When you take a step back and give it some thought, the current used luxury SUV market is quite an interesting place to consider. On one hand, you can spend peanuts on a model that’s only a few years old, such as the Genesis GV60, which commanded a near-$60k price tag when new and now goes for an average of $25,024. However, on the other hand, models like the 2019 Lexus RX cling on to their original values like superglue.
According to Kelley Blue Book, the ’19 Lexus RX is currently the best used midsize luxury SUV you can buy for under $30k, based on a litany of factors. However, the 2023 Genesis GV60 also offers a number of upsides, many of which extend beyond it simply being newer than the Lexus. So, what we’re really asking is whether the rapid depreciation seen with the Genesis GV60 nets you a better deal than the older, proven reliability found in the Lexus RX.
The GV60’s Massive Depreciation Has Put It Well Within Lexus RX Territory
2025 Genesis GV60 parked on a beachGenesis2016-2019 Lexus RX Hybrid, Front 3/4Lexus
According to Kelley Blue Book, the 2023 Genesis GV60 is currently valued at around $31,500 on the used market, and its trade-in value hovers at approximately $30,100. Using that used market resale price, that means the model has depreciated roughly 47% over the past three years. If we look to CarEdge.com, its GV60 resale value outlook is even more pessimistic, as the source gives it a current resale value of $25,024.
Genesis offered the ’23 GV60 in two trim levels: the base “Advanced” and the top-spec “Performance” grades. Advanced-spec GV60s currently hold values ranging from $26,900 to $31,700, according to Kelley Blue Book. Bearing that price range in mind, that places the GV60 squarely in the sights of the 2019 Lexus RX, which holds an average used value of around $26,600 from KBB.
2025-2026 Genesis GV60 front 3/4 angle while parked on a fieldGenesis
Of course, different sources will report different average used prices. For instance, VINAssessment.com says a used 2023 Genesis GV60 costs roughly $35,981, and CarEdge.com is significantly lower. Our own Price Trends tool places a $35,070 average price on used GV60s at present. The same phenomenon can be found with the 2019 Lexus RX, as its used values vary significantly across multiple sources, too.
Regardless, the fact of the matter remains the same: the magic of depreciation has pushed a three-year-old electric luxury SUV into broadly the same pricing bracket as a seven-year-old Lexus luxury SUV. If you’re of a budgetary mind, this likely inserts a question into your head: is buying the newer GV60 the better bet, or is sticking with the ultra-reliable Lexus RX the way to go?
The Lexus RX Is Playing The Depreciation Game Much Differently
2016-2019 Lexus RX F Sport, Front 3/4 angle in silver while drivingLexus
For a number of reasons, many of them related to reliability, the Lexus RX is one of the leaders in value retention. In essence, this is driven by owners holding on to their RX for much longer, creating demand in the market. The reasons people keep them for so long include reliability, build quality, and overall brand loyalty based on those two factors. It seems like once you buy a Lexus, it’s hard to go back to anything else.
The Lexus RX is, of course, no exception to that unwritten rule. When comparing depreciation rates to the 2023 Genesis GV60, the Lexus RX loses just 28% of its value over the course of three years, substantially less than the GV60’s 47%. While this is good news for current Lexus RX owners, it means used buyers need to spring for an older model to spend the same money as one would on a 2023 GV60. It’s not the same bargain as the electric model, because the market recognizes it as a great SUV.
2016-2019 Lexus RX, Side angle in white while parkedLexus
The Lexus RX shines particularly brightly when it comes to ownership and maintenance costs. According to RepairPal.com, the Lexus has a five-year repair cost of $1,287, which breaks down to just $257.40 per year. However, a comparable mid-size luxury SUV such as the BMW X3 costs about $2,787 in repairs over the same time period. That breaks down to $557.40 per year — more than double that of the Lexus.
No, you’re not going to gain access to cutting-edge technology if you opt for the older Lexus RX, but you will get one of the most reliable and time-proven models on the mid-size luxury SUV market to date. Not to mention, because it drops its value so slowly, you’re much more likely to get a good chunk of your money back when it comes time to sell your 2019 RX.
The GV60 Makes The RX Look Old, Because It Is
2025 Genesis GV60 headlight detailGenesis
Simply put, the strongest case you can make for choosing the ’23 GV60 over the ’19 RX is its newness. Those four years that separate the two matter more than you might think, especially over the past decade, in which significant leaps are made virtually every year in automotive technology and features. Not to mention, the GV60 would likely still have some of its factory bumper-to-bumper warranty left, as Genesis granted it five-year / 60,000-mile coverage.
Beyond the warranty coverage and new-generation technology, the GV60 is also an electric model. The Advanced grade can churn out 314 horsepower from a pair of electric motors, one on each axle. It can also drive for about 248 miles between charges. Eliminating the conventional engine from the equation—as the Lexus RX uses one—means there are fewer moving parts to go wrong. Couple that fact with a warranty, and ownership costs could very well dip below those found in the Lexus, at least while the warranty is still in effect.
2025 Genesis GV60 rear three-quarterGenesis
The GV60’s interior also changes the equation. It comes standard with things like a 17-speaker Bang & Olufsen sound system, dual 12.3-inch displays, and a level of flair in the cabin’s design that’s much more “with-it” than the sort found in the 2019 Lexus RX, at least in this author’s opinion. It makes one feel as though they’re in an upscale urban club, whereas the Lexus is much more subdued, like a well-appointed living room. The issue with “with-it” things, though, is they can age out rather catastrophically, and quickly.
2025 Genesis GV60 interior view of the front seats and dashboardGenesis
The contrast between the two models is stark when it comes to how they fulfill the various responsibilities of being a luxury mid-size SUV. On the one hand, the 2023 Genesis GV60 carries a modern refinement and flair that appeals to many buyers, but can be divisive to some. It’s also an electric car, which can be divisive in and of itself. The Lexus RX is more easily-digestible to most people, giving it an all-around appeal that helps it retain its value. However, its 2019 model year means it is getting on in age, which can present some challenges. But, it’s also known to be exceedingly reliable, whereas the Genesis is more of a toss-up in that regard.
The 2023 Genesis GV60’s original owners absorbed the bulk of the depreciation, leaving the prospective second owner with a unique opportunity.
Is The GV60’s Depreciation A Gift, Or A Warning?
2025 Genesis GV60 side profile shotGenesis
Unfortunately, we will have to rely on time itself to answer that question, likely within the next five years or so. The Lexus RX, with its esteemed reputation for reliability, ICE powertrain, and proven platform, offers a much clearer picture of what to expect over the next few years. The Genesis GV60’s future, though, is a bit more cloudy, mainly due to its newness as a whole, along with the volatile EV market in the US.
However, one cannot ignore the sheer value found in the 2023 Genesis GV60’s current average used pricing. It’s roughly the same money as a seven-year-old Lexus RX, and it manages to offer more tech, power, and amenities, while also looking more exciting. It would be difficult to deny that those are attractive reasons to choose the Genesis over the tried-and-true Lexus.
2025 Genesis GV60 front fasciaGenesis
As for which model is the clear winner, that is best left to the reader. The Lexus RX has its dependable, bread-and-butter nature to fall back on, along with its value retention, meaning things will likely stay roughly the same for the model in the coming years. The Genesis is much more of a wild card.
But it sure is tempting.
Base Trim Engine
Electric
Base Trim Transmission
Single Speed Automatic
Base Trim Drivetrain
All-Wheel Drive
Base Trim Horsepower
314 hp
Base Trim Torque
446 lb-ft
Fuel Economy
103/86 MPG
Infotainment & Features
9 /10
Sources: Lexus, Genesis, RepairPal.com, Kelley Blue Book, VINAssessment.com
