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Used truck prices hit 12-month high

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When you look at the average price of used vehicles, the prices are finally trending downward. Unless you’re looking at used truck prices. According to a new Carfax trends outlook, used pickup trucks are the only vehicle segment where prices are on the rise.

SUV prices are down 3.5%, and hybrid and EV prices are down a whopping 11.8%. But pickup trucks? They’re up by 6.3%.

Average used truck prices

Right now the average used pickup truck is $37,863 – and that price will only drop about $3k with major damage. So, if you buy an OK used truck, you’re still looking at $34k. Gulp.

This is the highest average price for a used pickup truck in 12 months.

For reference the base price, including destination, for the Detroit Three new trucks are as follows:

  • Ford F-150 XL: $35,590
  • Chevrolet Silverado 1500 WT: $35,395
  • Ram 1500 Tradesman: $39,900

What’s contributing to higher prices?

Even though the Covid-19 pandemic is over, we’re still dealing with supply chain issues caused by shutdowns three years ago. We’re dealing with microchip and parts shortages as well as the re-building of new car inventory.

Another consideration: last year’s gas prices.

“Pickup truck prices took a big hit a year ago when gas reached $5 a gallon in some places, but now that fuel has settled down, they’re more popular than ever,” said Patrick Olsen, editor-in-chief at Carfax. “As the supply of new trucks remains low – and new truck prices edge even higher – that’s putting pressure on the pricing for used trucks, which are now higher than they’ve been for more than a year.”

The bottom line

Considering that the average new truck price now tops $59k, something in the $30k-range is a steal for a new-to-you truck with the features you want. Plus, this is way better than the 27% increases we saw a couple years ago. All that being said, if you’re cash-strapped and really looking for a deal, now is still not the best time to buy used. If you can wait, you should.

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Jill Ciminillo

Jill Ciminillo is the Managing Editor for Pickup Truck + SUV Talk as well as a Chicago-based automotive writer, YouTube personality and podcast host, with her articles and videos appearing in outlets throughout the U.S. Additionally, she co-hosts a weekly radio show on car stuff for a local Chicago station. Previously, Jill has been the automotive editor for both newspaper and broadcast media conglomerates. She is also a past president for the Midwest Automotive Media Association and has the distinction of being the first female president for that organization. Jill is also currently a juror for the North American Car, Utility and Truck of the Year (NACTOY).

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