Multipurpose vehicles, or multi-passenger vehicles, have increasingly become popular in the Philippines, not just because their designs have leveled up to reflect modern mobility, but also because their functions have been expanded and enhanced. Observe how new MPVs are as versatile enough to carry from five to 9 passengers, yet still have enough luggage and legroom.
Pioneering the MPV concept was the 1956 Fiat 600 Multipla of Italy. “The Car Book: A Definitive History” described its engine at a modest 633cc, straight-four with a top speed of just 89 kph. Yes, MPVs have definitely gone a long way, inside and out.
If there’s a perfect vehicle design to represent the varied transport needs of every member of the family, then the MPV is it: They drive like cars, yet offer high-ground clearances; they offer comfortable, spacious interiors, yet they also offer the utility of a small van, and the toughness and dynamism of a sport utility vehicle (SUV).
And now, as revealed by leading online classifieds site OLX Philippines, MPVs have shown that they don’t depreciate in value as fast as most other vehicle types (except for pickups, which in an earlier data release, have shown to depreciate the slowest among all vehicle types). OLX Philippines showed that, based on its comprehensive database, MPVs take an average 7.06 years before they lose half of their brand-new SRPs. SUVs, on the other hand, reach the 50% depreciation level in just 5.04 years. See the chart below for the average time it takes for vehicle classifications to lose 50% of their brand-new SRPs.
TessDrive.com asked OLX Philippines to rank the MPV brands according to search volume and their resale values after three and five years. OLX PH clarified that the result, shown below, covers only the period from December 2018 to February 2019. And if you noticed the absence of MPVs such as the Honda BR-V, the Mitsubishi Xpander, the Toyota Rush, and the Suzuki Ertiga, OLX PH reasoned that these models were still “too new” for any viable numbers to show in the resale list.