Does A Tahoe Hold Its Value? (Explained!)
You won’t know if you got a good bargain on a vehicle until when you want to sell it. At this point, you will be able to see how much your car cost in terms of insurance, general maintenance, gas, and everything you spent on it during its lifetime. Have you ever wondered how much your Chevrolet will depreciate after a few years? If yes, then read on. This article will discuss more on how much value your Chevrolet Tahoe will hold at the time of sale.
Does A Tahoe Hold Its Value?
Yes, Tahoe holds its value fairly well. The new models of Chevrolet Tahoe will retain over 40 percent of their value after five years of ownership. Also, given that these vehicles cost to the tune of $40,000 – $65,000 when new, the used car won’t be cheap.
Chevrolet Tahoe is one of the longest-lasting SUVs on the road today, thanks to its rugged, body-on-frame construction and unique design for durability.
Since its introduction back in 1995, the Chevy Tahoe has remained one of the most popular SUVs for many decades. It is by far the best-selling large SUV in America with about 25 percent share of the market.
Buyers appreciate the spacious cabin, ample load capacity, powerful engine, and high resale value. The Tahoe maintains the Chevrolet essential design concepts for many years.
They continue to improve and incorporate new features. The latest models like the 2021 Chevrolet Tahoe and all its trims have new advanced features. They are also designed for longevity.
Depreciation of A Chevrolet Tahoe
After about five years, a Chevrolet Tahoe will depreciate around 40 percent. The assumption here is that the vehicle is in good condition and travels approximately 12,000 miles per year on average. This is an important factor to consider when shopping for a car.
If you buy a used Chevrolet Tahoe that is, for example, 3 years old, you can save over $20,000 over buying a new one, and you will still get a relatively new model with a lot of useful life left.
If you intend to keep this vehicle for another three years, the total depreciation cost will be slightly below $6,000.
The average annual cost of insurance for a Chevrolet Tahoe is approximately $1,600. Therefore, after five years of ownership, this adds up to about $8,000.
Unlike depreciation, this cost is frequently reduced by looking for cheaper premiums. If you already own a Chevrolet Tahoe, you should compare quotes to avoid overpaying for your insurance.
Which Model Years of Chevrolet Tahoe Should You Buy?
It is recommended that you buy newer models of Chevrolet Tahoe because they have a larger percentage of useful life remaining. But these will not come cheap. The ideal model that you should go for is the year 2020 Chevrolet Tahoe. You can buy this one at about 75 percent of the price as new with 93 percent of its useful life remaining.
Other valid model years to go for are 2018 and 2019. These will offer good value for your money. To calculate the actual resale value of your Chevrolet Tahoe, you have to consider a variety of factors, including its original price, current market price, cost of maintenance, and the remaining years of predictable expenses.
You must look for a Tahoe that has a low depreciation cost. It is also important to research all Tahoe models before settling on one. This will help you find the vehicle that offers the best value at the lowest price. Spending time looking around will help you save money in the long run.
The useful lifespan of a Chevrolet Tahoe will vary from one model to another. Additionally, the lifespan will depend on the owners and how they took care of the vehicle. Furthermore, the maintenance costs are entirely dependent on the owner’s care.
Chevy has been producing SUVs for a long time. Chevrolet Tahoe is one of the most reliable SUVs in its line of vehicles. Because of their durability and longevity, they rank among the top used cars with over 200,000 miles on the market. It is estimated that the newer models will retain a solid value of over 40 percent after over five years of ownership.
Frequently Asked Questions
1. Do SUVs hold value longer than other vehicles?
Overall, SUVs depreciate the least over five years. But the rate will vary significantly from one model of SUV to another. Generally, if you buy a vehicle that holds its value longer, you will be less likely to default on your loan. Also, you will receive more money when you sell it.
2. Are Chevrolet Tahoe expensive to maintain?
The average annual cost for repairs and maintenance of Chevy Tahoe is about $700 compared to the average of $570 for midsize SUVs and around $650 for all other vehicle models.
3. How is Chevrolet Tahoe in terms of fuel economy?
The Chevy Tahoe is known for many things, including its big size, good look, and comfortable interior. What many people don’t realize is that the Tahoe’s gas mileage is excellent for a vehicle of its size.
It gets over 28 miles per gallon on the highway and over 21 miles per gallon in town, for total fuel efficiency of around 24 miles per gallon. It is one of those SUVs that will offer you high towing and hauling without burning a lot of gas in the process.
4. What is the estimated life of a Chevrolet Tahoe?
The Chevy Tahoe will last between 200,000 to 300,000 miles. Therefore, Chevrolet Tahoe is a reliable option to go for if you want an SUV that will provide longevity. Chevy Tahoe is ranked 6th among longest-lasting SUVs to reach 200,000 miles.
Chevrolet Tahoe from back in 2008 will have hit the 200,000-mile mark. Since Chevrolet is designed for durability and performance, a used one will still offer you good service. However, this is dependent on whether or not its original owner properly maintained the Tahoe.
The Tahoe can reach 300,000 miles and beyond with frequent and adequate maintenance. Therefore, before purchasing a used Chevrolet Tahoe, you should research more one the service history of the vehicle.
5. Is it reasonable to buy a Chevy Tahoe with 300,000 miles?
Only a properly maintained Chevrolet can hit 300,000 miles. When shopping for a Chevy Tahoe, it is important to select the latest models with lower mileage.
But if it has hit 300k miles, it is important to check the service report. It is only after checking the service history of the specific model that you want to buy that you can make the final decision.
Many SUVs will hit the 200K mark without noticeable concerns, while others may show significant issues at only 100k miles.
6. How can I get better mileage on my Chevrolet Tahoe?
The Chevy Tahoe is a full-size SUV. By design, it consumes a moderate quantity of fuel. This is because a powerful engine is required to pull the heavyweight along the road. You can lower the amount of gas you use by:
• Ensuring your tires are never under-inflated. This puts more strain on the engine and reduces the fuel economy.
• Remove anything that isn’t necessary from your Tahoe. The SUV is huge and heavy, and it can tow and store a lot of things. Make sure you remove any stuff that you do not need to keep in your vehicle. Weight increases engine stress and reduces engine efficiency.
• Use cruise control. The usage of cruise control decreases the driver’s inconsistent pressure on the pedal. It uses a computer to keep the gas pressure constant. This prevents overconsumption of fuel as a result of driver fault.
• Drive at the required speed limit. Maintaining the speed limits imposed in the 1970s by the federal government will help to reduce your Chevy Tahoe’s fuel usage. The fuel shortage in the 70s necessitated this. The government set these ideal speeds to help motorists save on gas.
• Take your Chevy Tahoe for a tune-up and perform all the recommended service at the correct mileage as indicated in the owner’s manual. A well-maintained engine will burn less gas than a poorly maintained one.
Conclusion
When shopping for a Chevrolet Tahoe, it is important to consider the resale value. Buyers rarely put much emphasis on the resale value or depreciation rate. Hence, they end up losing more money in the long run. Failure to observe these is a costly decision.
The Chevrolet Tahoe is a practical example of an SUV that holds its value for longer. It is a fun to drive and comfortable vehicle. With a reputation of reliability, it is no surprise that the Chevrolet Tahoe holds its value exceptionally well. It is an SUV that people want when they are brand new, so this means that there will undoubtedly be people looking to purchase them when used.
Because of this, the Chevrolet Tahoe value remains high, dropping only by 40 percent in five years. It ranks among the few SUVs that have been known to last longer.