When purchasing an SUV, a Hyundai may not be the first car brand that comes to mind, but it should be. The company’s SUVs are one of the most popular vehicles today, and for a good reason – Hyundai vehicles are versatile and reliable.
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In this article, I will explain precisely how well Hyundai vehicles hold their resale value and much more information you’ll need to know when purchasing your next vehicle.
Depreciation Per Year for Hyundai Palisade
Below are the depreciation statistics for 10 years for excellent-condition Hyundai Palisades with an average annual mileage of 12,000 miles and a manufacturer sale price of $47,261.
- Year 1: In the first year, your Palisade will have depreciated by $2,292 with a residual value of 95.15%.
- Year 2: After the second year, the SUV depreciates by a further $6,843 with a residual value of 85.52%.
- Year 3: The vehicles depreciated by a further $9,178 with a residual value of 80.58%.
- Year 4: The Palisade will be worth $10,104 less, with a residual value of 78.62%.
- Year 5: Depreciation furthers by another $5,000 to $15,681 with 66.82% residual vehicle resale value.
Depreciation Per Year for Hyundai Santa Fe
Generally, any car loses roughly 50% of its valuation after five years. The SUV’s depreciation rates over five years are listed below:
- Year 1: The value of the vehicle will depreciate by $2,393 for a residual value of 93.73%
- Year 2: The vehicle will depreciate by a further $5,328 and have a residual value of 86.04%
- Year 3: In the third year, a Santa Fe will depreciate by a further $8,332 and hold a residual value of less than one-third.
- Year 4: The fourth year has the most stable depreciation rate for the Santa Fe. It depreciates by $1000 more than the previous year and holds a resale value of 76,25% to the original price.
- Year 5: The Sante Fe gets whacked with a further $7,500 with a residual value of 56.70%.
5 Ways to Increase the Value of Your Hyundai SUV
While Hyundai vehicles often have a significant resale value on the used car market, there is never a guarantee that the Hyundai vehicle you own will sell for what you believe it is worth.
Even though the manufacturer’s name is extremely well-known, sometimes more is needed to command the best price.
When the time arrives to offload your Hyundai, there are strategies to ensure you obtain the best possible resale value.
When you choose to sell your Hyundai SUV, several things will impact how much it is worth:
1. Maintaining the vehicle’s condition
Hyundai is renowned for its high-end features and spacious interiors.
Maintaining the overall condition by ensuring no significant flaws, dents, scrapes, or corrosion are on the outside or interior of your Hyundai should assist in increasing its resale value.
2. Don’t wait too long to re-sell
Age significantly influences the resale value of your cherished Hyundai SUV.
Age-related depreciation affects all Hyundai vehicles, even the best-maintained ones. The older the car, the lower value.
3. Keep mileage as low as possible
The mileage measurement is one of the most critical features that potential buyers keep an eye out for when selecting a used car.
Additionally, this reading and price have an opposite relationship, similar to vehicle age. This implies that a car’s price decreases as it is driven more.
4. Avoid unsafe driving
Even if the factors above are significant, none will matter if your Hyundai SUV has an accidental history that includes serious collisions.
Due to the substantial influence of accidental history on resale value, you should anticipate a 15–30% decreased value for your SUV.
5. Consider the number of owners
Ultimately, the number of owners significantly impacts the resale value of your Hyundai SUV. Hyundai vehicles are desirable even if you are the second or third owner since they are dependable machines with minimal maintenance costs.
2 Examples of Hyundai SUV Depreciation
Generally, a car is an asset that can lose its value. In the first year of ownership, some SUVs’ value will depreciate as much as 20%, followed by another 10% yearly.
Regarding Hyundai, their SUVs hold their value a little bit longer than those from other brands because they are popular vehicle choices which helps their resale value.
Pre-owned Hyundai vehicles, in general, are consistently in demand due to a mix of dependability, appealing styling, and a feature-packed package.
The exact and final valuation of your Hyundai Car relies on several aspects (as indicated above).
To give you a better idea of whether your SUV holds a good resale value, here’s a list of popular Hyundai SUVs and their value depreciation over time.
1. Hyundai Palisade
Hyundai has made a name for itself with its affordable, reliable vehicles. The automaker has also been making an effort to improve its SUV lineup.
The Hyundai Palisade offers some serious off-road capabilities and a comfortable, luxury ride at a competitive price.
But how does it fair when it comes to holding its value?
While Hyundai SUVs hold their value better than some of the competition, that doesn’t mean they’re immune to depreciation.
Since the decision to buy a particular make and model might be significantly influenced by the depreciation rate – it’s important to note that new cars lose value as soon as they leave the dealership.
While some SUVs hold their worth well over time, others do not. The Hyundai Palisade’s value is short-lived. So even though the Palisade is a fantastic midsize SUV, its depreciation rate is high.
A Hyundai Palisade would lose 33% of its valuation over five years to have a resale value of $31,580.
While the average new car is held for around 8.4 years, the above statistics indicate that the Palisade will lose a considerable value (over 50%) after the 8.4-year typical ownership term for new vehicles.
Due to how rapidly new vehicles lose value, many believe buying secondhand is beneficial. In the case of the Hyundai Palisade, purchasing secondhand might be a good decision.
Buying a used Hyundai Palisade that is only two years old can save you $6,843 while giving you a reasonably new vehicle with plenty of usable life. Your total depreciation cost for this vehicle would be $8,838 if you intended to keep it for 3 years.
2. Hyundai Santa Fe
The Hyundai Santa Fe is one of the most popular SUVs on the market.
It’s not just because it’s affordable and stylish but also because it’s got plenty of space for passengers and cargo. It’s an excellent choice for families who need a car that can handle rugged terrain and everyday driving.
While being less expensive than its competitors in the showroom, the Santa Fe depreciates more quickly than most in its category.
Compared to when it was brand-new, the value of a Hyundai Santa Fe will decrease by one-third in three years.
Therefore, the Santa Fe loses 43% of its value within the first five years of ownership.
According to Car Edge, the best model year value for the Santa Fe is the 2017. The 2017 model would cost you, on average, 57% less than it did when it was brand-new, and it would still have 58% of its usable life.
Additionally, the Santa Fe’s 2021 and 2020 model years are also appealing and offer good value.
However, it’s important to note for older models that the Santa Fe was redesigned entirely in 2019, and the model on the market five years ago was less well-liked than the newer Santa Fe today.
This may be partially to blame for a more significant value decline.
Overall, the Hyundai Santa Fe may have one of the worst depreciation rates among SUVs. But the Santa Fe still has a lot going for it, especially in recent models. It’s a five-seat SUV that offers a lot of quality for a starting price of $27,700.
Which SUV Models Depreciate the LEAST?
The SUV market is extensive, with many models and brands to choose from.
The best SUVs for resale value are those with a strong reputation for reliability, an excellent used-car history, and the ability to haul people and cargo.
They also need to be in demand by consumers looking for an affordable SUV that’s not too rugged or extreme.
If you’re looking to buy a new or used SUV, you might wonder which makes and models hold their value the best. Here’s a rundown of some of the most popular SUVs and their resale values after 5 years:
- Jeep Wrangler – 74.2%
- Toyota 4Runner – 63.4%
- Ford Bronco Sport – 57.8%
- Subaru Crosstrek – 57.2%
- Ford Bronco – 55.7%
- Jeep Grand Cherokee – 54.0%
- Subaru Forester – 53.7%
- Honda CR-V – 53.4%
- Toyota Highlander Hybrid – 53.4%T
The resale value must be considered when deciding between a new or used SUV. You shouldn’t get an SUV with a short functional lifespan.
A new SUV that depreciates faster than its competitors may cost you financially in lower trade-in value or the potential to owe more on a lengthy loan than the vehicle may be worth. Because of this, selecting a car with a high resale value will ultimately cost you significantly less.
Whether you plan to trade it in or sell it yourself, resale value is still crucial.
The best way to characterize Hyundai’s resale value is average – it’s not the best, but it’s not the worst either.
It’s essential to consider the factors that affect your vehicle’s depreciation value to get the most out of your SUV when you decide to sell it or trade it in.