Used car study 2026: Mahindra XUV700 holds its value best among executive SUVs

Conducted in association with Spinny, India’s leading pre-owned car platform, the fourth edition of our Used Car Study analyses real-world resale values across a broad spectrum of vehicles sold in the Indian market to assess depreciation trends over a five-year ownership period. The study is based on actual transactional data shared by Spinny for vehicles sold between January 1 and August 31, 2025.

In this part of the resale value study series, we take a look at the executive SUV segment:

Executive SUVs resale value 

The Mahindra XUV700 has emerged as one of the strongest performers in the used car market, with all variants retaining value impressively well. Particularly noteworthy are the petrol variants, which display the flattest depreciation curves over a four-year period. In fact, one-year-old used examples are trading at only 15-16 percent below their average on-road prices, underlining the SUV’s exceptionally strong market demand.

By comparison, five-year-old examples of the Tata Harrier and MG Hector depreciate significantly more, with resale values falling to less than half of their original purchase prices. The Mahindra Scorpio N also holds better value than its rivals, and overall, the Mahindra SUVs display slower depreciation than their Tata counterparts. 

As per the study, the average selling price of a five-year-old executive SUV retailed through Spinny was Rs 12.6 lakh. Comparable figures for three-year-old and one-year-old executive SUVs were Rs 16.80 lakh and Rs 18.84 lakh, respectively. Average depreciation over the same periods worked out to 50 percent, 36.41 percent and 22.90 percent, respectively.

Autocar-Spinny resale value study methodology 

The analysis covers the average selling prices (ASPs) of vehicles retailed through Spinny’s network across nine cities – Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, Mumbai, Lucknow, Ahmedabad and Kolkata.

For the purposes of this study, depreciation has been defined as the percentage difference between a vehicle’s original on-road price in its year of manufacture and its resale value in 2025. In instances where a model was offered with multiple engine options using the same fuel type, the data has been consolidated and averaged. Variant-wise differences have similarly been averaged out.

Discontinued models and powertrain options have been excluded. Additionally, premium vehicles priced above Rs 30 lakh, electric vehicles and certain low-volume models have not been included due to limited transaction data and insufficient sample sizes.