If you’re looking to buy a new-to-you truck in 2021, the semiconductor shortage might have you looking at the used truck market – which I whole-heartedly support. But if you think you’re going to get a deal on a used truck, you might be in for a rude awakening.
According to a new study from iSeeCars, used vehicle prices are on the rise – and used truck prices specifically are seeing the highest average increases. We first reported on these increases back in November, when pandemic road trips and increase in truck and SUV sales overall were the cause of the 14% increase in used truck prices. Now with the aftereffects of Covid-19 and ensuing supply shortages, used truck prices are up a whopping 25.3% year over year, for an average increase of $7,383.
Combined with the fact that most new truck prices are also up $3k to $6k, well, just be prepared to spend more than you might have intended.
If you’re determined to buy a truck but still want to get a good deal, there are four used trucks you might want to avoid: the Ram 1500, GMC Sierra 1500, Chevrolet Silverado 1500 and Toyota Tundra. Why? Because these have the greatest increases in used truck prices. In fact, they make iSeeCars top 10 list of greatest price increases – and that’s out of all vehicles in the study.
|Used truck||Average used car price (April 2021)||$ Price change from April 2020||Year over year % price change|
|GMC Sierra 1500||$42,347||$9,418||28.60%|
|Chevrolet Silverado 1500||$37,324||$7,960||27.10%|
Of course, there is at least one notable full-size truck missing from this list – and that’s the Ford F-150. That’s not because it didn’t increase, it just isn’t one of the top 10 vehicles with the biggest price increases.
Though iSeeCars doesn’t share it’s full list for the purposes of the study, we did ask to see it, and the F-150 actually ranks No. 11, with a 24.6% increase.
What we also don’t see in the top 10: midsize trucks. But on the complete list, you can see they, too, get steep price increases well above the average.
Since I figure you might be as curious as I am, here’s the full list of trucks complete with how each truck ranks on the overall list of vehicles.
|Rank||Vehicle||Average Price April 2021||$ Price Change from April 2020||Price % Change Apr 2020 – 2021|
|4||GMC Sierra 1500||$42,347||$9,418||28.6%|
|6||Chevrolet Silverado 1500||$37,324||$7,960||27.1%|
|30||Nissan Titan XD||$38,462||$6,471||20.2%|
And before you say it: Yes, there are still two trucks missing from the list: Jeep Gladiator and Ford Ranger. That’s because they are both still too new for used-car data.
Used vehicle prices, year over year, usually remain pretty static with minimal increases – and that’s why an industry average increase of 16.8% is a big deal – and the fact that most full-size trucks are in the high 20% range is an even bigger deal.
But what does all this mean? Well, while it might not be a good time to buy a used truck, it’s a really good time to sell one. So, if you are looking to buy new and you have an old truck to trade, that’s how you can get your good deal.