Do Kia Sorentos Hold Their Value? What To Know About Resale & Depreciation

in Car Comparisons
White Kia Sorento

Source: Flickr

When purchasing a vehicle, savvy buyers consider not only the price and features but also the potential resale value. The Kia Sorento, known for its elegant design, three-row utility, and reliable performance, stands out in the crowded SUV market. But what about its value retention over time? Do Kia Sorentos hold their value? This is a crucial factor that can significantly impact the overall cost of ownership. 

In this comprehensive guide, we delve into the resale dynamics of the Kia Sorento, exploring how well it maintains its value, how it compares to its competitors, and more. Whether you’re a current owner or a prospective buyer, understanding the factors influencing the Sorento’s resale value is vital in making an informed decision.

Kia Used Car Market Performance

Before we get into the specifics of the Sorento’s resale value and depreciation, let’s first evaluate Kia’s performance in the used car market. For this part, we used our handy CoPilot Price Pulse Tool to get some interesting insights.

Based on the chart, here are a few key takeaways about Kia’s performance in the used car market:

  • Increased Value Over Time: The used car market has seen a significant increase in the value of Kia vehicles, with a current price premium of $5,078 above the original forecasted price.
  • Current Price Trend: There is a notable upward trend in the current price of Kia cars, which is 31% higher than initially predicted.
  • Peak Price Achievement: Kia’s used car prices peaked on August 31, 2022, reaching a high of $24,350, considerably higher than the current average price.
  • Price Stability: Despite the peak, the price appears to have stabilized around the $21k mark, indicating a strong and steady demand for Kia vehicles in the used car market.
  • Short-term Price Decline: The 30-day and 90-day price trends show a slight decrease, 2%, and 4%, respectively, suggesting a very recent, slight dip in prices.
  • Long-term Outlook: The graph indicates a long-term price increase for Kia’s used cars from early 2020 to the beginning of 2024, with a solid performance throughout the period.
  • Market Positioning: Kia’s solid performance and price premium suggest a strong brand reputation and consumer demand in the used car market.

Please note that the information provided is based on a specific snapshot in time, and the values and trends regarding Kia’s performance in the used car market are subject to change. Market dynamics, economic factors, and brand reputation influence future values and trends.

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Kia Sorento Resale Value

Do Kia Sorentos hold their value? For this part, we turn to some trusted authorities in resale value and depreciation rates to determine the Sorento’s value retention over time.

According to an analysis of 3 million cars by iSeeCars.com, the Kia Sorento is ranked 11th among Kia models for resale value. It retains about 51.45% of its value after five years – which is decent at best. The average price for a 5-year-old Kia Sorento is around $19,635. For good measure, we compared the Sorento’s resale value with other Kia models:

  • The Kia Soul tops the list with the best resale value among Kia models, retaining 64.1% of its value.
  • The Kia Rio and Kia Rio 5-Door follow, with 61.4% and 60.8% resale values, respectively.
  • Other models, like the Kia Forte and Kia Seltos, have slightly higher resale values than the Sorento, with 60.2% and 57.9%, respectively.
  • The Kia Sportage and Kia Optima are also ahead of the Sorento in terms of resale value.

On the other hand, CarEdge says the Kia Sorento depreciates 40% over five years, with a resale value of $24,281 from an original price of $40,293. This is calculated assuming the vehicle is in good condition and travels an average of 12,000 miles annually.

KIA SORENTO PROS & CONS

Are you interested in purchasing a new or used Kia Sorento? If that’s the case, you must be familiar with the Kia Sorento pros and cons.

Used Kia Sorento Buyer’s Guide (Powered by CoPilot Price Pulse Tool)

Do Kia Sorentos hold their value? How’s the resale value of the Sorento in the used car market? Once again, we used our intuitive Price Pulse Tool to evaluate a specific year of the Sorento, the 2020 model. Here are our findings:

  • Price Premium: The 2020 Kia Sorento is currently selling at a price premium of $1,597 above the original forecasted price.
  • Market Trend: The overall market trend for the 2020 Kia Sorento shows a gradual decrease in value over time, with the current market price trending downward.
  • Current Market Price: The current market price for the 2020 Kia Sorento is $22,326, which is 7% above the original price forecast.
  • Comparison with Other Years: When compared with other model years from 2018 to 2022, the 2020 model year has a lower price premium than the 2021 and 2022 models, which have premiums of $3,714 and $4,525, respectively, but it has a higher premium than the 2018 and 2019 models.
  • Buying Recommendation: The downward trend and the current price position suggest it might be a better time to buy, with market prices down $3,788 from the peak for 2020 Kia Sorentos.
  • Stabilizing Prices: There is an indication that prices may be approaching a “new normal,” suggesting that the current price might stabilize around this point.
  • Yearly Premium Increase: There is a pattern of increasing price premium for each successive year, with the premium for the 2020 model being in the middle of the range provided.

Again, please remember that these values may change over time due to factors like market trends and conditions. As such, we highly recommend using the CoPilot Price Pulse Tool to evaluate specific years of the Sorento in the used car market.

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Final Thoughts

Do Kia Sorentos hold their value? When it comes to value retention, the Sorento does a decent job of maintaining its value. That said, it’s not the best three-row SUV option if you prioritize resale value.

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