We take a look at the resale value of the Proton Iriz 1.6L compact hatchback.
Prior to the launch of the Proton Iriz in 2014, a select group of journalists (me being one of them) were given a rare opportunity to sample pre-production units. This was the first time members of the public had ever laid eyes on the highly anticipated car, much less sit in it and touch it – roughly a month before its launch.
Despite the roughly RM500 million in development costs, and the very good product they had come up with, the look on the faces on everyone from Proton was pensive, maybe even a little unsure. Needless, to say there was a lot riding on this little car.
The Proton Iriz is quite possibly the most important car of a generation for the company, a car that would reignite a spark within the company, and the car that would take on the might of the absolute bestselling car in Malaysia, the Perodua Myvi.
Moreover, in a time before the financial backing of Geely, a dated model lineup (at the time), and lacklustre sales for nearly a decade – if the Iriz had flopped, it would have signaled far worse things for Proton.
However, with 6 years under its belt, the Iriz has performed superbly in the market, it has won the hearts and minds of many owners, and while it still has not outperformed the Myvi in terms of sales, it has more than cemented its status as a potent challenger and continues to grow.
In addition, with the introduction of the facelift model last year, Proton has upped the ante in terms of design, equipment, driving performance (here the Myvi is no contest), safety, and connectivity – the Iriz is poised to continue to hassle the Myvi for the foreseeable future.
This gives us a time to look back at the Iriz models from a few years back and see just how they fared in terms of value retention over the years.
We do this using our in-house developed iCarData data tracking system. It collates prices from thousands of used vehicle deals that have been listed on Carlist.my through the years.
Check out some of our other iCarData features on popular models such as the Toyota Vios, and also our report on the Iriz’s former rival, the Perodua Myvi, “Lagi Best”.
Overview
Launched in the tail end of 2014, the Iriz, was envisioned as a B-segment hatchback Proton could market globally. Given its trendy hatchback style, generous interior space, and competitive safety architecture – it, in theory, could have done battle with the Myvi here, and a variety of competitors in other markets with cars such as the Volkswagen Polo and Honda Jazz.
However, the Iriz has had little success outside of Malaysia (Indonesia being the only other market).
Proton employed Hot-Press Forming to strengthen the bodyshell, offered Electronic Stability Control as standard across the range, and boasted better interior space than the Myvi. Infotainment and equipment were up to scratch, as was the overall build quality.
Two powertrains were offered (and still are) at the offset – the 1.3L (94 hp/120 Nm) and 1.6L (107hp/150 Nm) mated to either a 5-speed manual or CVT-type automatic sending power to the front wheels.
Here’s a snapshot of the Proton Iriz in the Malaysian market:
- September 2014: Iriz officially introduced. 8 variants at launch, priced between RM43k for the 1.3L ‘Standard’ (MT/solid colour) to the RM59k for the 1.6L ‘Premium’ (AT/metallic).
- May 2015: Proton offers 7-year extended warranty for a limited time on the Saga, Iriz, Preve, Suprima S and Exora models.
- November 2016: Proton Iriz ‘Design Series’ introduced, limited run with additional decal graphics, offered on the 1.3L CVT Standard and Premium variants only.
- June 2017: Updated Iriz launched. Range trimmed to four variants 1.3L Standard MT, 1.3L Standard CVT, 1.3L Executive CVT, 1.6L Premium CVT. Updates include better NVH components, sound insulation and updated interior equipment. Engine and auto transmission tuned for better response.
- February 2019: Proton Iriz facelift launched. Design updates to the front and rear, new 15-inch wheels (depending on variant), new multi-info display for the instrument cluster, new infotainment with ‘Hi Proton’ voice-activated commands, Premium variant gets some interior bits from the X70. One variant added, 1.6L Executive CVT, initially discontinued during the 2017 update.
The model in review is the top-spec Iriz 1.6L Premium CVT, which carried a near RM16k premium over the cheapest Iriz variant, offered competitive features to its closest rival, the (M600) Myvi 1.5L Advance at slightly lower prices. This made it a popular model of the Iriz range with young urbanites and second-car customers looking for premium features on a budget.
Among the highlights of the 1.6L Premium variant were leather seats, six-airbags, Keyless entry and start, powered-folding door mirrors, and Daytime Running Lights (DRLs).
Specifications of the 2014 (P2-30A) Proton Iriz 1.6L Premium (AT):
- Engine: 1.6-litre Campro, naturally-aspirated, inline-four, Petrol
- Power: 107 hp @ 5,750 rpm
- Torque: 150 Nm @ 4,400 rpm
- Transmission: CVT-type automatic, front-wheel drive
- Safety: Six airbags, Stability Control, ABS with EBD, Brake Assist, Hill-Hold Assist, ISOFIX
- Origin: Locally Assembled in Tanjung Malim, Selangor.
- Price: RM58,268 – Sept 2014 launch (OTR excluding insurance)
We have taken into account the following to keep our numbers accurate and representative:
- Vehicle variant: (P2-30A) Proton Iriz (AT), metallic paint, delivered between Oct and Dec 2014.
- Depreciation is calculated using the original list price.
- Depreciation percentage does not take into account special/ seasonal offers or rebates on the original selling price.
- Depreciation for other variants may differ, in particular the 1.3L and manual transmission variants.
Based on iCarData, here is the summarized data for depreciation:
And the graphical analysis below:
- Blue line: Average selling price (RM) by year
- Grey line: Cumulative depreciation (RM) by year
- Orange line: Retained value percentage by year
Conclusion
From the data, we observe two periods with high rates of depreciation; the second and third years respectively, with each year subtracting nearly 10 percent of the car's value year-on-year.
While this can be attributed to competitor product launches (such as the 2015 Perodua Myvi), the first-year depreciation of the Iriz is actually better than that of the Myvi 'Lagi Best' which drops approximately RM11k in the first year.
This could be a sign of steady demand, and also continued interest in the car after its launch.
With that said, the Iriz, however, does criss-cross the threshold between retained value and cumulative depreciation within the fifth year of ownership, this is something that doesn't happen with the Myvi meaning that the Myvi's resale value does hold steadier as it gets older on the backs of strong demand both in the new and used car markets.
The fourth and fifth year depreciation of the Iriz does steady, much like the Myvi, but the sharper decline in the second and third years respectively, has done considerable harm to its overall value by now.
The data shows that existing owners can choose to sell their Iriz in the fifth year of ownership if they wish to retain as much value, as has been lost by depreciation, at around 50 percent. Any longer and they stand to retain less value for their following purchase.
Inversely, the fifth year represents the best time for a used buyer to snap up the Iriz, as the vehicle passes this threshold and selling prices dip below half of that of a new car.
This, however, means that the manufacturer warranty would be elapsed, so buyers should be careful with selecting a vehicle with proper service history and good physical condition.
Also, a well-maintained Iriz should offer a fair ownership experience, so a four- or five-year old example should still fit the bill.
For some great deals on the Proton Iriz, click here.
Which make/ model would you like us to research next? Let us know in the comments.
Keyword: iCarData: The Best Time To Buy/Sell A (P2-30A) Proton Iriz 1.6L (AT) Premium