It might be a good time to sell your Ram 1500 because used Ram 1500 models have the most significant price increase year-over-year. If you’re looking to trade your truck in for something different, you might come out ahead. But it would be a shame to let such a great truck go!
Used Ram 1500 prices are rapidly increasing
The semiconductor chip shortage has made it difficult for people to get new trucks and new electronics this summer. Everything from the Ford F-150 and Playstation 5 are facing delays. Also, because new vehicles are scarce, dealerships are filling their inventories with used options.
This could be great news if you have a used Ram 1500 because it’s the truck with the most significant price increase. According to iSeeCars, used vehicle prices have increased by 16.8 percent or by $3,926 compared to last year.
Typically, used vehicle prices remain consistent year over year. In 2019 there was a 0.2 percent reduction compared to 2018, and 202 experienced a 0.1 percent price increase compared to 2019.
iSeeCars Executive Analyst Karl Brauer shared, the current used vehicle price increase is unparalleled, and prices may stay elevated during the foreseeable future due to the magnitude of the global microchip shortage and limited new vehicle supply.
How much have Ram prices increased?
Used Ram 1500 models had an average used price of $35,798 in April. This is an increase of $8,002 compared to April of 2020, creating a year-over-year increase of 28.8 percent. The GMC Sierra 1500 has increased in price by 28.6 percent, and the Chevy Silverado has increased by 27.9 percent.
But what’s so great about the Ram 1500? According to U.S.News, the 2021 Ram 1500 is the best full-size pickup truck you can buy for 2021. In 2019, this popular truck got a total redesign with tons of upgrades to one-up the competition.
U.S.News ranks this truck highly for having power engine options, a cushioned ride, a luxurious and spacious interior, and an easy-to-use infotainment center. The only con they listed is the fact that some rivals can tow more. The Ram 1500 can tow up to 12,750 lbs when properly equipped. The Ford F-150 can tow up to 14,000 lbs, and the Chevy Silverado 1500 can tow up to 13,300 lbs.
Is the Ram 1500 reliable?
A few used Ram 1500 models are more reliable than others. According to Consumer Reports, the 2020 Ram has a reliability rating of three out of five, while the 2019 model has a score of two out of five.
The reliability rating is based on problems reported by owners on previous model years. So, the increasing score may mean that the 1500 is facing fewer issues than before. Also, these model years have an above-average owner satisfaction rating of four out of five, meaning owners have been happy.
The most common issues reported for the 2020 model include minor transmission issues, climate system problems, and in-car electronic problems. Also, owners reported that they enjoy how the truck drives, how comfortable it is, and how great it looks.
You can either flip your Ram 1500 right now for a great deal toward a new ride, or you can hold onto your beastly option. It serves as one of the most comfortable and capable options that you can buy.