Though it was discontinued with the 2022 model year, the Chevy Spark continues to holds its value well over a five-year period after its initial purchase, according to a recent study.
The data from iSeeCars research indicates the Chevy Spark is among the 25 vehicle models with the lowest five-year depreciation, registering in 19th place.
The 2022 Chevy Spark and earlier model years experience an average of 26.6 percent depreciation during the first five years of ownership after being bought new, according to the study. Depreciation during this half-decade period usually amounts to $4,784, with a typical Spark retaining somewhat more than 73 percent of its value.
This puts the Chevy Spark significantly ahead of the overall automotive market average. The typical passenger car loses 38.8 percent of its value to depreciation over the first five years, or an average amount of $17,221. The Spark even manages to slightly outdo the popular Chevy Corvette despite the latter’s generally robust resale value, with 5-year depreciation on the Vette averaging 27.5 percent.
The Chevy Spark made the top-25 list because it is a fuel-efficient economy vehicle, one of several types that showed the least depreciation. Small SUVs also tended to make the list, and sports cars, perhaps unsurprisingly, also retained a lot of value.
Analyst Karl Brauer noted “four of the top 10 models” are sports cars, explaining “we saw a spike in demand for ‘fun’ cars during the pandemic lockdowns, and demand for them remains strong in the post-pandemic world.”
Continuing reduced used car supply and smaller inventories of new vehicles in general have helped all newer used cars retain their value longer. Back in 2019 and previous years, used car value tended to depreciate by 50 percent on average over the first five years compared to 38.8 percent today.
Among the worst cars for retaining value are EVs, with electric vehicles depreciating an average 49.1 percent during the first five years after purchase. However, even this metric has improved significantly from 2019, when EVs were subject to an average 67.1 percent five-year depreciation.
iSeeCars based its findings on 1.1 million used vehicle sales that took place during the twelve months ending with October 2023.