Jeep Values - Massive Decline

[Ratbert]

On this very forum a few years ago, folks were selling JLs for more than they paid for them new. Some folks were going on about how this is "the new normal" where new cars appreciate. That was back in a seller's market, now the pendulum is swinging the other way and folks are having to eat a bit of depreciation when they sell a vehicle. It's normal market behavior.

Stellantis has MSRP way too high right now, so saying a JL is worth the sticker price is a bit silly.

Apparently Stellantis thought COVID-level demand would continue forever. Apparently not.

And yes, I was one of those whose insurance reimbursed for ~$8k more than I had paid 1.5 years and nearly 20k miles earlier.

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[jmill012]

Another one of these threads…What did you pay? If you didn’t pay at least 20% under MSRP, then you just bought poorly. It’s well known the top trim of anything depreciates the most (should’ve gone 392 at that price).

paid below invoice, a little more than 10% under msrp and 20% off was never a thing for the wrangler that is for a gladiator.

In my area 15% off on a wrangler is what you get now for a great deal and that is with $2500 of that being factory incentives which didn’t exist when I bought.

 

[jmill012]

On this very forum a few years ago, folks were selling JLs for more than they paid for them new. Some folks were going on about how this is "the new normal" where new cars appreciate. That was back in a seller's market, now the pendulum is swinging the other way and folks are having to eat a bit of depreciation when they sell a vehicle. It's normal market behavior.

Stellantis has MSRP way too high right now, so saying a JL is worth the sticker price is a bit silly.

Given I get a new car every 1-2 years. Those years were great but I’m not naive enough to believe it would last forever. I agree the pendulum has swung all the way the other way. In due time it will settle back in the middle.

 

[Turniipp]

I haven't requested a value from CarMax, but this thread got me curious.... So I just priced mine via KBB Private Party and it's right inline with where I believe it should be.... Paid 54k for a fully loaded '21 Rubicon (Diesel) ordered from the factory and KBB is pricing it at 41k in good condition (not excellent condition) with 45k miles. Nothing strange about that depreciation or pricing to me. Guess it's good to be me!

(Course with the all of the upgrades I've done and the lack of diesel availability going forward.... I'm never selling this thing)

 

[AlgUSF]

Given I get a new car every 1-2 years. Those years were great but I’m not naive enough to believe it would last forever. I agree the pendulum has swung all the way the other way. In due time it will settle back in the middle.

Wait until it happens with home prices and stonks.

 

[jmill012]

I haven't requested a value from CarMax, but this thread got me curious.... So I just priced mine via KBB Private Party and it's right inline with where I believe it should be.... Paid 54k for a fully loaded '21 Rubicon (Diesel) ordered from the factory and KBB is pricing it at 41k in good condition (not excellent condition) with 45k miles. Nothing strange about that depreciation or pricing to me. Guess it's good to be me!

(Course with the all of the upgrades I've done and the lack of diesel availability going forward.... I'm never selling this thing)

My KBB good condition is about the same .

 

[hoch]

Wish these price cuts would make its way to the accessories.
I’ve been wanting to get a mopar hardtop but not wanting to pay $3k.

 

[Jeep Wick]

understand however if you search online, low $70s msrp are selling for $58k-$60k. Carmax recent sale data shows similar. So even if mine listed for and sold at a similar price something is going on in the market that is causing dealers to be hesitant on taking Wranglers on trade and in turn are offering crazy low trade in prices. My guess as I said is those on the inside see even darker days ahead for Jeep and thus are pricing that into todays values.

It's not just Jeep, I think this a sign of the economy as a whole. Record repos and defaults on loans, people are giving them away to get rid of the payment. Supply is high and prices are finally dropping. We can all agree they went too high too fast. I bought well in 2020 and traded this time last year for a 22. I couldn't justify new again. $70k for a Wrangler makes no sense to me unless it's a 392, and yes used ones are now in the $60s.

 

[bthomp]

Fully loaded is the problem. I sold a 23 Sport a couple of months ago for $500 less than I paid for it after 20 months and 5700 miles. It was a base Jeep I paid $32k for ordered new. When selling real estate or cars it’s all about the comps. You want the cheapest house in a nice neighborhood, not a mansion in a trailer park.

Jeep inflated their prices by adding options, not increasing the base prices. So adjusted for inflation, a base Sport is actually a pretty good deal. However, add model upgrades and options on top of that and you go from 30k to 60k on the exact same vehicle.

I’ve owned 62 vehicles in my life and I’m not wealthy. I build relationships with dealers, order below invoice, wait for the best incentives, and choose base models in whatever I choose. So base Sport or base Rubicon so I’ll be the cheapest guy on the block.

I'm not sure what is more impressive, own 62 vehicles or knowing that you've owned 62 vehicles. I'm nowhere near that, but have no idea how many my total is.

 

[bthomp]

I paid $37K for my 2021 Rubicon in August with 11K mikes. Original window sticker was $67K

Exactly, great time to buy. In November I bought a 2021 392 with 10k miles, never been offroaded and had very good upgrades (they planned to become 'jeepers' then they decided it wasn't for them). Perfect pre-owned Jeep. Sticker was 93k, upgrades of probably 12k, lightly used I paid 68. Could the price keep falling sharply, certainly could, but I'm loving my 392 and have no plans on selling!

Now if only housing would become affordable...

 

[alphawolff]

The prices were hilariously high. Wranglers are known for their re-sale value, but when the OEM is slashing prices by 20-30% to move cars your resale is going to take a massive hit. Jeep's reputation has also nosedived in the last year due to the quality/reliability issues.

 

[Upnover]

Yeah the market does suck. But this reminds me of car buying before Covid. I was luckily got out of my glad before it really went to crap and back into a JLU.

For comparison I can get used ‘24 JL with less miles for less than I paid for a ‘21 JL that was almost three years old when I bought it.

 

[JamesWyatt]

They won't lower prices...

They already have. My 2024 Rubicon XR X sticker was $71.5K. Same exact configuration for 2025 is $67.5K including destination, which is about a 5.6% reduction.

 

[wcjeep]

Thinking about a JK Rubicon. Not much more gets a JL Rubicon. Seems Gladiators have worse depreciation than Wranglers.

 

[The Last Cowboy]

This has always been true, not just with Wranglers. It applies to all popular, mass produced vehicles. The top trim levels depreciate faster, though Rubicon was an outlier for awhile until they took the base models away. This is especially true in pickups and SUVs, where luxury trimmed models age poorly, and where condition and miles mean more on the used market than options or supposed rarity.

Rubicons, Raptors, TRXs, 392 Wranglers, etc tend to not devalue as bad, until a new or significantly updated model comes out.

The auto industry is in a major shakeup right now, so it’s not just Wranglers suffering value loss. Vehicles that are needed are selling slightly better than the rest of the industry right now. Even then, owners are hanging on to what they have longer. I have a 10 year old pickup I bought new. Low miles, great shape. I only use it for truck stuff, but it has no real trade value right now. I’d like a new one, but can’t justify the want vs the need given the $70k it would take to replace my half ton 4x4 with something similar, an XLT F150. Local dealer is marking them down $10k though, and I find that price is still unjustifiable for a half ton truck with a cloth interior.

Here’s something else to consider. No one actually needs a Wrangler, and Stellantis has done a great job of not making people want one, or making current owners trade for another. Wranglers, Corvettes, Porsches, Harleys and other bikes, are wants not needs. And just look at boat and RVS. The sales of those are off a cliff. I’d hate to work at at one of those dealers now.

Things wont be better anytime soon just because there is a new president. A lot of painful changes are coming, whether they are for the better or the worse depends on your point of view and financial situation. Think of it like this. A new pair of boots need to be broken in, until then they make you uncomfortable and hurt your feet, making you wonder why you got rid of the old ones that were falling apart, but were comfortable. It’s a never ending cycle.

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