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 Calculator

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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%
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% Good
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%
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% Good
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:

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