RAM 1500 and Other Used Cars Got Much More Expensive During the Pandemic

Car shoppers with their hearts set on a late-model, low-mileage used car or truck might be frustrated by post-pandemic pricing. According to the latest data from iSeeCars, trucks like the RAM 1500 or GMC Sierra 1500 have risen in price by an average of over $10,000 from pre-to-post-pandemic levels. Unfortunately, the RAM and Sierra aren’t alone; many late-model used vehicles have increased by over 40% in just four years. 

The RAM 1500, Toyota Corolla, and Toyota Camry rose in average used car price from 2019 to 2023

Pickup trucks like the GMC Sierra 1500 and RAM 1500 are among the top 10 models with the highest average price bump from 2019 to 2023. However, the list is far from just large pickup trucks; sensible sedans like the Toyota Corolla, Camry, Honda Civic, and Honda Accord are also among the used cars with the highest average increase. 

According to iSeeCars’ latest data on price increases from 2019 to 2023, used RAM 1500 trucks from the last one to five years have an average price of $42,881, about $15,557 more than four years ago. Moreover, the most popular Toyota sedan models, the Camry and Corolla, rose an average of nearly 50% during the pandemic. 

According to Karl Brauer, an iSeeCars Executive Analyst, $15,000 to $20,000 budgets access far fewer used cars than pre-pandemic. “In 2019, used car shoppers with a budget of $15,000 could afford over 20 percent of the late-model used car market,” Brauer said about the rising prices. “Today, that budget only gets them access to 1.6 percent of the market.”

Do RAM 1500 trucks keep their value?

RAM trucks hold their value well, as evidenced by the latest data on post-pandemic used vehicle prices. Unfortunately, a 56.9% increase in average prices for late-model RAM trucks means potential owners will pay thousands more than pre-pandemic. 

Of course, the RAM isn’t the only large vehicle with bloated post-pandemic prices. The GMC Sierra 1500, Jeep Wrangler, and Chevrolet Silverado 1500 all have average price changes of over 36% from 2019 to 2023. 

Why are some used cars so much more expensive after the pandemic?

Unfortunately, limited supply, global supply chain issues, and the post-pandemic market mean higher prices for used car shoppers. Furthermore, drivers racking up mileage during isolation and quarantine means higher-mileage vehicles for similar prices. 

“During the pandemic lockdowns one of the few things people could still do was take a drive, and clearly many of them did,” said Karl Brauer. “This drove up the mileage across the used car market, but the supply of new and used cars was so constricted that the additional mileage didn’t hurt used car prices – they still went up.”

As a result, used car shoppers have to contend with some of the worst average prices in years for vehicles with higher mileage.