Car depreciation is a major cost associated with car ownership and this article sheds light on the depreciation of popular models in the Adventure SUV segment using data from Cars.co.za. Between the Toyota Fortuner, Ford Everest and Isuzu MU-X, which one of these adventure SUVs retains value better in South Africa? Let’s find out!
The cost of car ownership is multi-layered and costs such as fuel, maintenance, insurance and depreciation are often overlooked by car buyers. The true cost of car ownership is therefore often much higher than what car buyers anticipate.
Paying for a car is the first major cost that any car buyer needs to overcome. A cash purchase is cheaper than a finance deal because there’s no interest cost incurred over time, but paying off a vehicle is more affordable than an outright cash purchase, making the latter option preferable for many car buyers.
After purchasing a car, the 2nd biggest cost that a car buyer has to confront is the inevitable cost of depreciation, the topic of this article.
What is Car Depreciation?
Car depreciation can be defined as the rate at which a car loses its value over time. All new or modern cars (unless it’s a rare collectable car) will lose value over time from the moment it is driven off the dealership floor.
Different brands and models will depreciate at different rates for various reasons, including market factors (supply and demand), brand reputation, model reliability, age, vehicle condition and -history, etc.
The general depreciation pattern is that new cars will depreciate the fastest in the first 1 to 3 years of ownership and then the rate of depreciation tends to decrease and level off as the car ages.
Why is car depreciation important to you?
Car depreciation is important because it’s money that you will lose and it impacts your financial status. Depreciation also has a direct impact on the resale value of a car.
Having knowledge of depreciation and how it affects the value of a car is beneficial for used car buyers because it gives them an indication of the best time to buy a used car, saving the buyer money.
As the 1st article in our Car Depreciation article series, we focus our attention on the popular Adventure SUV segment, which includes models such as the Toyota Fortuner, Ford Everest and Isuzu MU-X.
The depreciation results presented here are derived from historical used-car data from Cars.co.za. Note that the figures shown here are merely indicative values and are not definitive, as the factors that impact car depreciation are always changing.
Annual Car Depreciation: Toyota Fortuner vs Ford Everest vs Isuzu MU-X
Average brand depreciation
The general perception in the market is that Toyota models retain value better than those of many other car brands. Toyotas are often sold on this premise and our data generally supports this assertion.
Looking at historical used car data from Cars.co.za, the Toyota brand has the lowest overall average rate of annual depreciation compared to Ford and Isuzu.
Currently, Toyota has an average annual depreciation percentage of 6.8% compared to Ford at 9.1% and Isuzu at 11.8%.
Let’s delve into specific depreciation data for the Toyota Fortuner, Ford Everest and Isuzu MU-X.
Average annual depreciation: Toyota Fortuner vs Ford Everest vs Isuzu MU-X
To help us illustrate the impact of depreciation, meet Bongani.
Bongani is an accountant living and working in Johannesburg. Bongani is married and has 3 children. He needs a larger vehicle for his family, but he also wants to take his family on holiday adventures.
Bongani was advised to consider 3 options: the Toyota Fortuner, Ford Everest and Isuzu MU-X.
Bongani wants to make the best possible buying decision that will make the most financial sense for him and his family.
To do this, Bongani visited Cars.co.za, South Africa’s leading online motoring portal and read reviews and watched videos on all 3 of these cars. Bongani also found this article on car depreciation and it ultimately saved him thousands of Rands.
Which one of these 3 cars holds its value better over time and how much value is lost to depreciation over a 5-year period? Let’s take a closer look!
Toyota Fortuner
The Fortuner has been a huge success for Toyota and it’s a popular model in the used car market.
If Bongani bought a new Toyota Fortuner 2.8 GD-6 4×4 automatic in 2020, this is an example of how much value the Fortuner would lose under average wear-and-tear conditions. Note that actual used car data from Cars.co.za is used to formulate the examples below.
| Toyota Fortuner 2.8 GD-6 | 2020 | 2021 | 2022 | 2023 | 2024 | Total |
| Average Value | R736 000 | R628 544 | R664 371 | R648 426 | R612 763 | R545 359 |
| Average Annual Depreciation % | 14.6% | -5.7% | 2.4% | 5.5% | 11% | 6% |
| Loss in Rands | R107 456 | +R35 827 | R15 945 | R35 663 | R67 404 | R190 641 |
A new 2020 Toyota Fortuner 2.8 GD-6 4×4 automatic was priced at R736 000.
Note that Bongani’s Fortuner lost R190 641 or 26% of its value over a 5-year period. Interestingly, and against the general trend, the Fortuner gained some value in 2021 as demand for quality used cars surged during Covid and then took a larger depreciation knock in 2024.
If you are considering buying a used Toyota Fortuner, we suggest looking at Fortuners older than 2 to 3 years (2022, 2021, 2020, etc) to avoid the brunt of depreciation.
Cars.co.za has a large selection used Toyota Fortuner cars for sale!
Ford Everest
Historically, the Ford Everest has been a main rival to the Toyota Fortuner, but with the arrival of the new-generation Everest in 2022, Ford’s adventure SUV has moved upmarket and is now perhaps more comparable to the new Toyota Prado.
Nonetheless, let’s pretend Bongani walked into a Ford dealership in 2020 and purchased a previous-gen Ford Everest 3.2TDCi 4×4 XLT. How much would that Everest have lost in value over 5 years? Let’s see!
| Ford Everest 3.2 TDCi 4×4 XLT | 2020 | 2021 | 2022 | 2023 | 2024 | Total Loss |
| Average Value | R715 300 | R572 240 | R626 031 | 616 641 | R524 145 | R444 475 |
| Average Annual Depreciation % | 20% | -9.4% | 1.5% | 15% | 15.2% | 8.5% |
| Loss in Rands | R143 060 | +R53 791 | R9 391 | R92 495 | R79 670 | R270 825 |
In 2020, a Ford Everest 3.2 TDCi 4×4 XLT was priced from R715 300.
Note that the Everest lost R270 825 or 38% of its value over 5 years. Much like the Fortuner, the Everest also experienced a year of value appreciation in 2021, but a heavy depreciation blow was dealt in 2023 and 2024, resulting in a higher loss in value compared to its Fortuner rival.
If you’re interested in a used new generation Ford Everest, we suggest that you consider a used Ford Everest that’s 2 to 3 years old to avoid the brunt of depreciation.
Buy a used Ford Everest on Cars.co.za
Buy a new Ford Everest on Cars.co.za
Isuzu MU-X
Isuzu has a loyal following in South Africa by virtue of the Japanese brand’s strong reputation for reliability and 4×4 ability. An updated Isuzu MU-X is expected to arrive in South Africa in 2025.
How well does the Isuzu MU-X retain its value over time? Examine the table below.
| Isuzu MU-X 3.0TD 4×4 | 2020 | 2021 | 2022 | 2023 | 2022 | Total Loss |
| Average Value | R712 200 | R621 038 | R600 544 | R607 571 | R527 372 | R479 381 |
| Average Depreciation % | 12.8% | 3.3% | – 1.1% | 13.2% | 9.1% | 7.5% |
| Loss in Rands | R91 162 | R20 494 | +R6 606 | R80 199 | R47 991 | R233 240 |
If Bongani purchased an Isuzu MU-X 3.0TD 4×4 in 2020, he would have paid about R712 200. Over the course of 5 years, the MU-X lost a total of R233 240 or 33% of its value. Note that the MU-X also experienced a period of appreciation in 2022, but not to the extent seen for the Fortuner and Everest.
If you want to avoid depreciation, consider an Isuzu MU-X that’s 2 to 3 years old.
Buy a used Isuzu MU-X on Cars.co.za
Summary
The data shows that a Toyota Fortuner is indeed likely to hold its value better over time compared with its Ford Everest and Isuzu MU-X rivals. It might, however, come as a surprise to some that the Ford loses more value over time compared with the Toyota and Isuzu.
With the knowledge and understanding of how depreciation affects the value of a car over time, Bongani decided to forego his urge to buy a new car, knowing that it would lose a substantial amount of value in the first 1 to 3 years. Instead, Bongani decided to search for a used car on Cars.co.za.
He found a large selection of quality used cars to choose from and he decided to buy a well-looked-after, 3- to 4-year-old Toyota Fortuner with under 100 000 km on the odometer. Bongani financed the car over 72 months, but he put down a deposit to further reduce his monthly instalments. He intends to pay off his car within 3 to 4 years to avoid the total cost of interest over the 6-year lifespan of the loan period.
By implementing the above strategy, Bongani has managed to save a substantial amount of money, ultimately improving his financial health.
Bongani is currently on holiday enjoying time with his family.
Bongani is a smart man.
Be like Bongani.
Find what moves you on Cars.co.za.
Want more advice? Check out our resources related to car insurance, -warranties and -finance.
