Find the depreciation rate of your Dodge Grand Caravan in the graph below.
Any new car, including the Dodge Grand Caravan, starts to lose value, or depreciate, from the moment it’s purchased. The period where the vehicle will see the steepest level of depreciation is the first year of ownership. Then, the car will continue to depreciate more slowly until you’ve owned it for eight years when depreciation will slow even more. For instance, the rate of depreciation increases from 67.5% to 77.9% during the eighth year of ownership but only rises from 77.9% to 78.7% during the ninth year.
Since various makes and models will depreciate at different rates, it’s important to learn about the depreciation rate of a specific model before purchasing it. This will allow you to prepare for its long-term value and budget for the total cost of ownership, rather than just focusing on the initial purchase.
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 Dodge Grand Caravan to see our reliability ratings for all years of the Grand Caravan between 2001-2022. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Grand Caravans registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Grand Caravan is.
If you want to know the depreciation and maintenance costs for your particular vehicle, use our free “Total Cost of Ownership” tool available in the FIXD App – Android or IOS.
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Dodge Grand Caravan Depreciation
| Model Years | Estimated Mileage | Accumulated Depreciation | Residual Value Adjusted For Inflation | 2023 Value |
| 2001 | 264,000 | $23,659.18 | 1.5% | $351 |
| 2002 | 252,000 | $27,542.83 | 1.5% | $416 |
| 2003 | 240,000 | $29,329.72 | 1.5% | $441 |
| 2004 | 228,000 | $31,030.82 | 1.7% | $536 |
| 2005 | 216,000 | $27,171.17 | 1.3% | $353 |
| 2006 | 204,000 | $29,144.63 | 1.8% | $522 |
| 2007 | 192,000 | $30,288.35 | 2.2% | $674 |
| 2008 | 180,000 | $27,997.07 | 3.0% | $853 |
| 2009 | 168,000 | $29,471.31 | 4.6% | $1,425 |
| 2010 | 156,000 | $28,273.93 | 5.5% | $1,631 |
| 2011 | 144,000 | $29,150.91 | 7.1% | $2,221 |
| 2012 | 132,000 | $23,052.29 | 11.1% | $2,870 |
| 2013 | 120,000 | $23,927.56 | 14.8% | $4,162 |
| 2014 | 108,000 | $20,031.54 | 21.3% | $5,407 |
| 2015 | 96,000 | $22,802.91 | 22.1% | $6,481 |
| 2016 | 84,000 | $17,791.29 | 32.5% | $8,548 |
| 2017 | 72,000 | $18,529.55 | 38.8% | $11,752 |
| 2018 | 60,000 | $18,523.96 | 41.5% | $13,121 |
| 2019 | 48,000 | $16,293.38 | 50.3% | $16,501 |
| 2020 | 36,000 | $11,912.33 | 64.1% | $21,303 |
The chart above conveys the approximate depreciation for a Dodge Grand Caravan. It is based on 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 may have even appreciated due to the heightened levels of inflation created.
Factors That Impact the Dodge Grand Caravan Depreciation Rate
While Dodge produces high-quality vehicles, the brand’s models typically depreciate at an average rate when compared with other manufacturers. While the Grand Caravan has a fairly average depreciation rate as well, some model years hold their value efficiently. This is largely because the vehicle was eliminated from the brand’s lineup in 2020, and no new models have emerged, driving up the demand for existing Grand Caravans. There are many factors that contribute to the depreciation rate of a vehicle. Here’s a closer look at a few of the main factors that impact a Dodge Grand Caravan’s depreciation rate.
Age
A car’s age is one of the main contributors to its depreciation rate. This closely relates to the model year, which is usually the year directly after the car’s initial release. For example, if you want to buy a brand-new car in 2023, you’ll be looking at vehicles with a 2024 model year. Age and model year are important for depreciation because some model years will hold their value better than others.
Similarly, most cars will lose much of their value and useful life when they get older, so a car that’s advanced in age has more potential to need costly repairs. If you have an exceptionally old car, you may also have a hard time repairing it, as certain parts may become obsolete and more difficult to find when the manufacturer stops producing them.
Body Type
The body type of a vehicle refers to the classification it fits under regarding its size, shape, and configuration. There are several body types on the market, including sedans, trucks, SUVs, and convertibles. Body type affects depreciation because some configurations, such as smaller vehicles, can depreciate at much faster rates than more rugged body types, such as trucks and SUVs. This is mainly because smaller cars are sometimes weaker in their manufacturing and require more repairs since they’re more prone to damage.
The Dodge Grand Caravan is a minivan, which is a body type that often depreciates more slowly than others. One reason for this is that minivans typically are large, and their mechanics continue to thrive even after many years of use. With fewer minivans on the market than other body types, the demand also remains high, which helps to slow depreciation.
Mileage
Mileage is the total distance a car has driven over the course of its life, as shown on the odometer. When a car has high mileage, it has usually been driven for a long time or over great distances. This negatively affects depreciation, as a car with more wear is more likely to need advanced repairs over time. Since average mileage is between 12,000 and 15,000 miles of driving per year, cars that exceed this can depreciate more quickly.
If you want to preserve the resale value of your vehicle, pay attention to its mileage. Try to drive it less frequently, if possible, to keep the mileage as low as possible.
Overall Condition
Another key factor that impacts a car’s depreciation rate is its overall condition. While all cars need routine maintenance to function efficiently, this refers to minor repairs and services that keep the vehicle’s features running smoothly. It’s different when a car experiences serious damage, as this calls for major repairs that may not guarantee the issues won’t happen again. A car with low wear-and-tear will have a slower depreciation rate, but when a car experiences high wear-and-tear or damage from accidents, it depreciates more quickly.
In some cases, a car may cost more to repair than it’s worth. When the cost of repairing your vehicle gets too high, it can be beneficial to start looking for a new ride instead of continuing to put money into your current one. This is because the car will continue depreciating as it keeps needing extensive repairs, and you may not recover these costs.
Color
A car’s exterior color can also impact how quickly it depreciates, as different paint colors lose value at varying rates. For example, a recent study found that yellow cars seem to hold their value better than any other color, and beige, orange, green, and red also depreciate very slowly. This is because these colors remain in high demand since they’re less common choices for drivers buying brand-new vehicles.
In contrast, colors such as gold, brown, black, and silver seem to depreciate the quickest. The reason for this is likely that subtle, neutral shades are typically highly popular among people buying new cars. Due to this, there is always a high number of vehicles in these colors on the market, which drives down demand and resale value.
Other Costs of Dodge Grand Caravan Ownership
When you purchase a car, the depreciation rate is just one cost of ownership to think about. Here’s some more information about the other costs of ownership you’ll encounter when you own a Dodge Grand Caravan.
Insurance
Insurance is one of the main costs of ownership for a vehicle, as all drivers need some form of insurance to stay protected. However, it’s important to remember that some cars can be more or less expensive to insure than others. For example, cars with higher trim levels that include advanced safety features can have lower insurance premiums. This is because driver-assist technologies and other modern safety features can lower the risk that a car poses to an insurance company, as it’s less likely to have an accident and incur serious damage.
The average cost to insure a Dodge Grand Caravan is around $1,964 per year or roughly $163 per month. This is slightly less than the overall average cost of car insurance in the United States, which sits at around $2,014 per year and $168 per month for full coverage. You can also save money by getting insurance that’s not full coverage, such as collision-only insurance, though this offers you less protection and opportunities for reimbursement than full coverage policies do.
Maintenance
Maintenance is another important part of car ownership, as all cars need regular maintenance to ensure they continue operating efficiently and hold onto their value. The average cost of maintaining a Dodge Grand Caravan is around $594 per year, but you can use our graph to compare the cost of maintenance by model year. This is lower than the national average cost of car repairs, which sits at $694 per year.
The Best Model Year To Buy a Dodge Grand Caravan
Based on factors including price and reliability (but not depreciation), our choice for the best Dodge Grand Caravan model years to buy are 2006-2009, 2012, and 2015-2020, but check out our article on the best and worst years of the Grand Caravan to get the whole story. The main reasons that these model years are considered the best for the Grand Caravan include high scores for reliability, efficient safety features, and overall low costs of ownership and repairs.
Buying a Dodge Grand Caravan New vs. Used
| 20-Year Projection | ||
| Years Since Purchased | Depreciated Value | With Inflation |
| 1 | $28,494 | $31,455 |
| 2 | $25,052 | $29,275 |
| 3 | $17,647 | $20,729 |
| 4 | $13,848 | $16,327 |
| 5 | $11,425 | $13,406 |
| 6 | $10,682 | $12,503 |
| 7 | $8,947 | $10,488 |
| 8 | $6,084 | $7,174 |
| 9 | $5,864 | $6,938 |
| 10 | $4,074 | $4,872 |
| 11 | $3,056 | $3,715 |
| 12 | $1,955 | $2,443 |
| 13 | $1,514 | $1,926 |
| 14 | $1,266 | $1,628 |
| 15 | $826 | $1,045 |
| 16 | $606 | $759 |
| 17 | $496 | $620 |
| 18 | $358 | $450 |
| 19 | $468 | $586 |
| 20 | $413 | $509 |
You can no longer buy a new Dodge Grand Caravan because the vehicle was discontinued in 2020. However, it is still important to know the effects of depreciation on the Grand Caravan. For example, a used 2020 Dodge Grand Caravan is currently worth $21,303 in 2023. This is an accumulated depreciation of $11,912.33. In contrast, a used 2017 Dodge Grand Caravan is worth $11,752. This equates to $18,529.55 in depreciation.
When you buy a used car, there are a few tips to keep in mind to make sure you get the best deal. Make sure to examine the vehicle thoroughly, on both the exterior and interior, to ensure there’s no obvious damage. Rips in the upholstery, dents on the sides or front, and features that don’t work can all signal that a car may not offer great value. For more tips about buying a used vehicle, refer to our used car buying checklist that will guide you through the process.
Methodology
We base the data in this article on a Dodge Grand Caravan in the standard trim level and with standard features. Our models also consider Dodge Grand Caravans that have around 12,000 miles per year on the odometer, as this is considered average use. It’s important to remember that higher trim levels may hold their value more effectively, depreciating slower than other models in the long term. Other factors that can impact the value of a Grand Caravan include its color and condition, as well as whether you sell it through a dealership or a private party.
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
Do Dodge Grand Caravans hold their value?
The Dodge Grand Caravan holds its value fairly well, achieving a similar rate of depreciation to other vehicles of its size and class. However, several contributing factors will determine the exact resale value of a Dodge Grand Caravan, including the model year, trim level, and overall condition. How you sell your vehicle will also impact the resale value.
For example, Kelley Blue Book data shows that a 2020 Dodge Grand Caravan with standard configuration and features and 12,000 miles per year will get a trade-in value of between $21,556 and $23,311 when selling through a dealership. In contrast, you can get between $23,927 and $25,924 when selling the same vehicle through a private party.
What Are the Best Years of the Dodge Grand Caravan To Buy and Which Ones Should You Avoid?
The best years for the Dodge Grand Caravan to purchase are widely known as the 2006-2009, 2012, and 2015-2020 model years. This is largely due to the high reliability and efficiency scores that these models receive from drivers. Models from these years also show low need for costly repairs, as well as impressive fuel efficiency, even well into ownership.
In terms of the worst years for this vehicle, you can avoid buying a model from 2001-2005, 2010-2011, and 2013-2014. Grand Caravans from these years have numerous reports of engine and transmission failure, as well as a need for brake repair more frequently than in other years. They often have a high cost of ownership resulting from these repairs, and they receive low safety scores as opposed to other Grand Caravan years.
What's High Mileage for a Dodge Grand Caravan?
A Dodge Grand Caravan typically reaches high mileage when it surpasses 175,000 miles on the odometer. While some Grand Caravans continue their useful lives past 200,000 miles, this is rare, and most Grand Caravans begin needing extensive repairs after 175,000. If you want to preserve your Grand Caravan’s mileage, try driving it less and using different modes of transportation for longer trips.
How Old of a Dodge Grand Caravan Should You Buy To Avoid Most of the Depreciation?
Since the sweet spot for the Grand Caravan is between the 2004 and 2011 model years, you can avoid depreciation by purchasing a model from within this timeframe. To ensure you’re at least five years in the sweet spot, you can stick with models from 2009. The 2006, 2007, and 2008 models also receive excellent reliability scores, so you can likely protect yourself from rapid depreciation by opting for one of these sweet-spot model years.
References
(2023.) Best & Worst Years of Dodge Grand Caravan – Graphs & Owner Surveys. Fixd. Retrieved October 17, 2023, from https://www.fixdapp.com/car-reviews/best-worst-years-of-dodge-grand-caravan-graphs-owner-surveys/
(2023.) Dodge Depreciation. CarEdge. Retrieved October 17, 2023, from https://caredge.com/dodge/depreciation
(2023.) 12 Factors That Affect Your Car’s Resale Value. Money Crashers. Retrieved October 17, 2023, from https://www.moneycrashers.com/factors-affect-used-cars-resale-value/
(2023.) The Best and Worst Car Colors for Resale Value. iSeeCars. Retrieved October 17, 2023, from https://www.iseecars.com/car-color-study
(2023.) Dodge Grand Caravan Insurance Cost. CarEdge. Retrieved October 17, 2023, from https://caredge.com/dodge/grand-caravan/insurance
(2023.) Average Cost of Car Insurance in October 2023. Bankrate. Retrieved October 17, 2023, from https://www.bankrate.com/insurance/car/average-cost-of-car-insurance/
(2023.) What Will Your Car Cost You? Average Annual Repair Bills Revealed. Fixd. Retrieved October 17, 2023, from https://www.fixdapp.com/service/what-will-your-car-cost-you-average-annual-repair-bills-revealed/
(2023.) My Car’s Value: 2020 Dodge Grand Caravan Passenger. Kelley Blue Book. Retrieved October 17, 2023, from https://www.kbb.com/dodge/grand-caravan-passenger/2020/se-plus-minivan-4d/?condition=good&extcolor=black&intent=trade-in-sell&mileage=12000&modalview=false&options=9470135%7ctrue&pricetype=private-party&vehicleid=448217
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