Home News Used truck prices are out of control, up 15% or more

Used truck prices are out of control, up 15% or more

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used truck prices
Used trucks, like this 2020 Ram 1500, are seeing thousands more in value thanks to a hot automotive market. (Photo courtesy FCA)

The COVID-19 pandemic has caused many changes, including a massive growth in new truck and SUV sales — and that’s not all. According to a recent study, used truck prices have also seen big growth with some trucks gaining thousands in value seemingly overnight.

This latest study from iSeeCars.com, a car search engine website, analyzed more than 1.2 million used cars to see price differences between October 2020 and October 2019. What they found is really surprising. Overall, used car prices had an average increase of 9.5% or $2,193 compared to the prior year. Trucks saw an even larger increase with a 14% increase on average.
“The shortage of new truck inventory and the growing popularity of pickups led to heightened demand and scarce supply in the used car marketplace that has continued even as new car inventory begins to stabilize,” said iSeeCars Executive Analyst Karl Brauer. “Additionally, people who require trucks for work are more likely to pay a higher price that is well above market value.”

Used truck prices explode

Those factors along with people’s growing desire to work on their houses and go camping or road tripping — both things you can do during the pandemic — has spurred truck sales. Plus, low gas prices and less money spent on commuting to work are seeing truck prices growing.

The chart below shows just how much truck prices have soared.

Pickup Trucks with the Greatest Price Increases – iSeeCars Study

Rank

Pickup Truck

Average Used Car Price (October 2020)

$ Price Change from October 2019

Oct Y-o-Y Price Change

1

Ram Pickup 1500

$32,841

$5,911

21.9%

2

GMC Sierra 1500

$38,750

$6,380

19.7%

3

Toyota Tundra

$38,046

$5,535

17.0%

4

Chevrolet Silverado 1500

$34,245

$4,876

16.6%

5

Toyota Tacoma

$32,435

$4,189

14.8%

6

Ford F-150

$35,707

$4,467

14.3%

7

Ram Pickup 3500

$48,297

$6,030

14.3%

8

Ford F-350 Super Duty

$52,649

$6,520

14.1%

Average for All Pickup Trucks

14.0%

9

Nissan Titan

$33,440

$3,877

13.1%

10

Nissan Frontier

$23,289

$2,497

12.0%

11

Ram Pickup 2500

$43,607

$4,668

12.0%

12

Ford F-250 Super Duty

$46,772

$4,557

10.8%

13

GMC Canyon

$29,748

$2,834

10.5%

14

GMC Sierra 2500HD

$49,807

$3,786

8.2%

15

Chevrolet Colorado

$28,037

$2,034

7.8%

16

Chevrolet Silverado 2500HD

$43,133

$2,334

5.7%

Looking closer at the list, we can see only the Chevy/GMC 3500, or one-ton trucks, didn’t make the list while most every other truck had an increase including the Ram 1500 and GMC Sierra.

 

Our YouTube video comment section is filled with truck owners saying they are seeing the same price increases play out on the dealer lots. Some have sold their truck after a year and have made out ahead while others are buying a new truck instead since the price differences between a 2021 or 2020 aren’t as much as they used to be.

The bottom line on used truck prices

Truck sales are hot right now and could continue into next year until a vaccine is widely available. While this could cool things a bit, the truck market has been hot for a few years now. Low gas prices, more work-from-home jobs and the growth in camping (seriously, try to buy a new RV right now) should keep this market hot.

Like it or not, new trucks are pretty expensive, and used trucks are seeing this price increase as well. Might as well consider buying a new truck if this trend continues.

Methodology: iSeeCars.com analyzed more than 1.2 million used car sales from model years 2015 to 2019 in October 2020, and more than 1.3 million used car sales from model years 2014 to 2018 in October 2019. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2019 price as well as a dollar difference. Heavy-duty vehicles and low-volume vehicles were excluded from further analysis.

Related posts:

Buy these trucks! 2020 top 10 pickup truck resale values

2021 Ram 1500 adds new tech, snow plow prep package

2020 GMC Sierra AT4: Diesel power plus off-road prowess?

 

2 COMMENTS

  1. The used market is crazy right now! I have honestly considered selling my truck because I could make a decent profit on it. When covid started I thought for sure used prices would tank with rental fleets liquidating. That never happened!

    • Yep, the time is now to make a move with new trucks offered with large incentives and the used truck market hot as well. Just hard to swallow a big monthly payment though. Ask me how I know. LOL

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