When it comes to value, the gold standard is … gold.

Unless it’s the color of your car.

The latest study from iSeeCars looks at the effect color has on a vehicle’s resale value, and gold cars are at the bottom of the list.

The analysis of 1.2 million 3-year-old vehicles showed the average gold car loses 34.4% of its value — a $16,679 drop from the manufacturer’s suggested retail price — over three years, the largest decline among the 12 colors studied.

Perhaps surprisingly, the study found yellow cars hold their value best, depreciating just 24% in three years, followed by orange (24.4%) and green (26.3%). Orange cars’ average value fell a mere $9,951, the smallest dollar value loss of any color.

The most popular car colors — black, white, gray and silver — didn’t fare as well. Silver vehicles had the sixth-lowest depreciation at 29.8% and gray was eighth at 30.5%, slightly better than the industry average of 31%. Black (31.9%) and white (32.1%) ranked above only gold.

iSeeCars executive analyst Karl Brauer said that’s because the supply of those colors exceeds demand for them. With more colorful cars, he said, the opposite is true.

“White and black are the two most common car colors, which suggests plenty of people want them,” he explained. “But it also means those colors provide zero distinction in the used market, reducing their value and making it easy for buyers to shop around for the lowest-priced model in those shades.

“For new-car buyers seeking strong resale value, more obscure colors like yellow, orange and green will provide higher pricing when it’s time to sell.”

The study also showed orange (16%) and green (19.3%) to be the top colors for holding value among both trucks and SUVs, with orange trucks depreciating 16% and SUVs dropping 27.1%, while green was at 19.3% for trucks and 28.8% for SUVs.

“Orange isn’t a color with widespread appeal,” Brauer said, “but because multiple brands use it to represent high-performance models, including the Ford F-150 Raptor and Toyota Tacoma TRD Pro, it’s gained favor with truck buyers.”

Orange (25.3%) and yellow (25.4%) topped the list for sedans, with green (33.8%) next to last ahead of gold (37.9%).

The full report is available here.