 HD refers to its mechanics and general appearance. Vehicles in good condition have minimal wear and tear and few mechanical problems. You can keep your Silverado 2500 in good condition by following Chevrolet’s recommended maintenance schedule. If you take it in for routine maintenance and avoid major damage, you may get more for the truck when you’re ready to sell it.
When it comes to repairs and maintenance, remember that there may come a time when it doesn’t make sense to continue spending money on a vehicle. If repairs cost more than what the vehicle is worth, it’s probably time to buy a new one, rather than spending money on something that won’t provide a positive return on your investment.
You may not think much about your Silverado 2500 HD’s color, but it can affect the resale value. A recent study found that certain vehicle colors, including yellow, beige, orange, and green, depreciate more slowly than others. That’s because those vehicle colors are less common, making the demand greater than the supply. In contrast, common colors such as black, brown, and gold have the fastest depreciation rates. If you want to avoid the most depreciation, purchase a Silverado 2500 HD in a rarer color that retains its value better.
Other Costs of Chevrolet Silverado 2500 HD Ownership
The Chevrolet Silverado 2500 HD depreciation rate contributes to its overall cost of ownership, but it’s just one factor to consider. Here are some other costs to keep in mind.
Insurance is mandatory for driving your vehicle legally. Insurance companies consider different factors when determining your premium, including the type of vehicle you drive. Companies charge more to insure certain vehicles, depending on their safety features, use, and body type.
In general, it’s more expensive to insure a Chevy Silverado 2500 HD than other vehicles. According to insurance.com, it costs about $2,165 per year to insure the truck, compared to $1,682 per year for all vehicles. However, your insurance premium may vary based on other factors, such as where you live and your personal driving history.
Maintenance is another ongoing cost to consider when purchasing a Chevy Silverado 2500 HD. On average, it costs $721 per year to maintain a Silverado 2500 HD. In comparison, the average annual maintenance cost for all vehicles is $694. If you own a Silverado 2500 HD for eight years, you can expect to pay $5,768 for maintenance costs during that period, compared to $5,552 for all other vehicles.
However, maintenance costs can also vary by model year. Check out our graph to compare the maintenance costs of the Silverado 2500 HD. These model years have some issues that can result in higher maintenance and repair bills:
The Best Model Year To Buy a Chevrolet Silverado 2500 HD
Based on factors including price and reliability (but not depreciation), our choice for the best Chevrolet Silverado 2500 HD model years to buy are the 2006-2008, 2012, 2015-2016, and 2018-2020, but check out our article on the best and worst years of the Silverado 2500 HD to get the whole story.
When you factor in depreciation, we recommend the 2006, 2007, and 2008 Chevrolet Silverado 2500 HD. These model years have high owner satisfaction ratings and reasonable ownership costs, and they’re also within the depreciation sweet spot.
Buying a Chevrolet Silverado 2500 HD New vs. Used
|Years Since Purchased||Depreciated Value||With Inflation|
Knowing the difference in depreciation between a new and used Silverado 2500 HD can help you decide which one to buy. After three years, a 2020 Silverado 2500 HD has accumulated about $2,666 in depreciation, making it worth about $39,079 when you consider inflation. In comparison, a brand-new Silverado 2500 HD will accumulate about $2,656 in depreciation over its first three years. After that period, it will be worth an estimated $38,844 or $45,629, accounting for inflation.
Both vehicles accumulate about the same depreciation costs over a three-year period. However, when you buy the 2020 Silverado 2500 HD, you’re not the one who loses that value over the first three years. Instead, the original owner takes the biggest hit in depreciation, allowing you to save money on your purchase.
When buying a used car, do your research to make sure you’re getting a good value. Use resources such as Kelley Blue Book to determine the potential resale value of the Silverado 2500 HD. In addition, consider other factors, such as maintenance and insurance, to understand the vehicle’s total ownership costs.
The data we’ve presented here applies to the base trim for the Chevrolet Silverado 2500 HD with standard options. If you purchase a higher trim or a model with advanced options, it may have a different value than what’s listed here. Additionally, other factors can impact the resale value of a Silverado 2500 HD, such as its condition and whether you sell it privately or trade it in at a dealership. Some external factors, such as the COVID-era chip shortage, can also affect the resale value of used cars.
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
In general, the Chevrolet Silverado 2500 HD retains its value well. However, keep in mind that various factors, including age, mileage, and condition, can affect the resale value of your Silverado 2500 HD. In addition, where and how you choose to sell it can impact how much you get for it.
For example, if you have a 2021 black Silverado 2500 HD Work Truck with standard equipment in good condition, it’s worth about $39,671 if you trade it at a dealership. For the same truck, you can get about $42,759 if you sell it to a private party, according to Kelley Blue Book.
The best model years of the Chevy Silverado 2500 HD are the 2006-2008, 2012, 2015-2016, and 2018-2020. These model years have excellent reliability ratings, high ownership satisfaction scores, and a low chance of expensive repairs. Specifically, the 2006-2008 Silverado 2500 HDs fall within the depreciation sweet spot, so they’re a great value if you’re looking for reliability and a low cost of ownership.
In contrast, here are some model years to avoid when purchasing a used Silverado 2500 HD:
While some of these model years fall within the depreciation sweet spot, they also have various issues. Specifically, these model years are known for lower reliability, higher ownership costs, and an increased chance of major repairs.
Heavy-duty trucks get a lot of use. For that reason, it is difficult to determine the average mileage for the Chevrolet Silverado 2500 HD. If you take care of the truck and follow the recommended maintenance schedule, you can expect to reach 200,000 miles. However, you may experience premature failure if you treat it roughly. Based on our data, a high-mileage Silverado 2500 can be anything over 175,000 miles.
Older Silverado 2500 HD models (2001-2014) show an average mileage between 125,000 and 250,000. Our data shows several Chevrolet Silverado 2500 HD model years exceeding 200,000 miles. It’s important to note that once the truck hits 175,000 miles, the resale value drops faster, leaving just one major repair bill between the road and the salvage yard.
We hope to see the newer trucks last even longer, but we won’t know that for several years—however, our initial data points to many of the newer models faring better.
Celebrating Chevrolet’s Commitment to Vehicles and the Community. General Motors. Retrieved Oct. 16, 2023, from https://www.gm.com/stories/chevrolet-usa-heritage-community
(2022.) Chevy Drops in Consumer Reports Reliability Rankings. GM Authority. Retrieved Oct. 16, 2023, from https://gmauthority.com/blog/2022/11/chevy-drops-in-consumer-reports-reliability-rankings/
(2022.) Average Annual Miles Per Driver by Age Group. U.S. Department of Transportation, Federal Highway Administration. Retrieved Oct. 16, 2023, from https://www.fhwa.dot.gov/ohim/onh00/bar8.htm
(2023.) The Best and Worst Car Colors for Resale Value. iSeeCars. Retrieved Oct. 16, 2023, from https://www.iseecars.com/car-color-study
(2023.) How Much Does Chevrolet Silverado Car Insurance Cost? Insurance.com. Retrieved Oct. 16, 2023, from https://www.insurance.com/vehicles/chevrolet-insurance/chevrolet-silverado-car-insurance
(2023.) Full Coverage Car Insurance Cost in 2023. Insurance.com. Retrieved Oct. 16, 2023, from https://www.insurance.com/auto-insurance/coverage/full-coverage.html
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