Finding the exact price of a truck or truck brand is difficult unless you know where to research or have an honest, reliable source to help you set a price. One example of a truck brand that can be hard to price are Chevy trucks.
On average, Chevy brand trucks cost on average between $30,000 and $40,000, depending on the make, model, and quality of the vehicle. Generally, the Colorado is the less expensive of the two models, particularly when looking at more advanced vehicles. The standard 2020 editions of the Colorado and Silverado are roughly the same price, depending on where you buy them from.
This article will go into a more in-depth breakdown of the different factors that affect the price of a Chevy truck.
The Cost of a Chevy Truck
There are two main Chevy brand trucks, the Colorado and the Silverado, both of which change in price depending on a wide range of factors.
The Chevy Colorado
The Chevy Colorado is the smaller and more versatile of the two Chevy trucks, offering enough power and performance to meet most people’s needs. Still, the Chevy Colorado is an excellent vehicle that offers plenty of towing capacity, off-road power, and speed for its price.
Manufacturers suggested retail price. The MSRP of any vehicle is the price that the manufacturer encourages people to set for the vehicle. In the case of the Colorado, the MSRP set for the standard 2020 model is $31,000 dollars. The most expensive model, featuring four-wheel drive, an extended cab, and a six-cylinder engine, has an MSRP of $41,000 dollars.
The average dealer’s cost. Generally, car dealerships will sell vehicles at or just below the company MSRP in order to entice buyers. This means that a Chevy Colorado from a dealership will cost, on average, between $30,000 and $40,000 dollars, the average range for a Chevy truck. It is important to remember that not every dealership will sell their vehicles at the average price so it is important to research vehicle prices before you buy.
Buying a Colorado used. As a general rule, used cars will cost around one-third to half as much as buying a new car off the lot. While these low prices can mean the vehicle in question is less reliable than a new car, this isn’t necessarily the case. In addition, the sales tax on and insurance fees on used cars are much lower than new vehicles, which helps lower the overall price even more.
The Chevy Silverado
The Chevy Silverado is much more dedicated as a truck compared to the smaller, less powerful Colorado. The Silverado has a more spacious cabin, more cargo capacity, and a more powerful engine to help move all that extra weight. Despite this, the lack of internal features does keep the price down, making the two vehicles more comparable.
MSRP for the Chevy Silverado. The MSRP of the standard, 2020 Silverado is set at $33,000 dollars while the most expensive model, the crew cab with an eight-cylinder engine, costs around $57,000 dollars. The simple double-cab version of the vehicle ranges from $35,000 to $46,000 dollars, depending on factors like engine size and power gate features.
Chevy Silverado at the dealership. Unlike the Colorado, Silverado tend to be sold more under MSRP value, with price reductions ranging from $1,000 to $5,000 dollars, with more expensive vehicles having bigger markdowns. This helps make the more expensive double and crew cab Silverado models more affordable, although you should still be sure to research both your dealership of choice and the price of the Silverado model you are looking at.
Buying a used Chevy Silverado. The major price drops that come with buying a used vehicle, as well as the reduced sales tax and insurance fees. These discounts are so great that even the crew cab model Silverado, which generally runs in the $50,000 dollar range, can drop to $30,000 dollars when used. Of course, you should always research a used vehicle and the person selling it before you buy, since a cheap price can mean the vehicle is broken in some way.
Features that Impact Price
Part of the reason that prices vary so wildly across different models of Chevy truck is that different models come with different features and abilities which can increase the price. These range from built-in functions to optional add-ons and modifications bought from the dealership, but in either case they add to the cost of a Chevy Truck.
Double and Crew Cabs. The Colorado has five seats for passengers and the Silverado has four, but there is a way to get more seating capacity in both cars. These cars can both be bought with either a double/extended cab or a crew cab, both of which add two more seats to the cab. The main different between the two features is that a crew cab offers more overall space than the smaller, more narrow double cab.
Engine Size. The larger the engine in the model of Chevy truck you buy, the more expensive the vehicle becomes. Engine size is a key factor in speed, performance, and towing capacity, so investing in a larger engine will help you get more power out of your Chevy truck. The largest stock engine available to Chevy trucks is an eight-cylinder block, but aftermarket engines can be even more powerful.
Wheel Drive System. Chevy trucks come in rear, front, and four-wheel drive systems, each of which offers better off-road performance and is more expensive than the last. As pickup trucks most Chevy truck models will come with four-wheel drive automatically since it helps with off-road driving, but some models come with the cheaper, yet less effective, front and rear-wheel drives.
Add-On Packages. Groups of special features sometimes come in packages that offer a selection of new items with the same theme. For example, an off-road package will come with larger, off-roading tires and floor covers to protect from mud, while a towing package will come with a larger engine and more robust towing hitch.
Internal Modifications. There are a variety of items you can buy for the inside of a Chevy truck that offer new features. These include advanced radio packages, floor mats, under seat storage, and additional entertainment systems. Modifications like this can range from $20 to $250 dollars depending on what you are buying.
Cosmetics. Changes like the paint color, trim, and any chrome or metallic features also increase the price of a Chevy truck. Items like this don’t have any practical effects on a truck, but help improve the look of the vehicle and are cheaper than more functional mods.
The exact price of a Chevy truck can change wildly depending on make, model, and other features, but there is more to determining the price of a Chevy vehicle.
How Much Does A Chevy Truck Depreciate Per year?
Due to their rugged durability and strength, most trucks have an excellent depreciation rate, and Chevy Trucks are no exception, having an above-average depreciation rate even among other trucks. As a baseline, however, all trucks lose 10% of their value the second they are driven off the lot, no matter what they cost beforehand or if they were a new or used vehicle.
Chevy Silverado. The Chevy Silverado depreciates at a rate of 35% every five years, compared to the 38-41% other, similar trucks like the Honda Ridgeline experience over time. This means that a Silverado you bought for $40,000 will still retain over half its value even after five years of regular use.
Chevy Colorado. The Chevy Colorado has a comparatively worse rate of depreciation, losing 28.8% of its value every three years or roughly 47% every five years, but this is still better than most cars. At this rate of depreciation, a Colorado that cost $40,000 on the lot will cost a little less than half its original value five years later, including the cost of driving off the lot.
Beware. Depreciation only takes into account average, expected wear and tear and does not factor in any repairs or upgrades you make. Anything you do to a vehicle that causes more damage or any improvements you make will change the value of a truck independent of the usual depreciation rate, so be prepared for the price of your vehicle to not match up perfectly with the calculated depreciation rate.
Are Chevy Trucks a Good Value?
Purely in terms of cost, Chevy trucks are a good deal since they are cheaper than other, similar trucks on the market like Ford or Toyota.
In fact, Chevy trucks are often $1,000 to $5,000 dollars less expensive than the competition, while offering similar cargo capacity, towing power, and passenger space overall.
The wide range of internal and external features, as well as different models, offered by Chevy trucks can also offer a lot of value for drivers.
Chevy trucks are also generally easier to repair at home with a wider range of cheap replacement parts that can help save money on expensive professional repairs.
Given the wide ranges of models, features, and styles available for Chevy trucks, it can be hard to tell what the price for one should be. Depending on a number of factors a good price can range from $25,000 to $50,000 dollars. If you have any questions about Chevy trucks or buying a car, comment with them below.
Hi, I am Brad. Car Independent is your source for independent views on cars and car accessories. Whether you looking to buy a new car or something cool for your car, you have many options. My aim to help you make the best-informed choices.