With the 2020 Toyota Tundra being so popular, and coming off of two-year leases, how good is its resale value after two years? Toyota makes a gang of them. Does that production dilute its used truck price with supply and demand being what it is? Let’s see how much used 2020 Tundras sell for in different spots in the U.S?
To figure this out, we’ll go real world, not speculation and estimates. In 2022, used vehicle values are unprecedented since the 1940s, when car production stopped for the war for four years. So speculation in 2021 about where vehicle pricing would be in 2022 doesn’t match up. Instead, we looked at dealer advertised prices for 2020 Tundra trucks.
How were the 2020 Tundra numbers picked?
We picked five markets; Los Angeles, New Jersey, Miami, Dallas, and Indianapolis. That’s a nice spread of the country. And somewhat surprisingly, we do see some differences, though these are asking prices. So even in these seller’s market times, there should be a bit of wiggle room in the price.
When new, the 2020 Toyota Tundra had an MSRP of $33,575 for a Double Cab SR, and $37,850 for the CrewMax SR. Trims moved from the SR to SR5, Limited, Platinum, 1794 Edition, and TRD Pro. We looked at both the lower end SR5, which predominates used truck inventories, and TRD Pro. The mileage of the various trucks advertised is between 10,000 miles to 60,000 miles.
What were the 2020 Tundra price ranges?
In Los Angeles, 2020 SR5 used prices fall between $34,000 and $44,000. For TRD Pro numbers, prices range between $55,000 and $66,000. Bouncing to the east coast, the SR5 ranged from $31,000 to $51,500 in New Jersey, which is quite a spread. The TRD Pro prices fell between $52,000 and $58,000.
Down to Miami, Florida, TRD Pro pricing is between $51,000 and $57,000, with the SR5 between $31,000 and $43,000. Over to Dallas, TRD Pro trucks see a tighter spread of $49,000 to $55,000, with DR5 trucks priced between $35,000 and $47,000. And in the middle of the midwest in Indy, the SR5 models are going for between $34,000 and $50,000.
In some cases, as in Dallas and New Jersey for TRD Pro Tundras, the numbers are pretty tight. But in cases like prices for SR5 trucks in New Jersey and Indianapolis, there is a huge spread. Figure something more in the middle of the large spreads gives a better picture of pricing.
Also, note that TRD Pro keeps a lid on SR5 pricing. There is no overlap between the two. So if you can do without some of the TRD Pro features, you’ll essentially get the same truck in an SR5 version for far less.
In 2022, we’re in crazy times when it comes to used vehicle prices. Most assuredly, you’ll see prices start to lower, but probably not until 2023. Around October, when the 2023 models start trickling into dealers, we’ll get a better picture of what will happen to used truck prices.