Here's How Much A 2021 Nissan Armada Has Depreciated In 5 Years

With a starting price of $61,085, the Nissan Armada has bragging rights as the cheapest full-size new SUV you can buy. All the others (Chevrolet Tahoe, Ford Expedition, GMC Yukon, Jeep Grand Wagoneer, and Toyota Sequoia) start even farther north of 61 grand. Yet, for some, a new Armada is still out of reach, which makes a case for buying used.

The 2021 model year is an ideal starting point. It's relatively modern but old enough for depreciation to have kicked in — 57% to 66%, depending on who you ask. And while we tend to like the latest shiny objects (the redesigned 2025 Armada lives up to its Patrol heritage), targeting a 5-year-old Armada lets you take advantage of previous-generation pricing.

To make sure depreciation estimates and real-world pricing align (hint: they don't, but buyers can still save big bucks over new), we double-checked dealer listings on Autotrader and CarGurus. We also compared the Armada's depreciation with the valuation losses its competitors suffered. All MSRPs mentioned here include destination charges.

Estimates for the Armada's depreciation vary. iSeeCars says this extra-large Nissan depreciates by 57% over half a decade, which is somewhat worse than the 51.1% average for large SUVs. Meanwhile, CarEdge is more conservative, projecting a 66% decline in value over the same period. Even if we use the less pessimistic forecast (57%), the depreciation estimate and the current market are at odds. There are cars that depreciate faster, including the Armada's upscale cousin, the Infiniti QX80.

In 2021, the mid-grade Armada SV stickered at $54,395, while the next-level SL sold for $57,795. Using iSeeCars' math, these editions should be priced around $23,400 (SV) and $24,850 (SL). But dealers don't agree. Based on used examples with a clean history (no accidents or title brands) and average mileage (around 13,500 miles per year), the marketplace for a 2021 Armada SV hovers between $26,500 and $28,000. The SL, which appears to be a better buy, floats in the $28,000 to $29,000 range. As Nissan sold fewer than 23,000 Armadas in 2021, there isn't an abundant second-hand supply, so market pricing can be harder to determine.

Explaining the discrepancy between depreciation estimates and dealer prices isn't an exact science. However, data from CarGurus shows that the average price for a used SUV has increased by 6.3% since the start of March 2026. Perhaps the projections haven't caught up with the market.

No matter which projection you look at, the Armada has higher five-year depreciation than its rivals. Looking at just iSeeCars data, the Tahoe's value drops by 46.5% versus 52.6% for the Expedition. The script flips with CarEdge's projections: 52% for the Chevy and 48.7% for the Ford. In contrast, the Yukon's five-year depreciation is relatively consistent between iSeeCars (47.6%) and CarEdge (44.6%).

The Armada's plunging valuations look even worse compared to the Sequoia's. iSeeCars says Toyota's flagship SUV depreciates by 35.6% over five years; it's 37.1% for CarEdge. Of course, that translates into higher used car prices for Sequoia buyers. The $29,000 you might spend on a well-equipped 2021 Armada won't get you anything other than an ultra-high-mileage Sequoia.

Today's largest Jeep didn't exist in 2021, and only recently did Stellantis streamline the Grand Wagoneer to be less confusing (axing the regular Wagoneer). So, we'll have to wait a year for a more accurate look at five-year depreciation for the 2022 Grand Wagoneer (the model's first year). Yet, there's potential for this jumbo Jeep to dethrone the Armada as the depreciation champion. CarEdge estimates that the Grand Wagoneer will be worth 57.4% less than its original MSRP.