Used Ram 1500 Models Have 1 Expensive Disadvantage
Typically, it’s a good idea to consider buying a used truck if something like the Ram 1500 catches our fancy. Used trucks often have recent upgrades without the prices involved with brand-new vehicles. However, used Ram 1500 models might be going against the grain.
Why are used Ram 1500 trucks so expensive?
The used Ram 1500 isn’t alone as it faces rising prices. Most vehicles have been steadily increasing in price since 2019 due to the Coronavirus (COVID-19) outbreak, supply chain disruptions, and rising inflation.
However, the Ram 1500 stands out because it’s the used truck with the highest price increase. iSeeCars pointed out that the price for an average used vehicle has increased by 47.7% since the start of the pandemic.
Buyers are going for options with twice as many miles as before while paying between 25 to 50% more. While the Ram 1500 typically isn’t as popular as the Chevy Silverado or Ford F-150, it has higher used prices.
In 2019, the average price for a used Ram truck hovered around $27,324, but in 2023 the average price increased to $42,881. That’s a 56.9% change, and the Ram 1500 has the most significant price increase among used models.
Meanwhile, in 2019, the average used Ford F-150 price was $31,520. Now, in 2023, pricing has increased to $42,104. That’s a 33.6% change.
Why are used Ram trucks so expensive?
Used Ram 1500 models could be more expensive due to current market conditions. Americans are truck-obsessed, but supply hasn’t been able to keep up with demand due to the semiconductor chip shortage and other supply chain constraints.
With fewer brand-new trucks available, people have to consider used options instead, driving prices up. While the Ford F-150 actually sells more models, this may come to its advantage with used prices, because more used F-150 trucks could be available.
Plus, the Ram 1500 is considered to be an excellent investment. The Ram 1500 maintains a high resale value. The average model retains about 65.8% of its value after five years, and some even maintain as much as 92% of their original value.
If a Ram truck depreciates by about 31% of its value after five years, then it may have a resale value of roughly $38,539.
Plus, don’t forget about the raving reviews from critics. The Ram 1500 is often noted as being the most comfortable truck with the smoothest ride and quietest interior. It has stout towing power and an efficient diesel engine.
How reliable is the Ram 1500?
Used Ram 1500 models may also have a premium price because they are durable and pretty reliable. The Ram 1500 has a reliability ranking of 80 out of 100 from J.D.Power. Scores between 70 to 80 are average, while scores between 81 and 90 are above average.
It’s only one point away from the above-average category. The average Ram truck is expected to last between 200,000 to 300,000 miles. Some models even make it past 300,000 miles, but proper maintenance and regular care are key.
Your Ram truck could provide over 20 years of service on the road. The Ram 1500 is the most affordable full-size truck to maintain, with an average yearly cost of about $634.
So, used Ram 1500 models may have the highest price increase because they are popular trucks, have a stout reliability rating, and maintain their value. Stay tuned for market updates! Hopefully, used truck prices are about to drop.