Alza vs Xpander vs Serena Depreciation in Malaysia
Published / last reviewed: 18 July 2026
Prepared by the Intercontinental Motors Market Insights Team. Vehicle-specific figures should be reviewed by the Intercontinental Motors valuation team before publication.
Quick answer
In this selected sample from Intercontinental Motors' in-house records, the 2024 Perodua Alza AV recorded the lowest observed raw depreciation at 24.0%, retaining 76.0% of its reference Malaysian new-car price. Its observed in-house wholesale price was RM57,400 against a reference new price of RM75,500.
It was also the lowest-mileage vehicle in this comparison, so part of the apparent advantage may be related to mileage. The ranking is not mileage-adjusted.
Why this comparison matters
MPVs are bought for practical reasons: seven-seat capacity, family comfort and easy access. Their value depends heavily on interior condition, air-conditioning, seat mechanisms and the cost of maintaining larger or more complex vehicles.
The figures below use observed in-house wholesale prices rather than retail asking prices. Wholesale values usually allow for inspection uncertainty, preparation cost, warranty exposure, financing support, stock-holding time and dealer margin. They should not be presented as guaranteed retail market values.
Depreciation comparison
Depreciation comparison
Vehicle Mileage (approx. per year) In-house wholesale price Reference new price Value retained Actual depreciation Simple loss per year
2024 Perodua Alza AV 22,199 km (11,100/yr) RM57,400 RM75,500 76.0% RM18,100 (24.0%) RM9,050
2023 Mitsubishi Xpander 58,518 km (19,506/yr) RM54,300 RM91,369 59.4% RM37,069 (40.6%) RM12,356
2023 Nissan Serena S-Hybrid Premium 69,866 km (23,289/yr) RM86,100 RM162,888 52.9% RM76,788 (47.1%) RM25,596
What the sample shows
From lowest to highest raw depreciation, the selected observations rank as: Perodua Alza AV (24.0% loss), Mitsubishi Xpander (40.6% loss), Nissan Serena S-Hybrid Premium (47.1% loss).
The gap between the lowest and highest raw depreciation was 23.2 percentage points. The lowest simple annual ringgit loss was Perodua Alza AV at RM9,050 per model year. Percentage loss, actual ringgit loss and annualised loss measure different things, so they should be read together.
How mileage changes the interpretation