Is the Resale Value of a 2020 Chevy Silverado 1500 Any Good?
The Chevy Silverado 1500 pickup is GM’s most popular vehicle, and as a result, it makes a gang of them. So now that 2020 versions of the truck are coming off two- and three-year leases, a gang of them are showing up on dealer’s lots. So is the resale value of the 2020 pickup high or low? How much can you expect to pay for a good, low-mileage, used 2020 Silverado 1500?
We looked at several metropolitan cities across the U.S. to see what the asking prices are from a range of dealers. They ranged in trim levels and cab configurations, so we can give you an idea of what is what when it comes to the current average used Silverado availability.
What did the 2020 Silverado sell for new?
First, the 2020 Silverado had an MSRP price starting at $28,500 for a base single cab standard bed truck. These are like a stripped fleet truck. Prices rise from there. All-wheel drive was an additional $4,600, and other options could put the price of the top-of-the-line High Country at $70,000. So the range is huge.
Trim levels also determine the truck’s price, though not as much on the secondary market. These trims were Work Truck or W/T, Custom, Custom Trail Boss, LT, RST, LT Trail Boss, LTZ, and High Country. In addition, there were three cab choices; single cab, double cab, and crew cab four-door.
Were there different cabs and bed lengths?
Most of the examples we found were usually crew cabs, which are the most versatile and popular. Additionally, three box lengths were available. These are the
Three cabs, three cargo box lengths. Short beds measure 70-inches, standard beds are 79.44-inches, and the long bed comes out to 98.19-inches long. Most of the examples of crew cabs we found have a short bed configuration.
There were quite a few engine options. They start with the 4.3-liter V6 hooked to a six-speed automatic. From there is the turbocharged 2.7-liter with an eight-speed automatic, the 5.3-liter V8 with an eight-speed automatic, and the same 5.3-liter with a 10-speed automatic. The big guns are the 6.2-liter V8 with a 10-speed automatic, and the 3.0-liter turbodiesel straight-six hooked to a 10-speed automatic.
What are 2020 Silverado trucks worth?
So here’s what we found. In the Los Angeles basin, prices ranged from $26,000 to $48,000. These were mostly LT, W/T, or Trail Boss trucks, which explains the range. The W/Ts were all single cabs, with the rest being crew cabs.
Moving over to Dallas, Texas, the prices were virtually identical to those in LA. Mostly, these trucks were Custom trim crew cabs. Swinging down to Atlanta, the prices squeezed up a bit to between the low- to mid-$30,000, with some priced near $45,000.
Up the east coast to Englewood, New Jersey, used Silverado prices ranged from $30,000 to over $50,000. Also, most of the trucks we saw tended to have more miles than those in the other four cities we checked. Finally, heading back to Indianapolis, we saw identical pricing to Los Angeles. The difference was almost all of the Silverados were either LT or Custom trim levels. And there were also a few more extended cabs in the mix.
Does the 2020 Silverado have good resale value?
So, the few high-priced Silverados we found were High Country models at around $45,000 to $50,000. Their resale value has dropped almost 30 percent in two years. But the rest of the bunch has clung close to what their original MSRP was in 2020. So today you can get a top-of-the-line 2020 Silverado for around the same price as lower trim-level trucks.
That should raise some caution for those 2022 Chevy truck buyers looking to spend all of the money. On the other hand, 2020 Silverado trucks in the top trims are a pretty sweet deal today. In some cases, the higher trim level keeps a lid on lower trim prices, but not with the Silverado, based on what we researched.
Keep in mind that these high resale values won’t last forever. Both new and used vehicles, in general, are all going for top dollar due to the various circumstances we’re sure you’ve read in the headlines. Expect private party trucks to go for $3,000 to $10,000 less depending on various circumstances. Trade-in values will be lower, still.
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