Top 8 utes: the best sellers and their used resale value (depreciation)
When you buy a new ute in 2024, it will depreciate. It’s insidious, like throwing a $50 note out the window every few days. If your small business, farm or simply your garage needs a new ute this year, here’s a comprehensive guide to combat this covert cash gouge…
When you’re forced to buy a new ute for your small business, or simply because you want one, it can feel like you’re backed into an economic corner thanks to the prickly topic of resale value.
Also known as residual value, this concept has inherently negative connotations, the kind that make you feel guilty, wasteful or fundamentally crippled by depreciation in any financial decision.
But it’s okay to buy a new ute - you’re allowed to need or want a better, newer car to better facilitate your transport needs. Whether it’s for work, getting the kids to and from, or simply getting yourself into something more reliable or with better functionality, it’s okay to buy any new car and feel not guilty.
In this report we’ll demystify the depreciation of the most popular utes, because that’s the vehicle category you’re most likely to buy according to the top 10 models list, where the podium is dominated by them. This is to help you, at the very least, reduce the financial burden of reselling your ute in the future.
Interestingly, 2023 has proven to be a complete juxtaposition for the prevailing financial headwinds, with a record 1.2 million recorded sales (registrations, technically). This is, give or take, 100,000 units more than the previous record set back in 2017 when Trump was ‘running’ the show, albeit very slowly, down a ramp.
If you’re still on the fence about buying a ute altogether, you might like to consider the tangible, practical benefits of buying a van instead: Hyundai Staria Load van review: Buy this or a Toyota Hiace? >>
WINNERS & LOSERS
It’s no secret 4x4 utes, or ‘pickups’ if you’re from America, are all the craze at the moment. And it’s pretty easy to see where most of the demand is in terms of brand and key characteristics; Aussie buyers love top-spec models, extra-rugged variants, and they especially love the Ford Ranger and Toyota HiLux.
If you’re shopping for a ute or pick-up truck, you might appreciate the homework we’ve done on your behalf with this two reports, so all you have to do is read:
Why you should buy a ute in 2024 >> and
MONSTER TRUCKS: Good and bad of buying big American pick-ups VS utes >>
According to the latest VFACTS report, which is compiled together by the FCAI to outline new vehicle registration figures from month to month, these were the top eight most popular new 4x4 utes registered during all of 2023:
And from 4th to 7th place:
4. Mazda BT-50: 14,043
5. Mitsubishi Triton: 13,732
6. Toyota LandCruiser 70 Series: 11,414
7. GWM Ute: 9363
8. LDV T60: 9027
The price difference between these is quite wide, with the cheapest GWM Ute starting from $38,990 and the most expensive model being the Ford Ranger Raptor, starting from $87,990.
Let’s focus on the popular, upper-mid-level variants and see what happens when we factor in resale value after five years.
Now keep in mind two factors here:
1.) depreciation is normal; everything bought new depreciates, so don’t be dismayed when you see dollar signs with negatives beside them - it’s nothing thermonuclear to worry about; and
2.) Just because one vehicle clearly indicates a loss and one shows a gain in value, that does not strictly suggest you should buy that value-gained vehicle. You can, obviously, but be aware that there might be a specific function in one ute that might be needed, or you might prefer the design or capability of a value-loss ute, in which case it’s okay to take the depreciation hit on that if it serves a purpose.
You’re also allowed to simply prefer one ute (in its modern equivalent) over the other.
Toyota HiLux SR5
Starting with the most well known and one of the most sought after, the HiLux SR5 automatic. To buy one new today you’re looking at $59,990, before on-road costs. In 2018, prices started from $56,440, and now, secondhand, the resale guide is between $41,500 and $45,750. Split down the middle, let’s call it $43,600.
That means the average example has lost $12,800 over five years, or 22 per cent of its original sticker price.
Ford Ranger Wildtrak
A new Wildtrak 2.0L retails from $68,500 today. Rewind five years ago and prices started from $61,800 for the old 3.2L engine (the 2.0L wasn’t available back then). Looking at the resale price guide, it ranges from $35,800 to $39,550. Cut down the middle, that’s $37,600.
A quick subtraction means it has lost over $24,000 of its value over five years. Or as near as makes no difference, 39 per cent of its original starting price over that timeframe.
Buying Ford Ranger: The Good and Bad of Australia’s beloved 4X4 dual-cab ute >>
Isuzu D-Max LS-T
The LS-M is the mid-level variant in the D-Max lineup, and we’ve selected it because Isuzu has changed the name of its flagship variants over the years, from LS-T, X-Terrain and X-Rider and other special editions. To keep it consistent and comparable we’ll use the LS-M badge to start with.
Today, a shiny new example kicks off from $55,300 for the automatic. In 2018 one of these would have set you back $49,000, before on-roads. Now, the resale guide is between $33,300 and $36,800, or an average of $35,050.
That’s a loss of $20,250 over a five-year period, or 41 per cent of its initial value. Keep in mind this is based on the mid-level variant where prices are a bit lower to begin with.
As mentioned, it’s difficult to compare a true flagship variant with today’s model but as a guide, the 2018 LS-T top-spec model started from $54,700, and has a resale average of $37,100. That’s a loss of $17,600, or 32 per cent.
Isuzu D-Max: The right and wrong of buying this 4X4 dual-cab ute >>
Mazda BT-50 GT
Today’s mainstream flagship is the SP, which starts from $68,500. However, back in 2018 the flagship was the GT 3.2L auto. It started from $56,990. Now, the resale value guide is between $33,000 and $36,500, resulting in an average of $34,750.
Take that away from the original price and it means it has lost $33,700 over five years, or 49 per cent of its value. That’s the biggest loss so far. But there’s more to come.
Why Mazda BT-50 beats Isuzu D-Max as a dual-cab 4X4 ute workhorse >>
Mitsubishi Triton GLS
If you walk into a Mitsubishi showroom today, you’ll probably have to wait a couple of months for a new Triton because the all-new model is just around the corner. But whatever, today’s flagship is the GSR, which starts from $63,840.
Back in 2018 the top model was the GLS. The auto started from just $46,990 when new. Now, the resale guide is between $30,550 and $33,850, for an average of $32,200. Subtract that from the initial price and you’ll see it has lost $14,790. Or, in percentage terms, that’s just over 30 per cent.
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Toyota LandCruiser GXL 70 Series dual-cab
This is going to be an interesting one. Taking the GXL top-spec dual-cab model, only available with a manual up until the very recent 2024 model update, with the 2.8L four-cylinder engine. Prices start from $79,800 for the 2.8L auto, today, excluding on-roads.
Wind back to 2018, when it came with a 4.5-litre turbo-diesel V8 and manual transmission, and prices started from $71,740. The resale guide today, for a 2018 example, is between $73,800 and $80,650, for an average of $77,225.
That means it has literally increased in value, by $5485, or up by 7.6 per cent. This might explain why these things are so popular. Or at least partly explain.
2024 Toyota LandCruiser 70 Series review & buyers guide >>
GWM Ute/Great Wall Steed
The GWM twin-cab underwent a name change a few years ago. It’s now called the GWM Ute but back in 2018 it was called the Great Wall Steed. Today’s flagship is the Ute Cannon Vanta, priced from $46,490.
Five years ago, the Steed was available in manual form only and retailed from $26,990. The resale value now is between $11,100 and $12,850, averaging at $11,975. That means it has lost $15,015 over a five-year span, which is a 55 per cent drop.
Why you should avoid GWM vehicles (for now) >>
LDV T60 Luxe
Today’s LDV T60 Luxe is priced from $47,900 for the auto. Back in 2018 the T60 Luxe started from about $36,800. It’s actually one of the biggest price jumps in this line-up, over five years. Now, these have a value of between $18,600 and $20,950, splitting to roughly $19,700.
That works out to be a loss of more than $17,000 in five years, dropping 46 per cent.
DON’T BUY LDV: Why owning a T60 could be a disaster >>
It’s interesting to see the difference between these. At first, some of them might seem expensive, and indeed are expensive to buy new, but it is clear the Toyotas hold their value the best, followed by Mitsubishi and Isuzu.
Keep in mind these results are based on the upper-spec variants. Some of these results might vary if you looked at the base models or the utmost flagship versions.
Here’s rundown of the results:
5-year depreciation | Depreciation Percentage
RANGER WILDTRAK: -$24,115 | -39%
HILUX SR5: -$12,815 | -22%
ISUZU D-MAX: -$17,600 | -32%
5-year depreciation | Depreciation Percentage
MAZDA BT-50: -$33,760 | -49%
MITSUBISHI TRITON GLS: -$14,790 | -31%
TOYOTA LANDCRUISER 70-SERIES GXL: +$5,485 | +7.6%
5-year depreciation | Depreciation Percentage
GREAT WALL STEED: -$15,015 | -55%
LDV T60 LUXE: -$17,056 | -46%
FIGHTING DEPRECIATION
Depreciation is such an insidious, covert car-ownership cost. Here are some tips for kicking depreciation’s arse now and in the future…
You buy a new car. It depreciates. It’s like throwing a $50 bill out the window every few days. And you get nothing back and your car costs less.
The truly insidious thing about depreciation is the way it attacks covertly. You don’t pay it until the end, when your knuckles are white and you’re waiting for the sales dude to come back with his (markedly shit) trade-in offer. You know you’re about to get bent over, and the question is: ‘How hard?
If you had to pay your depreciation once a week, perhaps in cash, at the post office (like, if some arsehole made that was a law) new car sales would plummet over the perceived injustice.
Watch the full video report above to find out the very simple way of avoiding a resale ambush attack (by stealth)… Another option is to click the red button below and let AutoExpert’s crack team of dealer-negotiating assassins clear the room.
If you’re shopping for a small hatch or sedan, the Hyundai i30 has become the benchmark for value, performance and quality. Small families with a modest budget, or merely individuals who don’t need a bloated SUV, i30 offers bang for your buck.