Today’s used truck market is wacky. The rule of thumb not that long ago used to be that the second you drove a new vehicle off a lot, it lost about one-third of its value. Not anymore as supply chain issues and more have complicated the used truck market. Some trucks are even selling for more used than they are at dealerships new and holding their value well.
What kind of truck is the Ram 1500?
The Ram 1500 was named Motor Trend’s Truck of the Year when it debuted in 2019. The update was a step up from the previous generation of trucks that were nice but made nicer. The trucks come with a standard V6. You can upgrade to a V8 as well as a mild-hybrid Hemi V8. They’re known for their high-quality interiors and great ride, thanks to a sophisticated suspension design.
The Ram 1500 loses only 4.07% of its value in the first year, but a 2020 today is worth 25.8% less than it was new, or about $14,000, and loses 31$% after five years. For comparison, a one-year-old full-sized Chevy Silverado is worth 8.8% less. A 2020 today is worth 11.6% less, and 18% after three years, all according to CarEdge.com
Is depreciation bad?
Depreciation is a double-edged sword, and it depends on which end of that sword you’re on. The Ram 1500 truck has a good reliability score, a comfortable interior, and that powerful V8 so if you’re looking for one used, it’s a great option. The 2023 Ram 1500 is basically the same truck as a 2019 and you’d have to be Ram fan to know the subtle differences. If you’re looking to buy one and trade it in three years, maybe the Chevy Silverado is the way to go.
How much is a Ram 1500?
Since we know the Ram 1500 loses some value, how much is one new? If you walked into a dealership today to buy one at MSRP, you’d pay $36,500 for a basic work truck with a V6. But given the choice, we’d pick the $51,385 Rebel version which is outfitted for off-road duty, or the slightly upgraded $41,815 Big Horn, which seats up to six and comes well appointed. The Limited trim starts at $62,685 and comes with all the luxury features you’d expect, including a massive vertical center screen.
The Ram TRX definitely holds its value
A new Ram TRX is a special truck with a 702-horsepower Hellcat motor and beefy suspension designed to go off-road with ease and quickness. New, the TRX starts at $78,790, though the special versions like the Sandblast can top $100,000. The TRX holds its value, too.
At the Cars and Bids auction site a well-outfitted red 2021 Ram 1500 TRX recently sold for $90,500. At Bring a Trailer, another auction site, a 2021 TRX recently sold for $99,500. They’re a rare truck, so it makes sense that it would hold its value well.