Chevrolet Silverado 1500 Depreciation
A Chevrolet Silverado 1500 will depreciate 37% after 5 years and have a 5 year resale value of $36,975.
The Chevy Silverado 1500 is one of the best vehicles on the road for holding its value, especially over the long term. The Silverado 1500 runs slightly ahead of Ford for depreciation at year 5, with the F-150 ranked just three notches below. If you are looking for a half-ton pick-up that will be a good investment over the long haul, it's hard to beat the Silverado 1500.
The chart below shows the expected depreciation for the next 10 years. These results are for vehicles in good condition, averaging 12,000 miles per year. It also assumes a selling price of $58,840 when new. Enter your purchase price, expected ownership period and estimated miles driven annually. Our depreciation calculator will predict an expected resale value for the Chevrolet Silverado 1500.
Chevrolet Silverado 1500 Depreciation
| Years Old | Depreciation | Residual Value | Resale Value | Mileage | Resale Year |
|---|---|---|---|---|---|
| 1 | $12,080 | 79.47% | $46,760 | 12,000 | 2025 |
| 2 | $12,651 | 78.50% | $46,189 | 24,000 | 2026 |
| 3 | $18,311 | 68.88% | $40,529 | 36,000 | 2027 |
| 4 | $19,941 | 66.11% | $38,899 | 48,000 | 2028 |
| 5 | $21,865 | 62.84% | $36,975 | 60,000 | 2029 |
| 6 | $26,966 | 54.17% | $31,874 | 72,000 | 2030 |
| 7 | $28,849 | 50.97% | $29,991 | 84,000 | 2031 |
| 8 | $30,909 | 47.47% | $27,931 | 96,000 | 2032 |
| 9 | $33,145 | 43.67% | $25,695 | 108,000 | 2033 |
| 10 | $34,933 | 40.63% | $23,907 | 120,000 | 2034 |
Chevrolet Silverado 1500 Depreciation
| Years Old | Depreciation | Residual Value | Resale Value |
|---|---|---|---|
| 1 | $12,080 | 79.47% | $46,760 |
| 2 | $12,651 | 78.50% | $46,189 |
| 3 | $18,311 | 68.88% | $40,529 |
| 4 | $19,941 | 66.11% | $38,899 |
| 5 | $21,865 | 62.84% | $36,975 |
| 6 | $26,966 | 54.17% | $31,874 |
| 7 | $28,849 | 50.97% | $29,991 |
| 8 | $30,909 | 47.47% | $27,931 |
| 9 | $33,145 | 43.67% | $25,695 |
| 10 | $34,933 | 40.63% | $23,907 |
Buying a Chevrolet Silverado 1500 New vs Used
If you purchase a used Chevrolet Silverado 1500 that is 2 years old, then you could save $12,651 compared to buying new, and still have a relatively new model with plenty of useful life remaining. If you plan to keep this vehicle for 3 years then your total cost of depreciation would be $9,214. Try other age and ownership length combinations, or different vehicles to see if you can find depreciation sweetspots where this cost is the lowest. Hint: Try vehicles between 2 and 4 years old, as brand new vehicles depreciate quickly. Also, if this is a recently released model and buying a few years old isn't possible, consider another vehicle, or perhaps wait until more used Silverado 1500 models become available.
What About Chevrolet Silverado 1500 Insurance Costs?
The average cost to insure a Chevrolet Silverado 1500 is about $2,456 per year. This adds up to around $12,280 after 5 years of vehicle ownership. Unlike depreciation, this expense can often be lowered by shopping around for lower insurance premiums. Comparing quotes will ensure that you are not overpaying if you already own a Chevrolet Silverado 1500. Or, if you are just researching, then it would be money-wise to know this cost before buying. Try our Competitive Quote Tool or the form below to get free quotes. Advertising Disclosure
The Best Model Years to Buy a Chevrolet Silverado 1500
The 2023 Chevrolet Silverado 1500 is our top pick for the best model year value for the Silverado 1500. With the 2023, you would only pay, on average, 79% of the price as new, with 92% of the vehicle's useful life remaining. The 2021 and 2022 model years are also attractive years for the Silverado 1500, and provide a relatively good value. Our rankings consider multiple factors, including the Silverado 1500's price as new, current price, maintenance costs and remaining years of overall predictabe expenses. Our top ranked model year represents the most car for the money of the Chevrolet Silverado 1500 models.
Chevrolet Silverado 1500 Historical Depreciation
| Year | New Price | Current Price | Maintenance | $ Decline | % Decline | % Paid | Value Rating |
|---|---|---|---|---|---|---|---|
| 2024 | $58,840 | $58,840 | $434 | $0 | 0% | 100% | Good |
| 2023 | $60,294 | $47,914 | $509 | $10,926 | 18.57% | 79.47% | Best |
| 2022 | $56,529 | $44,376 | $627 | $3,538 | 7.38% | 78.5% | Better |
| 2021 | $55,007 | $37,891 | $817 | $6,485 | 14.61% | 68.88% | Better |
| 2020 | $52,816 | $34,919 | $974 | $2,972 | 7.84% | 66.11% | Good |
| 2019 | $52,355 | $32,900 | $1,221 | $2,019 | 5.78% | 62.84% | |
| 2018 | $51,443 | $27,866 | $1,412 | $5,034 | 15.3% | 54.17% | |
| 2017 | $51,133 | $26,065 | $1,486 | $1,801 | 6.46% | 50.97% | |
| 2016 | $49,421 | $23,458 | $1,536 | $2,607 | 10% | 47.47% | |
| 2015 | $47,327 | $20,667 | $1,602 | $2,791 | 11.9% | 43.67% | |
| 2014 | $45,516 | $18,493 | $1,700 | $2,174 | 10.52% | 40.63% | |
| 2013 | $40,179 | $15,208 | $1,851 | $3,285 | 17.76% | 37.85% | |
| 2012 | $39,275 | $14,222 | $1,999 | $986 | 6.48% | 36.21% |
| Year | Price | % Paid | Value Rank |
|---|---|---|---|
| 2024 | $58,840 | 100% | Good |
| 2023 | $47,914 | 79.47% | Best |
| 2022 | $44,376 | 78.5% | Better |
| 2021 | $37,891 | 68.88% | Better |
| 2020 | $34,919 | 66.11% | Good |
| 2019 | $32,900 | 62.84% | |
| 2018 | $27,866 | 54.17% | |
| 2017 | $26,065 | 50.97% | |
| 2016 | $23,458 | 47.47% | |
| 2015 | $20,667 | 43.67% | |
| 2014 | $18,493 | 40.63% | |
| 2013 | $15,208 | 37.85% | |
| 2012 | $14,222 | 36.21% |
Chevrolet Silverado 1500 Depreciation Rankings
We've ranked over 200 models from best to worst for Depreciation. See where the Chevrolet Silverado 1500 ranks for Depreciation compared to other vehicles. Also check out how the Silverado 1500 stacks up in our rankings for Maintenance, Insurance and Overall Costs.
Other Chevrolet Silverado 1500 Costs of Ownership
Finding a car or truck that saves on depreciation costs is important. But, it's also imperative to view all major Chevrolet Silverado 1500 costs. This will ensure that you are finding the vehicle that provides you the best value, at the lowest cost. We've created tools that will also help you to save on the following ownership expenses:
Chevrolet Silverado 1500s For Sale
2021 Chevrolet Silverado 1500 RST
$39,500
2021 Chevrolet Silverado 1500 Custom
$21,875
2022 Chevrolet Silverado 1500 LT
$33,950
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