Ram 1500 Has the Highest Resale Value Among Pickups Right Now
Recently, we told you that Ram 1500 owners were receiving big offers if they were willing to part with their pickup trucks. A new study confirms what we were being told. A study from iSeeCars ranks vehicles based on the percentage of price increase compared to the previous price of the vehicle. The Ram 1500 tops the list when it comes to pickup trucks.
Truck Value Study Results
The study only looked at vehicles from the 2016-2020 model years and compiled a list of ten vehicles with the biggest prices increases. Four out of the top ten are pickup trucks and the Detroit Three lead the pack.
- The Ram 1500 comes in third on the overall list. The average price for the used Ram is up an astounding 28.8 percent. The popular truck is drawing $8,002 more this year compared to its selling price of $35,798 last year.
- The GMC Sierra 1500 comes in 4th on the list. GMC’s luxury truck is bringing in $9,418 more this year compared to its previous price of $42,347. That means the GMC Sierra’s price is up 28.6 percent.
- The price for a used Chevrolet Silverado 1500 is up 27.1 percent. The Chevy is 6th on the top ten list, selling for $7,960 more this year compared to last year’s average price of $37,324.
- The Toyota Tundra comes in 8th on the list. The average selling price this year is up 26 percent. The Tundra is selling for $8,356 more this year compared to last year’s average price of $40,470.
Soaring Used Vehicle Prices
Used vehicle prices are up dramatically across the board this year for two basic reasons. The pandemic shut down production at all of the vehicle makers last year, so there were fewer new cars produced. Plus, the semiconductor chip shortage this year has also drastically slowed production. Good used vehicles are at a premium. The market for trucks, both new and used, is incredibly hot right now. Experts expect the demand for trucks to continue for the foreseeable future.
Potential Downside of the Hot Market
The problem with the high trade-in and resale values is that you can’t win on both ends of the deal. If you have to replace the vehicle you are selling, the new vehicle will be more expensive as well. Especially, if you are trying to replace a truck, you can expect to pay premium prices.
Tomorrow, we will look at the cars topping the resale value list. The car with the highest resale price increase percentage-wise may definitely surprise you.
Follow Mary Conway at @maryconwaymedia and send her car news tips for future stories.