Here's How Much A 2021 Mercedes G-Wagen Has Depreciated In 5 Years

Six-figure vehicles attract attention for many reasons, but high depreciation rates can be appealing, especially if you're looking for a high-end ride. Take the case of the Mercedes-Benz G550, the company's flagship SUV (outside of the Maybach editions). A new G-Wagen today starts at an eye-popping $155,750 (all MSRPs covered in this article include destination charges), which is about three times the cost of the average new car. In other words, a fresh-from-the-factory G550 isn't a realistic purchase for many buyers.

But those looking for a burly Teutonic utility that's somewhat easier on the budget may want to consider a pre-owned G-Class. A good target is the 2021 model year. It's part of the current generation that was introduced in 2019, so you're not going too far back in automotive history to save money. This edition still has a V8 under the hood, unlike the less desirable inline-six engine that became the base powerplant in the 2025 G550. And a potential 35% depreciation rate can deliver substantial savings, albeit still at a six-figure price tag.

For a more complete look at this drop in value for the 2021 G550, we analyzed estimates from Edmunds and iSeeCars. To see how these projections play out in the real world, we looked at CarGurus marketplace pricing. Arguably, the G550 doesn't have a direct competitor, but to get a better perspective of its depreciation, we compared the Mercedes against the Lexus GX and Land Rover Defender.

Edmunds and iSeeCars are aligned in estimating the five-year depreciation rate for the 2021 G550. Based on a $132,800 MSRP, the G-Wagen will lose 34.7% of its original value, according to Edmunds. iSeeCars uses the same figure. We also looked at the depreciation forecast by CarEdge, which estimated a 48% drop in value over the same period. However, a review of dealer listings on CarGurus suggests that this projection is overly conservative.

A 2021 G550 with around average mileage and a clean history (no accidents or title issues) sells for about $105,000, give or take a few thousand dollars in either direction. Crunch the numbers from the original $132,800 base price, and the depreciation rate works out to 26.5%. That's not a scientific calculation, but just a reflection of the current marketplace. The availability of used 2021 G-Wagens (yes, there is a story behind the G-Wagen moniker) is limited. Mercedes sold only 8,500 units for the entire year. 

Real-world depreciation is even greater for the G63 AMG variant, which stickered for $157,700 in 2021. Edmunds estimates a 39.4% loss of value over five years. That means used examples should be available for about $95,000. However, mid-range prices on CarGurus hover around $137,000 for used examples, an effective depreciation rate of 13.2%.

The Ineos Grenadier may be the G-Wagen's most direct competition. Granted, you can rent an Ineos Grenadier through Hertz now, but it didn't exist in 2021, which complicates depreciation comparisons.

The Land Rover Defender perhaps comes closest capability-wise, but it isn't at the same price level (the Defender 110 stickered at $84,350 for the most expensive X trim in 2021). Edmunds estimates a 27.8% depreciation rate over five years. However, in the real world (CarGurus listings, at least), a 2021 Defender 110 sells for $45,000–$48,000, suggesting an actual depreciation rate of 43%–47%. That's the polar opposite of the G-Wagen's valuations, which are higher in the marketplace than the forecasts predict.

With a base MSRP of $93,025, the 2021 Lexus LX 570 also falls short of the G-Wagen's starting point. That's for the base three-row trim. Lexus offered a two-row version, but those are less common and difficult to price. Edmunds projects a five-year valuation drop of $34,995, which works out to 37.6% (not far off from the G-Wagen's 34.7%). Yet, similar to the Mercedes, this Lexus holds its value better on resale than estimated. $72,000–$75,000 is a typical range for a used 2021 LX 570, which means 19.3%–22.6% depreciation.