Kia Depreciation: Do They Hold Their Value?
Kia has made significant strides in the automotive market, especially with the success of many of its models like the Telluride, Soul, and Sportage. However, in recent years, Kia has emerged as a notable contender in value retention, outperforming many other brands. While it’s nowhere near its top rivals like Honda and Toyota, Kia has certainly held its own in terms of retaining value.
Do Kias hold their value?
When buying a new car, it’s crucial to consider whether it will hold its value. This ensures that you won’t suffer a considerable financial loss when you decide to sell it. The objective is to select a car that meets your needs and, at the same time, maintains its value over time.
So, for today, we discuss Kia’s resale and depreciation values, along with overall market trends, and which models tend to hold their value and the other way around. Do Kias hold their value? Let’s find out.
Kia Used Car Market Trends (Powered by CoPilot’s Price Pulse Tool)
Using our Price Pulse Tool, here are some key insights regarding Kia’s market trends in the used car segment:
- Significant Price Premium: Kia vehicles are currently experiencing a notable price premium in the used car market. The current average price for a used Kia is $21,999, which is $5,744 higher than the original price forecast of $16,255. This indicates a strong demand for Kia vehicles, leading to higher resale values.
- Steady Price Trends: Over the last 30 and 90 days, the price trend for Kia vehicles has slightly increased. The 30-day price trend shows a 1% increase, and the 90-day trend shows a 2% increase. This suggests a stable and gradually increasing demand for Kia cars in the used car market.
- Comparing to Peak Prices: The peak price for Kia vehicles was recorded on September 1, 2022, at $24,359. Since then, the price has decreased by $2,360. This decrease from the peak might indicate a slight normalization of prices after reaching a high point. Still, the overall trend remains positive, given the current premium over the original forecast price.
Kia’s rising popularity and substantial resale value in the used car market are evident from these trends. The steady rise in prices and the notable higher selling price compared to initial estimates indicate that consumers view Kia cars as valuable and dependable.
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Key Takeaways on Kia Used Car Market Trends
Do Kias hold their value? Based on these trends, here are our key takeaways:
- Strong Demand for Kia Vehicles: The significant price premium over the original forecasted prices indicates a strong consumer demand for Kia vehicles. This could be due to various factors, such as the brand’s reputation for reliability, value for money, and the quality of its cars.
- Resilient Resale Value: Kia cars are maintaining a resilient resale value. The fact that used Kia vehicles are selling at prices significantly higher than initially forecasted suggests that these cars hold their value well over time, an essential consideration for buyers and sellers in the used car market.
- Stable Market Position: The steady price increase over the 30- and 90-day periods, although minor, indicates a stable market position for Kia. There isn’t a rapid fluctuation in prices, which suggests a consistent demand rather than a volatile market reaction.
- Consumer Confidence: The overall positive trend in the resale value of Kia vehicles could be reflective of growing consumer confidence in the brand. Factors like best-in-class warranty, features, and overall vehicle quality might contribute to this perception.
- Market Adaptability: The slight decrease from the peak price in September 2022 to the current price suggests some level of market adaptability. While there was a peak, the market has adjusted slightly, which could be a response to broader economic factors or changes in consumer preferences.
As such, although Kia has a long way to go to compete with the likes of Honda, Subaru, and Toyota in resale value over time, the South Korean company is undoubtedly building a solid foundation – especially when it manages to retain the positive consumer perception and confidence in the brand.
ARE KIAS RELIABLE?
If you want to know if Kias are reliable, you’ve come to the right place. CoPilot is here to walk you through Kia’s past and current reputation, some models to look out for, and anything else you need to know.
Which Kia Cars Have the Best and Worst Resale Value?
Do Kias hold their value? iSeeCars has recently released a statistical analysis of Kia’s 5-year depreciation across all its models. According to the study, the Kia Soul has the best resale value across all Kia models.
Best Resale Value: Kia Soul
After five years, a Kia Soul keeps 64.1% of its original value, which is pretty impressive. So, if you bought it for $20,000, it could still be worth around $15,276 five years later. In short, the Kia Soul doesn’t lose its value as quickly as other cars might, making it an excellent option for those who want a vehicle that’s a good investment in the long run. Plus, its reliability and safety scores are like a cherry on top of its appeal in the used car market.
The CoPilot Price Pulse tool tells a similar story. For instance, the 2018 Kia Soul is currently selling at a higher price than initially forecasted, with a premium of 13% – making it a much better time to buy. In addition, for each model year from 2016 to 2020, the Kia Soul is selling at a premium over the expected price. This suggests a strong demand for these vehicles in the used car market.
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Worst Resale Value: Kia Cadenza
On the other hand, the Kia Cadenza has the worst resale value within the South Korean automaker’s lineup – not including the EVs and hybrids. The Kia Cadenza retains 47.2% of its value over five years, with an average 5-year-old price of $23,196. As such, the Kia Soul outperforms the Cadenza in resale value and holding its worth, likely due to higher demand and its practicality. Luxury models like the Cadenza tend to lose value faster than economical ones like the Soul.
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