So, you need a pickup truck that is barely used and has a capable V8 engine? Plenty of options. But when you factor in the importance of budget and resale value, then you are spinning several plates at once, and the equation becomes complicated. Depreciation is a real headache for those who require a new or near-new vehicle, with most brand-new cars losing almost a huge chunk of their value within the first five years.
This is inescapable, but some models fare slightly better than others when comparing the offering of V8 trucks available. For this test, the car must be from no earlier than 2024 and have 12,000 miles a year on the clock. From here, I discovered the range of V8 pickups available, and there is some tight competition for this specific segment, but overall, we had a winner by a small margin. But it is a win nevertheless.
The Case For The Chevrolet Silverado 1500
The 2024 Chevrolet Silverado wins this contest fractionally. Buying a year-old example and keeping it for three years results in a projected 39-percent loss from the original price of what you paid for it from the showroom. With brand-new prices averaging around $60,000 based on spec, it seems most sensible to wait a year and get a second-hand example, which should set you back around $43,000 (nearly an instant $20,000 saving).
Find 2024 Chevrolet Silverado 1500 and more cars for sale on our Marketplace
After your three years, with mileage now totaling 48,000, you should be looking at receiving $38,000. A $5,000 loss is exceptional for what is nearly a brand-new car. This allows you to own the Silverado in its pristine stage and sell it back for only eight percent less than what you paid for it, after three years of pain-free motoring. Depreciation in the first year of buying a brand-new car is always a tough pill to swallow, so ignoring new-car ownership will prevent the worst possible curve of depreciation.
How Capable Is The Silverado?
The Silverado 1500 is equipped with a 5.3-liter V8, which is cheaper and slightly more frugal than the 6.2-liter V8 option, but still achieves a solid 11,300-pound maximum towing capacity. This means for $40,000, you are investing in a remarkably capable pickup truck that can handle the workload of any normal heavy-duty load.
2024 Chevrolet Silverado 1500 Specs
|
Engine |
5.3-liter Eco Tec3 V8 |
|
Horsepower |
355 |
|
Weight |
4,860 – 5,130 pounds |
|
MPG (Combined) |
17 MPG (combined) |
|
Towing Max Capacity |
11,300 pounds |
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How Its Closest Competitor Stacks Up
The Silverado barely wins this test, with the Ford F-150 having the same depreciation rating of 39 percent after being sold brand new, but marginally loses out as prices tend to be a couple of thousand dollars more expensive for a year-old example. From your ownership of the car at one-year-old versus selling the car at three years old (12,000 miles a year), you can expect to only lose nine percent of what you paid initially. This is painstakingly close to the Silverado’s forecast for the upcoming years, with only a one percent difference in residual value between the two pickups. Ultimately, it is that close that you will likely end up choosing the truck that suits your needs instead of a one-percent value difference.
Evaluating The F-150 In Comparison To The Silverado
Specifications are very comparable to the Silverado, with only minor differences. The biggest difference is a more powerful V8 engine, producing 45 horsepower more than the Chevrolet. Not a huge amount, but for hauling a 5,000-pound pickup with a 10,000+ pound load, the more grunt, the better. In terms of MPG, the F-150 is also slightly more efficient and can haul over 1,000 pounds more.
2024 Ford F-150 Specs
|
Engine |
5.0-liter Ti-VCT V8 |
|
Horsepower |
400 |
|
Weight |
5,122 pounds |
|
MPG (Combined) |
19 MPG (combined) |
|
Towing Max Capacity |
12,900 pounds |
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The Best Possible Depreciation When Going Brand New
Low depreciation rates on a brand-new vehicle are rare, especially when choosing something that isn’t an extremely rare edition of a vehicle. And as even the Silverado proves, not even the best used deals can secure low depreciation rates in their first year from the showroom. However, if you are willing to pour money into a more expensive pickup truck, expect to be surprised at the results. The GMC Sierra 3500HD is a pricey $70,000 from new. It has a trick up its sleeve — expect your 3500HD to still be worth $64,000 after two years and 24,000 miles. This means it has only lost nine percent of its residual value after two years. Extraordinary performance.
Spend More, Save More
If you have the extra money and need a supremely capable pickup truck for a couple of years, you will be able to retain much of the 3500HD’s value. The extra $20,000-$30,000 seems jarring, but with an average depreciation rate of 17 percent and for a vehicle that is a cut above (especially equipped with the diesel V8), this could be a sensible investment.
2025 GMC Sierra 3500HD Specs
|
Horsepower |
401 (gas) – 470 (diesel) |
|
Weight |
7,000 – 8,000 pounds |
|
MPG (Combined) |
14 MPG (combined) |
|
Towing Max Capacity |
36,000 pounds |
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Examining The Longer-Term Depreciation Of The Silverado
Before, we did an analysis based on three years of ownership. But what if you wanted to keep your Silverado for five years? Maybe even 10 years? Having this data available could very much shape how long you hold onto a vehicle and the type of money you could expect to put into the fund for your next vehicle. At five years of ownership and 60,000 miles, expect your Silverado to be worth roughly $33,000, or 58 percent of its residual value.
Long-Term Ownership
After 10 years of ownership and potentially racking up 120,000 miles, your Silverado has certainly lived a life. But if it’s been well looked after, no damage, and you’ve been vigilant with maintenance, you could still earn up to $23,000 by selling your pickup (40 percent of its original value). This isn’t too bad, considering you have had a strong, rugged, and powerful companion by your side for a decade.
The Silverado, Its Competitors, And A Verdict On Depreciation
If you are in the market for a year-old V8 pickup truck that is vastly practical for comfort, hauling, power, and refinement, the Chevrolet Silverado 1500 is the best possible choice in terms of retaining its value. That being said, the F-150 is, at least on paper, a formidable opponent, just edging a win over the Silverado by most metrics. At the end of the day, it all comes down to personal preference when the results are so similar between the two. There is also the third consideration that I provided. Spending more money on a GMC Sierra 3500HD may seem counter-productive in saving, but with an astonishing average depreciation rate of 17 percent, it’s a tempting option.
Sources: CarEdge, Ford, Chevrolet, GMC