These Used Cars Actually Gained Value in 2020
We talk a lot about the fact that most new cars lose value pretty quickly. In fact, we recently published an article on the cars that depreciate the fastest, and the worst performer was the BMW 7 Series. Buy one of those, and you can expect it to lose more than 70% of its value over the next five years. Considering you’re probably spending close to six figures on the 7 Series, that’s well over $50,000 down the drain.
But what if we told you some used cars occasionally go up in value? We’re not even talking collectibles, either. Demand for used cars has shot up over the last year, and that means prices have followed suit. Recently, iSeeCars looked at used car prices and found several that gained more value than the others.
GMC Sierra 1500
If you read our recent article on trucks that depreciate the fastest, you might be a little confused to see the Sierra on this list. How can it depreciate quickly and also have gained value on the used market? Because the former is a projection over the next five years, while the latter is the average change in price over the last year.
Specifically, the average used Sierra is now selling for $38,750. A year ago, in October of 2019, the average used Sierra was $6,380 less expensive, reflecting an increase in value of 19.7%. Where prices will go over the next year, though, is unclear.
There’s no getting around the fact that the Dodge Charger is old. It’s brought up all the time when discussing Dodge’s lineup. But while the Charger hasn’t been redesigned in what feels like a century, it still has two things going for it: the original platform was really, really good, and it’s a cool car. So of course there’s going to be demand on the used market.
Currently, the average price for a used Charger is $28,394. In the last year, that average increased by $4,812. But while the Sierra gained more value in actual dollars, the Charger’s had a higher relative increase, gaining 20.4% of its value in 12 months.
Ford Mustang Coupe
One of the most disappointing trends from the last decade or two has been the lack of interest in coupes. Cars like the Mustang are better than ever, but buyers just aren’t as interested as they used to be. We’d like to think electric cars might help revive the sports coupe segment, but for now, there isn’t much we can do other than cross our fingers.
So it’s a little weird, then, that the Mustang’s value is headed up. At least on the used market. The convertible has also appreciated slightly but not quite as much as the hardtop. Used Mustangs are now averaging $29,540, while a year ago, they were $5,060 (or 20.7%) less expensive.
Two pickup trucks on this list are definitely a good thing for truck owners. Look at the rest of the top 10, and you’ll also see the Chevrolet Silverado and Toyota Tundra. The Ram just happens to take the top spot for pickup trucks. As big fans of the Ram 1500, we totally get why, although we’d probably be less excited if we were shopping for a used one right now.
If you want a used Ram 1500 today, they’re selling for an average of $32,841. That average is up $5,911, which works out to an increase of 21.9%. That’s a lot of money for a used truck, but anyone selling a Ram 1500 right now has to be pretty happy about it.
BMW 5 Series
Like sports coupes, people don’t seem to be as interested in buying luxury sedans anymore. Crossovers are the cool cars to get, and having driven a lot of them, it makes sense. They’re more practical, easier to get in and out of, and they can actually make it up a steep driveway without scraping.
But despite the 5 Series looking like it’s behind the eightball, used versions have gained more value than any other vehicle over the last year. Last month, they were going for $34,157, which is $6,924 higher than a year ago. That’s a 25.4% increase in only 12 months!