If you’re considering a Chevrolet Silverado 1500, you’re definitely not alone. It’s one of the most popular full-size trucks in America—but how much does it really cost to own one over five years?
This breakdown covers the major expenses: depreciation, insurance, maintenance, financing, and fuel. At the end, we’ll show you how to find the best deal near you using Quotes.EverymanDriver.com, a free search tool that could help you save thousands.
MSRP & Competition: The average Silverado 1500 sells for around $58,840, placing it in direct competition with the Ford F-150, Ram 1500, GMC Sierra 1500, and Toyota Tundra. It’s a do-it-all truck—great for towing, hauling, work, and family road trips. But over five years, total ownership costs land at $62,713. Let’s look at where that money goes.
Depreciation: Depreciation is the single largest cost of vehicle ownership. After five years, the Silverado 1500 loses about $21,865 in value, leaving a resale value around $36,975.
That drop is in line with other full-size pickups. The Ram 1500 and Ford F-150 see similar depreciation, while the Toyota Tundra has a slight edge in resale value.
Insurance: Expect to pay about $2,456 per year in insurance premiums, which totals $12,280 over five years. That figure is fairly typical for full-size trucks, though your final rate depends on factors like your location, driving history, and chosen trim.
Maintenance & Repairs: Routine maintenance and occasional repairs over five years will cost an estimated $3,362. This includes oil changes, tire rotations, brake pads, and other scheduled service.
The Silverado’s maintenance costs are in line with its key rivals, and lower than higher-maintenance options like the Nissan Titan or older models with more complex drivetrains.
Financing Costs: Financing is often overlooked when calculating true ownership costs. Assuming a 72-month loan, 6.99% APR, and 20% down, you’ll pay roughly $10,339 in interest over five years.
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Fuel Economy: With an average fuel economy of 18 MPG, you’ll spend about $14,867 on gas over five years—roughly $2,973 per year.
While that’s expected for a full-size pickup with a V8 or turbocharged six-cylinder, fuel costs can add up. If you’re prioritizing fuel savings, you might consider a hybrid truck like the Ford F-150 PowerBoost or even a compact pickup like the Ford Maverick.
Total Ownership Cost Summary (5 Years)
- Depreciation: $21,865
- Insurance: $12,280
- Maintenance & Repairs: $3,362
- Financing: $10,339
- Fuel: $14,867
- Total: $62,713
It’s not a cheap truck, but the Silverado 1500 brings solid value for those needing serious utility, capability, and comfort.
Before heading to the dealership, make sure you’re getting the best possible deal. Visit Quotes.EverymanDriver.com to access real-time pricing on the Silverado 1500—or any new or used car—available from dealerships in your area.
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