Used Jeep Wagoneer Prices are Falling Fast
Jeep introduced the Wagoneer and Grand Wagoneer to compete with the luxury large SUVs from Cadillac, GMC, and the European brands. With some trims starting at over $100,000, the car became the most expensive Jeep available on the market. However, the used car market has been tough on this car, with models losing over 20% of their value after just one year - something that has been rare in the post pandemic car market. There are now great deals to be found for 1-2 year old Grand Wagoneers if you are in the market for one.
Background on the Jeep Wagoneer
The Wagoneer model was released by Jeep in early 2021 as the return of an iconic nameplate. The SUV was positioned at the top of Jeeps model lineup as a premium SUV with seating for up to 8 passengers - a new feature for Jeep as their prior models were limited to just 2 rows of seating. The two options were the Wagoneer and the Grand Wagoneer, the latter of which having more luxury features and a base MSRP of about $20k higher. The models are divided into the base model, Series II and Series III variants, with some special one off trims as well. The Series III are the top of the line with the Wagoneer starting at just over $72,000 and the Grand Wagoneer Series III starting at almost $110,000.
What is the current used market for Wagoneers and Grand Wagoneers
With both of these models being out for a little over 2 years, the used car market is starting to build higher inventory and I expect it to continue to grow as lease returns start to come in, especially since Jeeps have historically been aggressively leased. Looking at the used market, we see a pretty substantial drop in price, with 1 year old cars selling for up to 20% off MSRP. Models that sell for around $100k are frequently found for around $80k, especially with the Grand Wagoneer Series II and III.
If we look at the price trend for the Wagoneer and Grand Wagoneer, there is no initial indication that prices will plateau at the current level and we are likely to see a continued decrease. On average, Grand Wagoneer prices are now at just around $86,000, with the original MSRP being around $113,000 new - a decrease of 23%.
Price trend of Jeep Grand Wagoneers
A similar trend is developing for the regular Wagoneer model, with prices starting out in the $100,000 range and now used cars selling for around $67,000, a decrease of almost 33%.
Price trend of Jeep Wagoneers
Is now a good time to buy a Wagonner or Grand Wagoneer?
If you are actively in the market for this car, buying a 1 year old used car with around 10 -15,000 miles will save you about 20% off MSRP. If you are flexible with your purchase date, that discount will likely keep increasing as you get cars that are 2 years old and have closer to 30,000 miles on them. I would expect that later this year we will see Grand Wagoneers for around $70,000 and Wagoneers fall into the mind 50K range. If you are looking for a large 7 row SUV, I would also recommend looking at the Ford Expedition, GMC Yukon or Chevy Suburban as those have significantly more used inventory available and have more attractive prices.