A new iSeeCars study reveals the 2023 used truck pricing is steady for most brands except for the Honda Ridgeline, Nissan Titan XD and Ford F-150 have the biggest drop in pricing year over year.
The study “analyzed over 1.8 million 1- to 5-year-old used cars from June 2022 and June 2023 to identify which models have the largest price drops,” according to the website.
While the study showed used car pricing has stabilized, it also showed it is a great time to look for a truck. For example, electric vehicle pricing fell by nearly 30 percent. Plus, many luxury vehicles as well as hybrid and PHEV vehicles saw a drop as well.
2023 used truck pricing
What about those trucks? Well, they held their pricing much better than the national average as the chart below shows.
At the top of the chart, the Honda Ridgeline, Nissan Titan XD and Ford F-150 all have at least a $1k difference year over year.
The middle is filled with a mix of full-size trucks like the Chevy Silverado 1500, GMC Sierra 1500 and the non-XD version of the Nissan Titan.
At the bottom, the Ram 1500, Toyota Tundra and the Nissan Frontier all saw used truck pricing improve year over year. So much for the thinking of a vehicle as a depreciating asset.
| Model | Avg Price June 2023 | % Price Difference from June 2022 | $ Price Difference from June 2022 | ||
|---|---|---|---|---|---|
| Honda Ridgeline | $34,617 | -4.1% | -$1,469 | ||
| Nissan Titan XD | $39,204 | -3.6% | -$1,454 | ||
| Ford F-150 | $41,823 | -2.9% | -$1,254 | ||
| Chevrolet Colorado | $31,812 | -2.9% | -$946 | ||
| Toyota Tacoma | $37,300 | -2.5% | -$973 | ||
| Chevrolet Silverado 1500 | $41,001 | -2.4% | -$992 | ||
| Nissan Titan | $38,020 | -2.0% | -$795 | ||
| GMC Sierra 1500 | $47,875 | -2.0% | -$988 | ||
| GMC Canyon | $35,709 | -0.9% | -$326 | ||
| Ram 1500 | $43,304 | 2.7% | $1,137 | ||
| Toyota Tundra | $46,286 | 3.0% | $1,340 | ||
| Nissan Frontier | $30,097 | 4.3% | $1,248 | ||
| Truck Average | $41,138 | -1.0% | -$430 | ||
| National Overall Average | $32,811 | -3.6% | -$1,237 | ||
| iSeeCars.com Data July 2023 | |||||
| https://www.iseecars.com/used-car-prices-study |
The bottom line
Overall, trucks remain a top choice for people who want a vehicle that retains its value. Even though some of the used truck pricing showed trucks losing value more than expected, it was much better than others. For example, the study shows a Tesla Model 3 sedan had a price change loss of $16,258. With the average price of $37,023, that’s a pretty significant number.
Simply put, if you want to be a smart investor of your money when buying a vehicle, buy a truck. It will retain its value better than most everything else on the market.
