Used Truck Prices Soar - RAM #1

[securityguy]

Used Truck Prices

We take a look at the crazy price increases the used truck market has seen in 2020. Now is a great time to sell your truck!

www.trucktrend.com

 

[SD Rebel]

Yup, especially if you got your truck at a huge discount the year before.

 

[jdmartin]

I imagine that's a big part of it. I don't owe anything on my truck but just for the hell of it last time I was in the credit union I asked them what the value of my truck would be if I wanted to cash it out and get a loan on it and they ran the numbers and I could have borrowed just a hair over $40k on it. Considering that I bought it brand new for $36750 plus tax, tag, title, I was blown away. If I didn't need a truck I'd sell it for sure - how many vehicles can you drive for 2 years and then sell back at a break-even price?

But I really like my truck and I tend to keep vehicles 10 years or more these days, so by the time the Ram is going anywhere it will be worth a few thousand bucks like everything else

 

[UnloosedChewtoy]

Yup, this is why I went with a new truck versus a used a few months ago. I guess maybe I should have waited just a bit longer, but oh well.

My first new vehicle ever, and still enjoying the heck out of it!

 

[mikeru82]

I've been reading on here and in other forums about people getting great trade-in offers. I look at NADA and KBB and see that my truck is worth almost what I paid for it. But when I actually go to dealerships in my area, they tell me that used trucks values have actually gone down. And give me a low-ball offer...which I politely refuse. My truck is 1 year old, only has 6500 miles, and is in immaculate condition. I'm honestly not in the market for a new truck right now, but if they would offer me what I've read other people are getting, I would probably order a new truck. There are a couple of things I wish I had, like 33 gallon tank, MFT, and no etorque. Those things alone aren't enough to lose a lot of money on. But if I could get them on a new truck without taking a big financial hit I might just pull the trigger.

 

[SD Rebel]

I've been reading on here and in other forums about people getting great trade-in offers. I look at NADA and KBB and see that my truck is worth almost what I paid for it. But when I actually go to dealerships in my area, they tell me that used trucks values have actually gone down. And give me a low-ball offer...which I politely refuse. My truck is 1 year old, only has 6500 miles, and is in immaculate condition. I'm honestly not in the market for a new truck right now, but if they would offer me what I've read other people are getting, I would probably order a new truck. There are a couple of things I wish I had, like 33 gallon tank, MFT, and no etorque. Those things alone aren't enough to lose a lot of money on. But if I could get them on a new truck without taking a big financial hit I might just pull the trigger.

It could be a local market thing in your area, but likely the dealer is playing hard ball. I checked with my dealer, and they are offering me almost $10,000 more than what I owe on my truck, even if I don't trade it in. I did get 25% off MSRP last year, but I put zero down and in only 15 months I made almost 10 grand. Normally it would be the other way around, but it's a crazy market right.

 

[coolidge]

Got the same stunned dealer reaction to the high trade in value on my 4 year old F350. It only cost me $312 a month to drive it 4 years.

 

[HeliPilot]

I know it’s a Covid supply issue, but I also wonder if it’s not because almost every new SUV hitting the market seems to be around 80-100k now.

 

[hoodac78]

Absolutely worth your time to sell privately. I had two buyers on my last truck get into a bidding war and I ended up getting $2000 over asking price. I took excellent care of my truck, but unfortunately it had a few claims on it as some jackwagon hit it while it was parked out in front of my house, and I had a hail damage repair as well. Dealerships were trying to bend me over because of those claims, so I elected to spend the time and do it myself. Sure glad I did. The dealership just shook their head when they found out how much I sold it for. I think I would have got more if not for those claims, but in the end it worked out for me just great!

 

[mikeru82]

Absolutely worth your time to sell privately. I had two buyers on my last truck get into a bidding war and I ended up getting $2000 over asking price. I took excellent care of my truck, but unfortunately it had a few claims on it as some jackwagon hit it while it was parked out in front of my house, and I had a hail damage repair as well. Dealerships were trying to bend me over because of those claims, so I elected to spend the time and do it myself. Sure glad I did. The dealership just shook their head when they found out how much I sold it for. I think I would have got more if not for those claims, but in the end it worked out for me just great!

This works great if your truck is paid off. Not so well if there is a lien on it though. Buyers don't want to have to deal with waiting for the title and all the extra paperwork involved with that kind of purchase. Unless you come down on price, which kind of defeats the whole purpose of selling it yourself. Then there's the sales tax thing, where in some states you only pay sales tax on the difference between the value of your trade-in and the new car or truck, not on the entire purchase price of a new vehicle.

 

[SD Rebel]

I know it’s a Covid supply issue, but I also wonder if it’s not because almost every new SUV hitting the market seems to be around 80-100k now.

It's a bit of Covid for the whole used market, but trucks have always had strong resales, mainly due to the elevated MSRP and $10,000 (or more) off standard of the industry.

 

[RSConsulting]

Like the resale values we're seeing lately.

Wish they were discounting the new Yukons. Guess I'm gonna have to wait until the summer - and hope these values hold.