Used Trucks Continue to Increase in Value
Get more for your old truck if you sell it now!
It's been a very strange year, to say the least. One of the more interesting phenomena to come out of the pandemic of 2020 is that used trucks (and used vehicles in general) have become more valuable than ever before. The cause is the weird combination of low dealer inventory of new vehicles due to global supply and manufacturing shutdowns, and lack of trade-ins and buyers gravitating toward less expensive vehicles as many people's incomes are in flux. These factors have all combined to cause the price of used trucks to climb quite substantially.
A new report out from the folks at iSeeCars.com shows that used vehicles have increased in price by an average of 9.5 percent in October of 2020 versus one year prior. Pickups exceeded that average with an increase in price of 14 percent, which amounts to an increase of $4,413 from the year before. Minivans saw the smallest increase, just 2.0 percent, while convertibles increased by a whooping 27.2 percent.
Of the truck segment, it was the Ram 1500 that saw the largest increase in price year over year. Buyers of used Rams paid an average of 21.9 percent more, or about $5,911. The GMC Sierra 1500 clocked in next with an increase of 19.7 percent or $6,380. Next follows the Toyota Tundra with a 17 percent increase or $5,535 more than a year prior. The final pickup on the iSeeCars.com top-10 list is the Chevrolet Silverado, which saw a 16.6 percent increase or about $4,876.
The average sales price of a used Ram 1500 registered at $32,841, while the average for the GMC Sierra 1500 came in at $38,750. Used Toyota Tundras sold for an average of $38,046, and the Chevrolet Silverado 1500 averaged $34,245.
To arrive at this information, the folks at iSeeCars.com analyzed more than 1.2 million used car sales from model years 2015 to 2019 in October 2020, and over 1.3 million used car sales from model years 2014 to 2018 in October 2019. The average listing prices of each model were compared between the two time periods. Heavy-duty pickups were excluded, unfortunately.
All said, it's definitely still a seller's market. While the iSeeCars.com study only goes back to the 2014 model year, we can say that we've seen trucks from the early 2000s listing and selling for several thousand dollars more than they did a year prior. So, if you've been thinking of selling, this might just be the best time to give it a go.