2 Pickup Trucks That Are Worth More as Used Models Than as New Models
Used vehicle prices have hit unprecedented highs recently. Some truck models are more expensive used than they are new. Here are two trucks that are worth more as used models than new models.
The Toyota Tacoma is one of the most popular used trucks of 2021
The Toyota Tacoma is far from the best mid-size pickup truck on the market, but you couldn’t tell that from its recent sales. 2021 has been the year of the Taco, specifically used models. Buyers are going crazy for Tacomas because of a recent automotive industry phenomenon.
The Toyota Tacoma is a renowned off-road pickup truck. Standard Tacoma models have amazing off-road prowess without modifications. Many drivers add lift kits and off-road tires to the Taco as well for increased off-road capability.
According to Business Insider, the Tacoma has an average new price of $37,339. Its average used price is $41,905. This means that drivers are opting for high trim level used Tacomas like the TRD Off-Road trim. The Tacoma is likely more expensive used than new because drivers don’t want to endure long waits for their pickup. They want to hit the road as soon as possible.
The global semiconductor chip shortage and other pandemic-related supply issues have resulted in nightmarish waiting times. What’s the use of purchasing a new vehicle if you won’t be able to drive it for months when a similar model can be owned in just a few days?
Used Toyota Tundra pickup trucks are worth more than new models
Now that the Toyota Tundra has finally been redesigned after 13 years, older Tundra models have gained a new significance. The 2022 Tundra uses a V6 engine, so the 2021 model year is the last used Tundra with a V8 engine. Though the new model is more powerful, there are plenty of drivers that still prefer a V8 engine.
The 2022 Toyota Tundra could take an incredibly long time to release, making used models even more appealing. Since the Tundra has changed so little over time until recently, buyers don’t miss out on much by buying older models until the 2022 Tundra is available within a reasonable timeframe.
Some used Tundra models are currently being sold for $52,850. The price of an average new Tundra is $47,322. While plenty of consumers will wait on the latest Tundra model before making a purchase, uncertainty about specific release dates is resulting in some consumers settling for older used models instead.
Why do some used pickup trucks cost more than new trucks?
The main issue causing these drastic used vehicle price increases is supply and demand. Trucks have been in very limited supply because of issues related to the global pandemic, and automakers have not been able to meet the demand for new vehicles. Since many consumers have grown tired of paying for new vehicles and having to wait months, the used vehicle market presents an easy solution for those who want to get their vehicle faster.
Since used vehicles are an obvious solution to supply issues, dealerships are able to sell these vehicles at a premium due to the high demand. The Toyota Tacoma is a perfect example of a used truck that has become incredibly popular during the pandemic. Its used price has skyrocketed thanks to this new demand.
The used truck market will continue to thrive as the automotive industry struggles to deal with supply issues nearly two years into the pandemic. It’s a tough time to look for a new (or new-ish) pickup truck.