How Much Does A Mazda MX-5 Miata Depreciate Over 5 Years?

To say that the Mazda MX-5 Miata is a beloved sports car would be a bit of an understatement. Since the car's introduction in 1989, Mazda has sold more than a million MX-5s, enough to earn it the title of best-selling two-seat roadster in history. If you've ever had the chance to drive one, it's not hard to see why.

The Miata has never been the fastest, most powerful, or most grippy sports car you can buy. In fact, judged by its raw numbers, the Miata's performance capabilities are middling at best, but the car is not about performance numbers or blazing fast lap times. Instead, the Miata wins over buyers with its incredible balance, and as our reviews of the MX-5 have found, a personality that prioritizes the fun of driving above all else. 

As a small two-seat sports car, the Miata is a niche vehicle for sure. In fact, the MX-5 is actually the lowest-selling model in Mazda's lineup by a significant margin. How does that affect its resale value, though? As it turns out, the MX-5 also punches well above its weight when it comes to depreciation, having the best overall resale value of any current Mazda model, retaining 70% or more of its original value after five years.

The 2021 Miata is the sixth model year of the ND generation Miata, and the third model year of the ND2 refresh, which boosted the car's output up to 181 hp and 151 lb-ft of torque. The Miata would get another refresh for 2024 with some minor mechanical tweaks and tech improvements, but, overall, a 2021 Miata delivers a very similar driving experience to a brand new one.

The fact that the ND Miata hasn't changed a whole lot since 2019 is surely a contributing factor to the older cars holding their value so well. ISeeCars' resale numbers for the MX-5 show the car holding 69.2% of its value after five years, while CarEdge shows an even stronger number of 79.3%. A car's depreciation curve is the steepest right after it comes off the lot, and the MX-5 seems to hold steady after that initial dip;  Kelley Blue Book's numbers show a 2021 MX-5 depreciating by just 10% between 2023 and 2026. 

It's worth noting that the MX-5 Miata ranks among the least-driven vehicles in the United States. This isn't a big surprise, since it's a small two-seat sports car that many people buy as a second or third vehicle in the household. That, of course, also means used Miatas will typically have much lower mileage than mainstream vehicles of the same age, and that's surely another factor that positively influences the MX-5's average resale value.

Back in 2021, the Mazda MX-5 Miata had a base price a little under $28,000 after destination, climbing up to around $40,000 for a loaded Grand Touring model. Looking at CarMax retail listings for used 2021 MX-5s, the cheapest, Sport-trim soft top cars still have asking prices in the low to mid $20,000s, while Grand Touring and Club models with lower mileage are priced in the high $20,000s and some RF models are still priced at nearly $30,000. 

While these prices have indeed remained stubbornly close to the 2021 Miata's original MSRP, going with a five-year-old ND Miata can still save a fair amount of money over a new one. That's because the base price for a 2026 MX-5 Sport has now climbed to nearly $32,000 after destination charges. 

Not only that, but even if you buy a lightly used Miata, you'll still be able to enjoy the model's generally excellent resale value if you decide to sell it down the line. This, combined with the car's relatively low price, good fuel economy, and easy-to-maintain nature, all help to make the MX-5 an affordable sports car to own. This overall low cost of ownership compared to other sports cars is one of the big factors to keep in mind if you're looking to buy a new or used MX-5.