Find the depreciation rate of your Toyota Sienna in the graph below.
Any new car, including the Toyota Sienna, begins to lose value or depreciate as soon as you purchase it and drive it off the seller’s lot. During the first year after your initial purchase, your vehicle will see the highest amount of depreciation that it’ll experience throughout its life. After the first 12 months of ownership, your car will continue to depreciate a bit more slowly until it hits the eight-year mark.
For example, in the third year of ownership, a Toyota Sienna’s depreciation rate jumps from 4.5% to 25.8%, more than doubling. From the eighth to the ninth year of ownership, the depreciation rate only changes from 62.3% to 66.7%, which is a much smaller gap. Since various makes and models have different rates of depreciation, it can be helpful to learn about the depreciation rate of a specific vehicle before you buy it.
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 Toyota Sienna to see our reliability ratings for all years of the Sienna between 2001-2022. We also cover MPG, safety ratings, and a number of other factors. We pulled data from Siennas registered in our app and surveyed owners to get you data-backed answers on just how good or bad each year of the Sienna is.
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Toyota Sienna Depreciation
|Model Years||Mileage||Amount Depreciated||Residual Value Percentage||Resale Value|
The chart above conveys the approximate depreciation for a Toyota Sienna. 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 annually.
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, may have even appreciated due to the heightened levels of inflation created.
Factors That Impact the Toyota Sienna Depreciation Rate
Toyota is known for producing high-quality vehicles that can stand the test of time. The Toyota Sienna is no different, and it depreciates even more slowly than other similar vehicles. This is largely due to the model’s ability to remain in good condition after several years of ownership and its low maintenance and insurance costs. However, multiple factors can affect the depreciation rate of this model, which can vary depending on the trim level you choose. Here are a few of the factors that impact the Toyota Sienna’s depreciation rate.
A car’s age and model year are two of the key factors that affect its depreciation rate. The age refers to the number of years that have passed since the car’s initial release and purchase, whereas the model year is typically the year after the car’s first release. This means that when you shop for a 2023 model, they likely first became available in 2022. These factors can impact depreciation because the longer a car has been in use, the more likely it is to need costly repairs and lose some of its functions.
Body type is the configuration that a car uses, and there are many different ones, including pickup trucks, sedans, SUVs, and minivans, such as the Toyota Sienna. A car’s body type can cause it to depreciate either more quickly or slowly than others because different body types hold their values better. This is especially true in cases where drivers live in extreme climates, as larger, more rugged vehicles are more likely to withstand frequent precipitation and wind than smaller vehicles, such as convertibles or sedans.
Another reason that body type can affect depreciation is that some of them have a higher demand than others. When a specific body type is in high demand, it can hold its value better than those that are saturating the market.
Another key factor in a car’s depreciation rate is its mileage. The mileage is the total distance a car has driven, which you can find on the odometer. When a vehicle has high mileage, this typically indicates high rates of use, meaning there’s more potential for general wear and the need for advanced repairs. Due to this, vehicles with lower mileage depreciate more slowly. The average mileage for a vehicle is between 12,000 and 15,0000 miles, so if you’re shopping for a used model, look for vehicles with this range of mileage.
To preserve the mileage and depreciation of your Toyota Sienna, consider driving it less frequently. Try to limit your long trips and reduce the miles you drive per day, especially if you’re thinking about selling or trading in your vehicle any time soon.
The condition of a vehicle is another contributing factor to its depreciation rate. This is because a car that’s undergone frequent maintenance, especially for damage from accidents, has the potential to depreciate more quickly than cars with no accidents in their history. While all cars, including the Toyota Sienna, need regular maintenance to run efficiently, the presence of too many repairs on a car’s maintenance history can cause it to depreciate faster. This stems from the fact that regular wear-and-tear is different from complex damage that can weaken a car’s system and parts more intensely.
By taking your Sienna in for routine maintenance, you can preserve its condition and help slow its depreciation rate. However, it’s important to remember that some cars may not be worth fixing after a certain level of damage. For example, if you get in an accident and realize that it costs about the same amount of money to fix your current vehicle as it would be to buy a new car, it may be better to look into a trade-in to replace your vehicle than to spend more money trying to fix it.
While you may not think about the color of a vehicle impacting its depreciation rate, it certainly does. This is because some paint colors depreciate more slowly than others due to reasons such as market demand. A recent study shows that yellow cars seem to depreciate more slowly than all other car colors, with shades such as beige, orange, green, and red closely behind.
In contrast, gold, brown, black, and silver cars were shown to depreciate the fastest of all paint colors. This is largely due to saturation in the market, as subtle tones like these are often popular choices among drivers buying brand-new models.
Other Costs of Toyota Sienna Ownership
Depreciation is only one aspect of the total cost of ownership of a vehicle. Here are a few other costs you might encounter when owning a Toyota Sienna.
The price you pay for auto insurance can vary greatly, depending on your vehicle’s key characteristics and your driving record. For example, if your Toyota Sienna includes advanced safety features and driver-assist technology, it’ll likely have a lower insurance cost than other Siennas in lower trim levels. This is because the more advanced safety features work to reduce the risk an insurance company encounters when covering the vehicle.
Compared to the average cost to insure a vehicle, which is around $2,000 for full-coverage insurance and $600 for only liability insurance, the Toyota Sienna is a fairly cheap car to insure. For example, in Rhode Island, it’s listed as one of the top 45 cheapest cars to insure, costing just $101 per month for full coverage and $50 monthly for liability-only coverage.
Regular maintenance is a key cost when owning a vehicle, as all cars need routine maintenance to remain functional and healthy. The average cost of maintaining a Toyota Sienna is around $617 annually, which is on the cheaper end of the spectrum in terms of vehicle maintenance costs. If you want to learn about the potential maintenance cost of your specific Toyota Sienna in comparison to other model years, you can review our graph.
The Best Model Year To Buy a Toyota Sienna
Based on factors including price and reliability (but not depreciation), our choice for the best Toyota Sienna model years to buy are the 2012-2016 and 2017-2021, but check out our article on the best and worst years of the Sienna to get the whole story.
Buying a Toyota Sienna New vs. Used
|Years Since Purchased||Depreciated Value||With Inflation|
One way to save money when buying a Toyota Sienna is to purchase a used model rather than a brand-new one. A used model is typically less expensive to insure than a new one, and you can also pay less upfront for your initial purchase. When you buy a used car, you can save money on depreciation as well since used cars depreciate much more slowly than new models. For example, the depreciation for a used Toyota Sienna has already depreciated $10,722.47 after three years of ownership. For the same period, a brand-new Sienna could depreciate around $9,516. Rather than losing $10,722.47 or 9,516 of your purchase, it’s better to let someone lose it.
When you’re thinking about buying a used car, there are a few tips you can use to ensure you get the best deal. Examine all parts of the car’s exterior and interior thoroughly to identify any obvious wear or damage. You can also assess the car’s engine and other features, such as the lights and the air conditioning. This will allow you to ensure that all parts of the car are functional and may not need any repairs soon. For more tips and guidance, you can use our used car buying checklist while you prepare for your purchase.
The data in this article applies to a Toyota Sienna in the base trim level, with standard configuration, features, and mileage of 12,000 miles per year. The depreciation rate and residual value of a Sienna can vary depending on the trim level, as those with more advanced features can often hold their value more effectively. The COVID-era chip shortage can also impact resale values, as well as your vehicle’s overall condition and the method you choose to sell it.
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 Toyota Sienna typically does hold its value well, and it can achieve a great resale value. However, this depends on many factors, including age, mileage, and condition. The way you sell your Sienna can also impact how much you receive for it. For example, if you choose to trade your Sienna in through a dealership, Kelley Blue Book data shows that you could receive between $36,360 and $38,849 for your vehicle. In contrast, the range you can get for the same Sienna when selling through a private party is between $28,894 and $41,573.
The best years of the Toyota Sienna to buy used are recognized as the 2012-2021 model years. This stems from the excellent reliability ratings, great fuel economy, and minimal maintenance costs that these models have. In terms of the worst years for this vehicle, you should avoid models from 2001-2011. Models from these years have lower reliability ratings and a history of issues with the engine and transmission.
While each trim level of the Toyota Sienna can vary in how many miles it can manage, a Sienna is seen to have high mileage once it reaches anything over 150,000 miles. When opting for an older model, you can expect the average mileage to be around 135,000 and 205,000, but it’s best to look for models with less than 150,000 miles on the odometer to get the lowest possible depreciation.
Since the sweet spot for buying a used Toyota Sienna lies between the 2002 and 2010 model years, you can avoid depreciation by purchasing between these dates. If you want to ensure you get in the sweet spot, you can opt for a 2007 model to ensure you’ll have at least five of the Sienna’s best years.
(2023.) My Car’s Value: 2021 Toyota Sienna. Kelley Blue Book. Retrieved September 20, 2023, from https://www.kbb.com/toyota/sienna/2021/le-minivan-4d/?vehicleid=450300&mileage=12000&modalview=false&intent=trade-in-sell&pricetype=trade-in&condition=good&options=9707984%7ctrue&extcolor=black
(2023.) Toyota Sienna Depreciation. CarEdge. Retrieved September 20, 2023, from https://caredge.com/toyota/sienna/depreciation
(2023.) What is car depreciation? Progressive. Retrieved September 20, 2023, from https://www.progressive.com/answers/what-is-car-depreciation/
(2023.) 12 Factors That Affect Your Car’s Resale Value. Money Crashers. Retrieved September 20, 2023, from https://www.moneycrashers.com/factors-affect-used-cars-resale-value/
(2023.) The Best and Worst Car Colors for Resale Value. iSeeCars. Retrieved September 20, 2023, from https://www.iseecars.com/car-color-study
(2023.) How To Beat Car Depreciation. Kelley Blue Book. Retrieved September 20, 2023, from https://www.kbb.com/car-advice/how-to-beat-car-depreciation/
(2023.) Average cost of car insurance in September 2023. Bankrate. Retrieved September 20, 2023, from https://www.bankrate.com/insurance/car/average-cost-of-car-insurance/
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