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.
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Comments
its holding its value because:
*inflation has risen to about the cost they were new
*chevy doesnt offer new replacement=demand for used sparks
BIDENOMICS
We’ve got a 2020 LT. 43k miles. Over that time and miles it’s been the best running, least problematic car we’ve ever owned in our 50+ year car ownership experience. Absolutely zero issues. Great paint job too…
I’ve owned several of these (2014 x 2, 2015 EV and a 2021). The 2021 1LT Special Edition in white was probably the best and my favorite. But I really liked the 2015 EV. All were great cars and Chevy should never have dropped it.
What I paid for my 2021 was LESS than what you can buy that exact same used car for today! Now, I did get a really great deal on that one, but still. Just try buying a clean used one today. Even a 2017 with 100K is bringing (asking) on average of 10 grand.
And the suits at GM, in their infinite wisdom (?) discontinued the Spark. Brilliant, right? (sarcasm)
RESIGN Mary Barra, She has wasted Billions of dollars- Cruise. electri battery plants, autonomous, everything she touch turn to rotten meat
Barra should have spun off Cruise like her CFO wanted because, open to merger opportunities, the companyhas potential. She was scared this would tank her GM stock because she’s hollowed out the company (Opel, India) and tried to replace old GM with Brightdrop Drop and GM Defense.
GM makes EVs bv better than Stellantis yet has no way to sell them in Europe where this is popular. She knew these products would be coming online, should have closed two factories (Belgium and Poland) and eliminated looses.
Negative. It doesn’t loose its valvue because there is no other car that cheap on the market. Can’t loose value when there’s no value to loose. In a day when anything that runs and is rust free is 10 grand, which BTW wasn’t too far off the sparks new MSRP, this little engine that can holds up pretty well.
These little cars must be much better than the piece of crap Aveo that my Father-in-law bought as his last car! But the idiots in charge got rid of this just like they did with the Impala. I have a 2017 Impala and it’s the best car I’ve ever owned!! I still would like something like my first new car, a 1971 Camaro. I do own a 1977 Buick Electra which is a lot of fun now days. No Buick LeSabres or Chevy Impalas or anything similar now days! The Honda Accord is looking better all the time! No, Mary Barra, I don’t want an SUV or electric vehicle. Another Impala with a V6 please!!
Great article! Another GM mistake discontinuing a great little cost efficient and safe vehicle.
I currently own my 4th Spark LT, two purchased for my daughter and two I purchased for myself. Since our first one purchased in 2014 to my 2017 I drive today which has 43k we have collectively had zero problems. The three we sold were sold in less than a week.
GM needs to think about middle America’s families for cost effective, dependable cars instead cars for the most part that are out of their reach.
Don’t get me wrong,I’m a die hard GM customer, but they sure made a mistake dropping the Spark, and of course, Camaro is another story.
Joe
I recently purchased a. Pre-owned 2021 Chevy Spark 2LT, very hard. To find at a price point under 18K!! I have been very happy w/ it. Very smooth on the highway. I spend $80 a mos on gas !!
Love my 22 LS manual. Fun little car