Last year, we thought the used pickup truck prices were out of control. Now, they’re just downright bonkers. A new study from iSeeCars.com shows the lowest year-over-year price change is 26.8% for the Nissan Titan XD. The highest increase is a whopping 42.6% for the Ram 1500.
If I were an insert-emoji-in-news-copy kind of person, this is where I’d place the little “wow” face.
The big factor here is obviously the semiconductor shortage. And pickup trucks seem to be getting hit particularly hard due to their increase in popularity and inability to be built as they were intended without the chip. For example, Chevrolet has been deleting microchip-powered content from the Silverado in order to keep pushing out the trucks, but it finally had to halt production for a week.
Thus, new trucks just aren’t available, so those who truly need a truck are buying used and paying a premium for the privilege.
In the chart below, you can see the price increase of every full-size and midsize truck (minus Ford Ranger and Jeep Gladiator, which are too new), and we’re officially gobsmacked.
Both the Ram 1500 and the GMC Sierra 1500 made the study’s list of overall top 10 biggest increases, and you’ll pay $12,016 and $13,963 more for those used trucks in 2021 than you would have in 2020.
In terms of body styles with the highest increase in price, pickup trucks rank third behind coupes and convertibles with an average price change of $11,440.
|Pickup Truck||Average Used Car Price (June 2021)||$ Price Change from June 2020||Year-Over-Year % Price Change|
|Ram Pickup 1500||$40,200||$12,016||42.60%|
|GMC Sierra 1500||$47,791||$13,963||41.30%|
|Chevrolet Silverado 1500||$41,759||$11,620||38.60%|
|Nissan Titan XD||$41,805||$8,829||26.80%|
Because of the scarcity, new pickup truck prices are also on the rise. So, the moral of this story is: If you don’t absolute need a new truck right now, wait. Seriously. Just wait.
However, if you want to sell your truck because you don’t need it at just this moment and can wait for a new one, now would be an excellent time to do it.
One final point, if you need the flexibility to haul or tow things occasionally, and you need a new-to-you vehicle right now, you might consider a used SUV. Though their prices have also increased, it’s by far less than the pickup trucks, more than $7k less.
Editor’s note about methodology: iSeeCars.com analyzed more than 1.1 million used car sales from model years 2016 to 2020 in June 2021, and more than 800,000 used car sales from model years 2015 to 2019 in June 2020. 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 2020 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.