Does a 2020 Ram Classic Pickup Have Good or Bad Resale Value?
The Ram Classic pickup trucks have always been a good value for price-conscious buyers. Without a midsize truck in its lineup, the previous generation Ram 1500 became the Ram Classic to fill that gap. Yes, it’s not the most up-to-date, nor does it have the features of the new Ram 1500, but you can’t beat the price. But does a two-year-old Classic hold its value?
How was the Ram Classic value determined?
We looked at 2020 Classic SLT crew-cab trucks with a V6 and four-wheel drive. The “SLT” stands for Special Luxury Trim. They’re midrange for options, so they’re not strippers. And we tried to keep the mileage around 60,000. When new, a Classic SLT 4×4 crew cab sold for right at $40,000.
Used truck prices can vary by region, so looking in the Southern California area and then New York, we see the average price of a 2020 Classic SLT to be $35,000. These are on dealer lots. Those for sale privately are between $29,000 and $36,000. If you have a 2020 SLT to sell, expect about $5,000 to $8,000 less as a trade-in.
Used truck values are determined mostly by buyers and not dealers. It’s that old supply and demand adage. With a lower acquisition price, vehicles tend to have lower resale values. Unfortunately, Ram doesn’t break out production of Classic trucks from the overall production numbers. But we know it did sell a bunch of them.
What drives Ram Classic value?
Even though there is a good supply of them, they’re obviously desirable. Desirability keeps the price higher. Then there are the times we’re in now. Used vehicle prices are exceptionally high. In some cases, two-year-old vehicles are selling for as much or more than they did new.
With COVID shutting down factories and suppliers at different times, and now supply chain issues related to COVID, there aren’t the huge inventories of trucks as in the past. This is also helping to spike used prices, as buyers settle for a used vehicle. Only now, two years after prices started to eke up, have they finally leveled off.
Should you buy now?
So, if you’re looking to buy now, no matter what the vehicle is, maybe you should hold off a bit longer? As soon as summer 2022, they may have floated down to a more typical depreciation value.
Holding off also means there could be more lower-priced trucks like the Ford Ranger and Maverick. Ram’s midsize pickup should be out by the end of this year. And there are rumors that both Chevy and Ram are working on a Maverick-like vehicle as there seems to be no limit for buyers wanting anything truck-related.
These new trucks that should be priced around the same as the 2020 Classic should also drive its prices down. However, if you’re wanting a Ram Classic truck, they are a good value with many on the secondary market to choose from.