Research from CAP Black Book shows that heavy off-roaders registered three years ago have lost an average 33% of their value over the last two years.
The situation is even worse for smaller “lifestyle” SUVs, with average depreciation of 35% over the same period.
Among the reasons for this downturn in popularity are increased fuel costs and taxation changes, plus the growing image problem associated with driving 4x4s thanks to their perceived anti-green reputation.
The figures will be of concern given the current launch activity in the new car market which has seen a number of small 4x4s launched recently (Chevrolet Captiva, Citroën C-Crosser, Peugeot 4007, Vauxhall Antara), with more to come (Ford Kuga, Renault Koleos, Volkswagen Tiguan).
CAP sees much of the problem with 4x4 values being down to supply outstripping demand.
Robert Hester, Black Book valuation relationship manager, said: “These vehicles enjoyed huge popularity in recent years and now that many are returning to the used market there is insufficient demand to keep prices strong.
“There is also something of an image problem for off-roaders in our cities but in general the issue here is volume. They have gradually lost their image of exclusivity and have become victims of their own success.”