Ford F-150 Raptor R Vs. Ram TRX: Which Quick Truck Did The Depreciation Speedrun Faster?

The term "supertruck" has been thrown around for years, with early examples arguably including the SVT F-150 Lightning from the late 1990s and the Chevrolet 454 SS, one of Chevy's forgotten pickups from earlier that decade. The debut of the 702-horsepower 2021 Ram TRX resurrected the market for high-powered pickups. Ford followed suit in 2023 with the F-150 Raptor R, creating a horsepower war with an upgrade from the regular F-150 Raptor (700 hp versus 450 hp).

Shopping for second-hand editions of either truck could lead to another contest: depreciation rates. Greater declines in value can lead to better bargains on used trucks. For the Raptor R (2023), that works out to an 18.3% depreciation rate, according to Kelley Blue Book (KBB). Per KBB's estimates, the 2023 TRX sees a slightly steeper drop at 20.7%.

However, projections only go so far when compared to real-world pricing. That's not an issue with the discontinued TRX; there are many on the used car market. However, depreciation gets flipped on its head with the Raptor R due to the limited pre-owned supply (spoiler alert: used 2023 Raptor Rs still mostly have six-figure price tags). We looked at how KBB's depreciation estimates compared to market pricing on Cars.com.

The Raptor R's 18.3% depreciation rate is far better than the 40.8% assigned to all F-150 SuperCrew editions over three years. It's even worse for the TRX's regular counterparts in the Ram 1500 series: depreciation increases from 20.7% to 49.1% when supertruck status doesn't apply. In other words, these trucks hold their value better when there are supercharged engines under the hood.

Based on KBB's estimate, a 2023 TRX with an original MSRP of $86,845 (including destination charges) should have a residual value of about $69,200 and an average retail price of $72,300. A cross-check on Cars.com shows clean-title examples with under 50,000 miles starting around $74,000. So the projection isn't too far off from the actual marketplace.

The 2023 F-150 Raptor R came with a base MSRP of $109,205 (including freight). Using KBB's depreciation formula of 18.3% results in a residual value of roughly $89,200. KBB also estimates an average retail price of $93,400. Cars.com listings mostly say otherwise. The majority of scary-quick 2023 F-150 Raptor Rs for sale in good condition and less than 50,000 miles start at $105,000, a significant jump over KBB's data. The few available units below this threshold had accident histories, multiple owners, or above-average mileage.

If you're shopping for a used Raptor R or TRX, it's reasonable to wonder if waiting might save money. If KBB's depreciation forecasts are to be believed (or taken with a grain of salt for the Raptor R), values continue to decline. In 2027, the Raptor R will lose 32.7% of its original value, compared to 34.4% for the TRX. 2027 will also mark the return of the Ram TRX to the market, this time with 777 hp. It's anyone's guess how this relaunch will impact the resale values of older models.

KBB's crystal ball for 2028 shows a consistently narrow spread in depreciation rates for these over-the-top pickups, just a percentage point or two. After five years, the 2023 Raptor R is estimated to lose 44.3% of its value, converting the $109,205 window sticker price into a $60,800 residual value. No one knows at this point how market conditions will affect actual selling prices down the road. 

Depreciation over the same period for the 2023 TRX is almost the same as the Raptor R's, at 45.8%. Crunching the numbers yields a $47,000 residual value for Ram's supertruck.