Hold on to your wallet. If you’re looking for a used truck right now, then you could lose a lot more money than expected. Used pickup truck prices are skyrocketing right now. It seems like prices are making major jumps in the blink of an eye.
Prices keep growing
I know what you’re thinking. If there is something to blame, then it’s 2020 or the ongoing Coronavirus (COVID-19) outbreak. This is sort of true, but even before the outbreak, prices for used models were increasing.
Then COVID-19 added gasoline to the fire. Truck factories switched from building trucks to make personal protective equipment (PPE) such as gloves, masks, respirators, and more. In other cases, factories closed to protect their workers.
This created a shortage of trucks while demand increased because there has also been a spike in RV sales. When you get a recreational vehicle, sometimes you need a truck to tow it. Plus, according to Pickup Truck Talk, those who actually need trucks are willing to pay higher prices.
How much have prices increased?
A study by iSeeCars evaluated used vehicle prices from October 2019 to October 2020 to determine price increases. Over 1.2 million used vehicles were considered to discover that used car prices increased by 9.5 percent or $2,193 compared to the previous year.
Also, used pickup models have an even larger price increase of 14 percent on average. The used Ram 1500 has the most massive price increase of $5,911 from October 2019, with a 21.9 percent price increase.
The only trucks that didn’t receive significant price increases include the Chevy and GMC 3500, or one-ton trucks. So, if you want a used beast, you might be alright.
But when will the truck market cool off? It could be a while. Instead of going to hotels and resorts, people want to socially distance on vacation by going camping.
Plus, gas prices are low and more people can work from home. They don’t have to use a gas-guzzling truck as their daily driver right now. Instead, they can use it for hauling campers, loading up camper gear, and more.
Some drivers keep their trucks for a year, then jumping to a brand new model because the price changes between 2020 and 2021 models haven’t changed much.
Also, some people who bought new trucks and sold them after a year have come out with more to spend. So, should you consider a new truck instead? That depends on what you want to fill your personal needs.
Which used truck is best?
If you’re still wanting to go used instead of new, be sure to get the most reliable used truck option. U.S. News ranked the best choices according to your budget. For 2020 used options under $25,000, the 2013 Ram 1500 takes the crown.
It ranks highly for being affordable, having one of the most comfortable rides in the segment, and a potent V6 engine. When properly equipped, the 2013 Ram 1500 can tow up to 10,450 lb, which is more than enough power for average needs.