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.
