The Jeep Grand Cherokee is a popular SUV that has been around for decades. One of the factors that buyers consider when purchasing a vehicle is its resale value. In this article, we will explore the Jeep Grand Cherokee’s resale value and how it compares to other SUVs in its class.
According to experts, the Jeep Grand Cherokee has a decent resale value, but it’s not exceptional. After five years, a Jeep Grand Cherokee will depreciate by around 38% and have a resale value of approximately $33,514. This puts it on par with its main rival, the Ford Explorer, but behind some other SUVs in its class. However, it’s important to note that resale value can vary depending on factors such as mileage, condition, and location.
If you’re considering purchasing a Jeep Grand Cherokee, it’s important to keep in mind that it may not hold its value as well as some other SUVs in its class. However, if you plan on keeping the vehicle for a long time, this may not be a significant concern. In the following sections, we will dive deeper into the factors that affect the Jeep Grand Cherokee’s resale value and how it compares to other SUVs in its class.
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Understanding Resale Value
Resale value is an important factor to consider when purchasing a vehicle. It refers to the amount of money a vehicle can be sold for after it has been used for a certain period of time. A high resale value means that the vehicle retains its value well, while a low resale value means that the vehicle loses its value quickly.
When it comes to the Jeep Grand Cherokee, its resale value is considered to be average. According to CarEdge, a Jeep Grand Cherokee will depreciate by 38% after 5 years and have a 5 year resale value of $33,514. This is an okay job of holding its value, but it’s not great. It’s neck-and-neck with its principal rival, the Ford Explorer, but it’s still towards the back of the pack when measured by its resale values.
As far as holding its value is concerned, the Jeep Grand Cherokee does lose a significant amount of value over time. If you buy it brand new, it will depreciate by 30% after the first year and this number is expected to rise to about 56% within 5 years. This means that if you plan on selling your Jeep Grand Cherokee after a few years, you may not be able to get as much money for it as you would like.
However, it’s important to note that the resale value of a vehicle can be affected by a number of factors. These include the condition of the vehicle, its mileage, the number of owners it has had, and any modifications or upgrades that have been made to it. Additionally, the resale value of a Jeep Grand Cherokee can vary depending on the specific model and trim level.
Overall, while the Jeep Grand Cherokee may not have the best resale value in its class, it still holds its value relatively well. If you take good care of your vehicle and keep it in good condition, you may be able to get a decent amount of money for it when it’s time to sell.
Historical Resale Values of Jeep Grand Cherokee
The Jeep Grand Cherokee is known for its ruggedness and off-road capability, but how does it hold up in terms of resale value? CarGurus tracks the prices of millions of used car listings every year, providing valuable insights into the resale values of different car models.
According to CarGurus, the Jeep Grand Cherokee has had a mixed track record when it comes to resale value. In recent years, the Grand Cherokee has held its value fairly well, with a 5-year resale value of $33,514 and a depreciation rate of 38%. However, this is not always the case.
For example, in 2014, the Jeep Grand Cherokee had a 5-year resale value of only $21,261, with a depreciation rate of 57%. This was a significant drop from the 2009 model year, which had a 5-year resale value of $28,828 and a depreciation rate of 44%.
Overall, the resale value of the Jeep Grand Cherokee seems to be relatively stable, but there are fluctuations from year to year. It is important to consider the specific model year and condition of the vehicle when assessing its resale value.
Here is a table summarizing the historical resale values of the Jeep Grand Cherokee:
|5-Year Resale Value
It is worth noting that these figures are based on average resale values and depreciation rates, and individual vehicles may vary. However, they provide a useful overview of the historical resale values of the Jeep Grand Cherokee.
Factors Influencing Resale Value
When it comes to the resale value of a Jeep Grand Cherokee, there are several factors that come into play. Here are some of the key factors that can influence the resale value of a Jeep Grand Cherokee.
1. Vehicle Condition
The condition of the vehicle is one of the most important factors that can influence its resale value. A Jeep Grand Cherokee that is well-maintained and in excellent condition will typically command a higher resale value than one that has been poorly maintained or has significant wear and tear.
Mileage is another important factor that can impact the resale value of a Jeep Grand Cherokee. Generally speaking, a vehicle with lower mileage will have a higher resale value than one with higher mileage. This is because lower mileage typically indicates that the vehicle has been driven less and may be in better condition overall.
The age of the vehicle is also an important consideration when it comes to resale value. Generally speaking, newer vehicles will have a higher resale value than older vehicles. This is because newer vehicles are typically in better condition and have more modern features and technology.
4. Market Demand
Finally, market demand is another important factor that can impact the resale value of a Jeep Grand Cherokee. If there is high demand for Jeep Grand Cherokees in the market, then the resale value of the vehicle is likely to be higher. On the other hand, if there is low demand for the vehicle, then the resale value may be lower.
Overall, there are several factors that can influence the resale value of a Jeep Grand Cherokee. By considering these factors and taking steps to maintain the vehicle in good condition, owners can maximize the resale value of their Jeep Grand Cherokee when it comes time to sell.
Comparison with Other SUVs
Jeep Grand Cherokee vs Toyota 4Runner
The Jeep Grand Cherokee and Toyota 4Runner are two SUVs that are often compared to each other. Both are known for their off-road capabilities and reliability, but there are some differences between the two.
In terms of resale value, both the Grand Cherokee and 4Runner have strong values, with the Grand Cherokee typically having a slightly higher resale value. According to MotorTrend, the Grand Cherokee and 4Runner both made the list of Best Resale Value SUVs for 2022, with the Grand Cherokee ranking higher.
When it comes to performance, the Grand Cherokee offers a more powerful engine lineup, with options for a V6, V8, and even a supercharged V8 in the high-performance Trackhawk model. The 4Runner, on the other hand, only offers a V6 engine. However, the 4Runner is known for its superior off-road capabilities, with features like a locking rear differential and available crawl control.
In terms of interior space and features, the Grand Cherokee offers a more luxurious cabin with more advanced technology features. The 4Runner, on the other hand, has a more rugged interior and is better suited for off-road adventures.
Jeep Grand Cherokee vs Ford Explorer
The Jeep Grand Cherokee and Ford Explorer are both popular midsize SUVs, but they have different strengths and weaknesses.
In terms of resale value, the Grand Cherokee typically has a higher resale value than the Explorer. According to MotorTrend, the Grand Cherokee made the list of Best Resale Value SUVs for 2022, while the Explorer did not.
When it comes to performance, the Grand Cherokee offers a more powerful engine lineup, with options for a V6, V8, and even a supercharged V8 in the high-performance Trackhawk model. The Explorer, on the other hand, offers a hybrid powertrain option for better fuel efficiency.
In terms of interior space and features, both the Grand Cherokee and Explorer offer spacious cabins with advanced technology features. However, the Grand Cherokee is known for its more luxurious interior and higher-quality materials.
Overall, the Grand Cherokee is a better choice for those who prioritize off-road capability and luxury, while the Explorer is a better choice for those who prioritize fuel efficiency and a spacious interior.
Improving Resale Value
When it comes to selling a Jeep Grand Cherokee, owners want to get the best possible resale value. While depreciation is inevitable, there are steps that can be taken to improve the resale value of the vehicle.
Maintenance and Upkeep
One of the most important factors in determining the resale value of a Jeep Grand Cherokee is its maintenance history. Regular maintenance and timely repairs can help keep the vehicle in good condition and prevent major issues from developing. This can include:
- Regular oil changes
- Tire rotations and replacements
- Brake inspections and replacements
- Fluid level checks and top-offs
- Engine and transmission inspections
By keeping up with maintenance and addressing any issues promptly, owners can help ensure that their Jeep Grand Cherokee is in good condition when it comes time to sell.
Another important factor in improving the resale value of a Jeep Grand Cherokee is retaining documentation of all maintenance and repairs. This can include:
- Service records
- Receipts for parts and labor
- Vehicle history reports
Having documentation to prove that the vehicle has been well-maintained and cared for can help instill confidence in potential buyers and increase the resale value.
In addition to maintenance and documentation, there are other steps that owners can take to improve the resale value of their Jeep Grand Cherokee. This can include keeping the vehicle clean and free of damage, avoiding modifications that may turn off potential buyers, and researching the market to price the vehicle competitively.
The Jeep Grand Cherokee does hold its value relatively well compared to its competitors. While it may not be at the top of the pack, it does an okay job of retaining its value over time. According to CarEdge, a Jeep Grand Cherokee will depreciate 38% after 5 years and have a 5-year resale value of $33,514.
It’s important to note that the Grand Cherokee has seen a number of improvements and changes over the years, including the introduction of a diesel engine and the first high-performance SRT model featuring a 415-hp 6.1-liter Hemi engine. By the end of its model run, Jeep also increased the horsepower on its 5.7 and 6.1-liter V8s to 357 and 420, respectively.
While the Grand Cherokee may not be the best option for those looking to maximize their resale value, it’s still a solid choice for those in the market for a reliable and capable SUV. Additionally, the Jeep Grand Cherokee has been consistently ranked as one of the top 10 SUVs for resale value by Kelley Blue Book and other automotive research firms.
Ultimately, the decision to purchase a Jeep Grand Cherokee should be based on individual needs and preferences, as well as factors such as budget, usage, and desired features. With its combination of off-road capability, comfort, and style, the Grand Cherokee remains a popular choice among SUV buyers.