2022 Chevrolet Colorado: True Cost of Ownership (5-Year Breakdown)
The 2022 Chevrolet Colorado is a mid-size pickup truck that strikes a balance between everyday practicality and capability, making it a strong choice for buyers who want truck utility without the bulk or price tag of a full-size. It suits commuters, weekend adventurers, and light-duty haulers who want a versatile, affordable workhorse. With multiple cab and bed configurations plus off-road ZR2 and work-focused WT trims, there's a Colorado for a wide range of buyers.
Monthly cost breakdown
The 2022 Colorado depreciates at a moderate rate, losing roughly 35-40% of its value over five years — slightly faster than the Toyota Tacoma but competitive among domestic mid-size trucks. Resale values are bolstered by strong consumer demand for mid-size pickups overall.
Pros
- Lower base MSRP than a comparable half-ton truck saves thousands upfront, keeping monthly depreciation costs manageable
- Insurance premiums average around $165/month — reasonable for a truck in this segment and well below full-size pickup rates
- Routine maintenance costs are relatively low, with oil changes, brakes, and tire rotations averaging under $1,200/year at typical mileage
- Strong towing (up to 7,700 lb on V6 models) and payload capabilities mean fewer equipment rental costs for buyers who actually need truck utility
Cons
- Fuel economy of 18 city / 25 highway mpg on the 3.6L V6 is unimpressive for a mid-size truck and drives up monthly fuel costs above $190 at average US gas prices
- The 2022 model year sits at the end of the first-gen Colorado's run, meaning you're buying aging platform technology — the all-new 2023 redesign added significant value
- Depreciation outpaces the class-leading Toyota Tacoma by roughly 8-10 percentage points over five years, costing you more at trade-in
- Dealer markups and limited availability of preferred trims at launch pushed real transaction prices above MSRP in 2022, meaning many buyers overpaid relative to current market
Common problems to watch for
- 8-speed automatic transmission can exhibit rough or hesitant shifts, especially in stop-and-go traffic — a known complaint across multiple model years
- Active fuel management (cylinder deactivation) system on the V6 has been linked to oil consumption and occasional check-engine lights
- Infotainment system responsiveness can be sluggish; some owners report Bluetooth connectivity dropping intermittently
- Cabin noise levels at highway speeds are higher than class rivals like the Tacoma or Frontier, which adds to driver fatigue on long trips
- Rust and corrosion on undercarriage components has been flagged by owners in northern and high-salt regions, worth inspecting at purchase
The verdict
The 2022 Chevrolet Colorado is a decent but not exceptional ownership value — it's cheaper to insure and maintain than a full-size truck, yet its middling fuel economy, faster-than-average depreciation, and aging platform somewhat offset those savings. Buyers who find one at or below MSRP with low miles get the best deal, but anyone prioritizing long-term resale value should also compare it seriously against the Toyota Tacoma or the updated 2023 Colorado before committing. Overall, it earns a moderate ownership score of 62 out of 100 — a solid workhorse, but not a standout financial choice.
Best for: The 2022 Colorado is best for budget-conscious truck buyers who need genuine towing and payload capability in a manageable size and can live without the latest technology or best-in-class fuel economy.
Frequently asked questions
How much does it cost to insure a 2022 Chevrolet Colorado per year?
Most drivers pay between $1,800 and $2,100 per year to insure a 2022 Colorado, or roughly $150-$175/month, depending on driving history, location, and coverage level. Full coverage is recommended if you're financing.
What is the real-world fuel economy of the 2022 Colorado V6?
Real-world owners report averaging around 19-21 mpg in mixed driving with the 3.6L V6, slightly below the EPA's 18/25 estimate on combined cycles. The 2.5L four-cylinder is modestly better but sacrifices towing capacity significantly.
How much will a 2022 Colorado depreciate over 5 years?
Expect the 2022 Colorado to be worth roughly 55-62% of its purchase price after five years, translating to a depreciation loss of approximately $12,500-$14,800 on a $33,000 truck depending on trim and condition.
Is the 2022 Colorado reliable enough to buy used?
The 2022 Colorado scores average in reliability surveys, with Consumer Reports and J.D. Power giving it middling marks. Key areas to inspect include the transmission behavior and any signs of oil consumption before purchasing a used example.
How does the 2022 Colorado compare cost-wise to the Toyota Tacoma?
The Tacoma typically costs $2,000-$4,000 more upfront but retains value significantly better, often resulting in a lower net five-year cost of ownership for high-mileage buyers. The Colorado wins on day-one price but loses ground over time at trade-in.
What are the most expensive repairs to budget for on a 2022 Colorado?
Transmission service or valve body repairs can run $800-$2,500 if the 8-speed automatic develops issues, and catalytic converter replacement (a theft target on trucks) can exceed $1,500. Budgeting a $500-$700/year repair fund is prudent beyond routine maintenance.
Get the exact cost for your budget
Adjust the price, down payment, mileage and ZIP to see what a 2022 Chevrolet Colorado really costs you.
Estimates are AI-generated guidance based on typical costs for this year, make and model.