Find the depreciation rate of your Chevrolet Silverado 1500 in the graph below.
A vehicle starts losing value from the moment of purchase, and the Chevrolet Silverado 1500 is no different. You’ll see the greatest amount of depreciation during the first year after your purchase, but after that first 12-month period, your vehicle will depreciate more slowly each year until it hits the five-year mark. Different makes and models depreciate at varying rates, though, so knowing the depreciation rate of a specific vehicle can help you understand its long-term value and total cost of ownership.
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 to see our reliability ratings for all years of the Silverado between 2001-2021. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Silverados registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Silverado is.
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Chevrolet Silverado 1500 Depreciation
|Model Years||Mileage||Amount Depreciated||Residual Value Percentage||Resale Value|
The above chart highlights the approximate depreciation for a Chevrolet Silverado 1500. It’s based on Kelley Blue Book data since 2001, assuming a vehicle in a base trim, a generic color such as black or white, and a mileage of approximately 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 may have even appreciated due to heightened levels of inflation created.
Factors That Impact the Chevrolet Silverado 1500 Depreciation Rate
A recent study by J.D. Power found Chevrolet among the top-rated automakers for vehicle dependability. Kia ranks highest, while Buick stands in second. As for model-level awards, the Silverado HD received one of the four model-level awards for General Motors. While these ratings and awards showcase Chevrolet’s reliability, some Silverado years experience more problems than others, which can affect the depreciation rate. Here are several other factors that can impact your vehicle’s depreciation rate:
Age is a major factor that influences a vehicle’s depreciation rate. Overall, a vehicle depreciates faster in the initial stages of ownership, with up to one-fifth of its value lost within the first year and 40% over five years. That means if you buy a 2023 Chevrolet Silverado 1500 for $54,200, its value may drop to $21,680 by 2028.
Your vehicle’s body type, or body style, refers to the classification based on the shape, size, and arrangement of certain features. The main body types for all vehicles are sedans, coupes, hatchbacks, convertibles, station wagons, sports cars, sport-utility vehicles, minivans, and pickup trucks. In today’s North American auto market, pickup trucks, and small and midsize SUVs generally depreciate the slowest, while small luxury cars typically depreciate the fastest.
The Chevrolet Silverado 1500 is a full-size, light-duty, half-ton pickup. The heavy-duty 2500 and 3500 models add to the Silverado options. Overall, pickup trucks tend to depreciate more slowly than other auto segments. Trucks also tend to hold their value longer than smaller cars, sedans, and even smaller SUVs. If market trends shift toward sedans, hatchbacks, and other more compact body types, depreciation rates on those vehicles may end up being similar to full-size pickups like the Silverado 1500.
High mileage often reflects a high level of use. So, the more you use your vehicle, the more likely it is to show signs of wear and require more advanced maintenance or repairs. We based our depreciation graph on a 12,000-mile annual driving average, so if you use your vehicle more than that, it may depreciate faster. On the other hand, if you drive fewer than 12,000 miles per year, your vehicle may depreciate more slowly.
The overall condition of your truck directly relates to how well it runs and how good it looks — both inside and out. Proper maintenance and care for your vehicle mean less wear and tear than a vehicle that hasn’t been cared for properly. For this reason, it’ll be worth more. If you keep up with your Silverado’s maintenance schedule, avoid damage to the mechanics and body, and keep the components in good shape, you have a much better chance of getting a high resale value. Plus, the more you get when you sell your vehicle, the lower the depreciation rate you have.
It’s also important to remember that your Silverado may not be worth fixing after a certain point. If it costs almost as much or more to fix your vehicle than it would to get a new one, it may be time to call it quits rather than keep pouring money into a sinking ship.
Statistics show that a vehicle’s color also affects the depreciation rate. Jeweled colors such as yellow, orange, purple, red, and green tend to depreciate more slowly, with yellow being the color to depreciate the slowest at 13.5% over three years. Black, white, and gray vehicles tend to have an average depreciation rate because they’re the most popular colors.
On the other end of the spectrum, gold and brown depreciate much faster than average, making these colors the worst options if you want to retain your truck’s value for a long time. You can improve the resale value of your Silverado by purchasing one of the more slowly depreciating colors on the market.
Other Costs of Chevrolet Silverado 1500 Ownership
The depreciation rate of your Chevrolet Silverado 1500 is just one aspect of the total cost of ownership for your vehicle. There are other factors that can influence it, including:
Car insurance rates can vary among makes and models and usually depend on the attributes of the vehicle as well as the driver. In general, trims that provide more safety features and vehicle classes designed for less demanding use tend to have lower insurance rates because they reflect less risk to the insurance company.
On average, yearly insurance rates for a Chevrolet Silverado 1500 can cost around $1,340, which is less than the national average insurance cost of $2,148 for all cars. However, your exact rate may vary based on your insurance provider. In some cases, the cheapest insurance can dip to $1,088 per year, while the most expensive can be as high as $1,561 for full coverage. If you’re going with a liability-only policy, you may find rates as low as $512.
Routine maintenance and care for your Chevrolet Silverado 1500 ensure it continues to run efficiently and stays in good shape. The average repair costs for a Silverado 1500 are $711 per year. This aligns with the average repair costs for all full-size pickups and SUVs, which range between $690 and $1,000 annually. This typically includes regularly scheduled maintenance, such as the average cost of $140 to $472 just for spark plugs, depending on the model year. Using our graph, you can compare the maintenance costs according to Silverado 1500 model years.
Remember that there are best and worst years of the Silverado 1500, and some years may be more costly to maintain than others. Specifically, the following model years are associated with reliability issues, including engine concerns, which can speed up the depreciation process:
There’s also a higher-than-average chance for a $500 or more engine repair bill with the 2003 to 2013 Chevrolet Silverado models. Major transmission problems aren’t as common but can happen more frequently with the 2002, 2005, and 2012 Silverado trucks.
The Best Model Year To Buy a Chevrolet Silverado 1500
Based on factors including price and reliability (but not depreciation), our choice for the best Chevrolet Silverado model years to buy are 2010-2011, 2013-2014, 2015-2018, and 2019-2021, but check out our article on the best and worst years of the Silverado to get the whole story.
Buying a Chevrolet Silverado 1500 New vs. Used
|Depreciated Value||With Inflation|
A new 2023 Chevrolet Silverado 1500 has an initial MSRP of $36,300. Because of the higher inflation levels, it could depreciate more slowly over the next several years. Within three years, the same 2023 Silverado 1500 would have an approximate resale value of $19,906, for a total accumulated depreciation of $21,018. In comparison, a used 2021 Silverado 1500 has a resale value of $23,017 when factoring in its depreciation within the same three-year period.
When buying a used truck, it’s important to research the average depreciation rates for the make and model you’re thinking about. You’ll want to consider the other ownership costs, including insurance and maintenance, to help you buy a used vehicle that will give you the most value.
We base our findings on the residual value left over after depreciation and the cost to maintain or repair each model year of the Chevrolet Silverado 1500 per mile. The data presented in this article applies to the Chevrolet Silverado 1500 Work Truck (WT) base trim. The Silverado 1500 has eight trims in total, and higher-level trims with additional options may hold their value better in the long term. Additionally, the condition of the vehicle and whether you sell to a dealer or a private buyer has a large impact on resale value too.
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:
“The 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 Silverado 1500 comes in third of the top full-size pickups that hold value over time. This is just under the Toyota Tundra (number one) and the GMC Sierra 1500 (number two), according to iSeeCars. This is likely due to many Chevrolet models’ reliability, durability, and safety.
The best years for the Chevrolet Silverado 1500 are 2010 to 2011, 2013, 2014, 2015 to 2018, and 2019 to 2021. The years you should avoid at all costs are:
Most of the issues for these Silverado years are due to engine problems, but transmission complications and brake failure are also common troubles for these model years.
Pickup trucks are versatile and can be used in a variety of ways. Therefore, it’s challenging to determine an average mileage for the Chevrolet Silverado 1500. With proper maintenance and gentle driving, your Silverado can last more than 200,000 miles, while others that have been heavily used and abused may only last 100,000 miles. High mileage is usually better determined by a professional technician that can evaluate the truck. However, our data suggests that high mileage can generally be around 130,000 miles or more.
Most of the oldest years we have data on (1996 to 2006) range between an average of 170,000 to 195,000 miles. This suggests that these vehicles are the few still left on the road because they have less mileage and, therefore, less wear and tear than average. But at this point, they’re probably only a few thousand miles away from being sold as scrap to the nearest junkyard.
Only two of the older years have an average mileage of over 200,000: the 1997 at 258,000 miles and the 1999 at 250,000 miles. High mileage for newer vehicles may differ, but assuming it improves with time, you may get even more out of a high-mileage vehicle than we see now. If you’d rather buy low mileage, for 2014 and forward the average mileage is less than 130,000.
The sweet spot for a Chevrolet Silverado 1500 ranges from 2005 through 2015. These years may see the lowest depreciation values over time. Based on this sweet spot, it’s better to stick with a vehicle that’s no more than eight years old.
(2022.) The Best and Worst Car Colors for Resale Value. iSeeCars. Retrieved August 18, 2023, from https://www.iseecars.com/car-color-study
(2023.) Compare the Cost of Chevrolet Silverado Insurance by Model Year and Company. Money Geek. Retrieved August 4, 2023, from https://www.moneygeek.com/insurance/auto/chevy-silverado-insurance/
(2023.) Best Resale Value Full-Size Trucks for 2023. iSeeCars. Retrieved August 4, 2023, from https://www.iseecars.com/resale-value/full-size-trucks
(2023.) Average Car Insurance Cost for August 2023. NerdWallet. Retrieved August 11, 2023, from https://www.nerdwallet.com/article/insurance/how-much-is-car-insurance
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