Which Color Cars Lose Their Value Fastest Here in Minnesota?
Used cars are worth a lot more these days, but just which color car keeps its value the most here in Minnesota?
One of the many strange things that has happened since the pandemic has been how the computer chip shortage in new cars has led to the increase in value of many used cars. In fact, earlier this spring, there were at least five car models that cost more used than they did new here in Minnesota.
So we know that used cars still have a lot of value. But did you know the COLOR of the car can have an effect on just how much it's worth? It sure can. And the number-crunchers over at iSeeCars just did a major survey to find out just which color cars hold their value the most-- and the least.
To come up with these findings, the iSeeCars study compared the prices of more than 650,000 recently sold cars to see which colors help, hurt, or have minimal impact on a vehicle’s resale value for Minnesota drivers. They found that the highest depreciating color lost almost four times the value as the lowest!
Specifically, the study found that brown cars here in the Land of 10,000 Lakes lost the most value, losing 17.8% of their value over a three-year period, depreciating $7,642 from the car manufacturer's suggested retail price (MSRP.)
On the other end of the spectrum, yellow cars in the North Star State retained the most value, losing only 4.5% of their value over the three-year period, depreciating just $3,155 from their original MSRP. You can check the full list HERE and check below to see how YOUR color car faired in the study:
iSeeCars Minnesota Depreciation Percentage by Car Color Study
1) Yellow (-4.5% down $3,155)
2) Orange (-10.7% down $3,825)
3) Purple (-13.9% down $5,461)
4) Red (-14.0% down $5,399)
5) Green (-14.0% down $5,596)
6) Blue (-14.3% down $5,582)
7) Gray (-14.3% down $5,635)
8) Beige (-14.4% down $5,960)
9) Silver (-14.8% down $5,499)
10) White (-15.5% down $6,490)
The news is even worse if you have a black car, as they placed just outside the top ten and lost an average of 16.1% of their value, depreciating $6,993 from their MSRP. Meanwhile, gold cars lost 16.7% of their value, depreciating $6,719 from their MSRP.
Speaking of cars, do you remember which classic cruiser made its debut the year you did? Keep scrolling to check out which iconic cars hit dealer showrooms the year you were born!