Carvana is selling this 2024 SUV for under 60% of its original MSRP. Is it a good buy?

• Depreciation can create unique buying opportunities for used car buyers.
• One Dodge SUV could be exactly what some drivers are looking for from a used vehicle.

Depreciation can create great deals on gently used vehicles for used car buyers.

Some vehicles can lose a huge chunk of their original MSRP (manufacturer's suggested retail price) as soon as they roll off of dealer lots. This occurrence may not be great for nameplates and brands in terms of resale value, but it's great for folks looking for a used car deal.

One American subcompact SUV has taken a serious depreciation hit, despite being a fairly new model. Is it worth buying at a significantly reduced price, or is it depreciating rapidly for a reason?

Carvana is selling this Dodge SUV for much less than its original MSRP

The Dodge Hornet is a subcompact SUV that first hit the scene in August 2022. It sports an aggressive exterior design, reminiscent of Dodge muscle cars. The SUV was designed by Jeff Gale, whose father designed the iconic Dodge Viper.

Dodge's Hornet is its only subcompact SUV model, created to compete with rivals like the Mazda CX-30 and Hyundai Kona. Dodge also introduced a powerful plug-in hybrid trim that produced more horsepower than the gas version.

The 2024 Dodge Hornet R/T plug-in hybrid has an original MSRP of $41,400, which is pricey for its segment. There are several models with prices under $29,000 listed on Carvana. The 2024 Hornet R/T depreciated by over 40% even though some of the listings barely racked up any serious mileage.

Is the 2024 Dodge Hornet R/T a good SUV?

Dodge's Hornet R/T is unique as a plug-in hybrid because it uses gas and electrical energy to maximize power and efficiency. The 1.3-liter turbocharged four-cylinder engine and electric motor produce a combined 288 horsepower, which is mighty for its size. It achieves 29 miles per gallon (without using electric range) and 77 miles per gallon-equivalent with electric range.

The American subcompact SUV has 33 miles of electric-only driving range when fully charged, so it can travel using just electricity. It comes with standard all-wheel drive, which is great for traction. A review by InsideEVs, an electric vehicle publication, calls the Hornet R/T a "very bad deal." That said, the reviewer also noted they could understand how dealer discounts would entice buyers to get a Hornet R/T.

Should you get a Dodge Hornet?

If you're looking for a used subcompact SUV, the 2024 Hornet may not be your first choice. If you're a fan of the Dodge brand in search of a used subcompact SUV, the Hornet delivers on the company's signature style, power and driving dynamics. Furthermore, folks who aren't opposed to charging their vehicles may find the R/T plug-in hybrid trim an even more attractive deal due to current market prices.

The Dodge Hornet is a solid contender in its segment, but rivals like the Hyundai Kona and Mazda CX-30 are more value-oriented and balanced. The Hornet on the other hand is as close as an SUV can get to a Dodge muscle car, and that may not be for everyone. If you are a fan of the Hornet nameplate, Carvana and CarMax have several models listed for affordable prices with low mileage.