Before you decide to make the move to buy a new vehicle, you probably try to do a little vehicle value homework to find out how much your trade-in is worth before you go. In today’s volatile automotive market, anyone sitting on a three-year-old vehicle in good condition could have themselves a gold mine. In fact, if you’re driving a 2017 Toyota Tacoma, you could cash in big time. It’s the best vehicle to sell right now, according to Edmunds, and it’s followed by a few other models with high-value resale and trade-in bragging rights.
What COVID-19 has done to the used vehicle market
There isn’t an industry that hasn’t sustained some kind of impact from the pandemic and periodic shutdowns from earlier in the year. But the automotive industry specifically has really been experiencing changes in supply and demand. Because automakers halted production back in March, there is a shortage of new model vehicles. Consumers were forced to shelter in place then, too, putting car purchases on hold as well.
Then, as restrictions lifted, people flocked to their dealerships with lease returns, trade-ins and were ready to buy. But the new model shortages went fast, and inventory couldn’t keep up. When consumers couldn’t buy new, they turned to models with a year or two on them instead. With so many people rushing back to the market right now, used cars are selling fast. And with the increased demand and shorter supply, there are a few used models in particular that are hotter than most.
Why trucks are a hot commodity right now
Pickup trucks are always a top-selling model, consider the versatility of work, haul, and play capabilities they offer. But in today’s economy, there is a shortage of new 2020 models from which to choose. Because consumers are now forced to look at buying trucks with a few miles and a few years on them, used pickups are a super-hot commodity right now. If you’ve been thinking about maybe selling or trading in your used pickup, you can expect to get top dollar for it, now more than ever.
The Toyota Tacoma has the highest value
Edmunds took a look at used model pickups over the last three years and compared retained values. They created a top-10 list of the most significant overall value retention metrics, based on the average trade-in price today versus the original MSRP.
One truck soared to the top of this group. And with the ability to command a trade-in value of 75 percent of its original MSRP, the 2017 Toyota Tacoma will fetch a pretty penny in today’s market.
Now’s the time to sell or trade in your Toyota Tacoma
If you have a truck in your garage and no longer need a pickup, you should consider selling it outright or trading it in for a new car or SUV. The 2017 Toyota Tacoma came out on top in terms of best-retained value, but there are other trucks worth selling right now too.
The Ford F-350 Super Duty, Jeep Wrangler, Toyota Tundra, and Ford F-250 Super Duty are all holding 70 percent or more of their average retained value in today’s market. Selling these or trading them in over the months of September and October will be a money-smart move.
Obviously, if you need to replace your truck with a new truck, you may be hard-pressed to find any available 2020 models yet this year. You can wait until the 2021 pickups hit the dealerships, or you can sell the truck you have now and take advantage of the high-value retention.
It’s worth considering, especially if you have a 2017 Toyota Tacoma to sell. Start doing some homework like you normally would before trading in and see what your truck’s value might be today. You may find selling now to be the best move to save money in the long run.