For the past three years, anyone who has tried to buy a used truck has noticed that the prices seem unrealistically high. People have blamed the high prices on everything from new truck supply issues, the pandemic, high truck demand, sunspots and tarot cards. While the reasons seem hard to pin down, it’s clear that trucks, even used ones, are now priced like a luxury car. But finally, it looks like the price of a new truck for you has come down, at least a little.
Used pickup truck prices drop at the end of 2022
New to you truck prices have decreased by approximately 2.6% year-over-year and 2.7% in the last 90 days. That’s great news for those of us looking for a new truck for you. Still, according to the used car price trend tracker in CarGurus, the median price of a used pickup truck will still cost you $36.8800 today. However, at the end of 2021, a new truck for you would have cost, on average, $37,913.
Earlier this year, consumers paid a premium for a used car. However, for most of the categories listed by CarGurus, from sedans to crossovers to SUVs, the prices of most used vehicles have come down. However, the prices of convertibles, vans and coupes continue to rise.
Which used truck prices saw the biggest drop?
For top-selling trucks, used prices have come down, though not significantly year-over-year. Ford F-150 prices fell 3.9% to an average of $34,072, while Chevy Silverado 1500 prices fell 5.82% to an average of $34,113, led by the 2021 version which experienced a whopping 16.0% drop in the last year. For Chevys though, that could be down to a recent update that made some trucks look old right away. Ram 1500 trucks saw prices fall 16.58% to an average of $34,687, led by the 2022 Ram 1500 which lost 25.1% in value in the past year.
Toyota’s Tacoma and Tundra trucks saw a drop of about 5% for the year. The median price of a used Tacoma is now $31,886, while the median price of a Tundra is now $36,062. Used Nissan pickup prices for the Frontier and Titan fell 2.7% and 13.7%, respectively.
An interesting side note, the super modern Chevy trucks with square headlights from the 1980s, the C/K line, saw a price. increase at a staggering 14.65%. Maybe it’s time to invest in a 1980s C/K truck?
Which brand is experiencing the smallest used price drop?
While it’s hard to tell from the chart which brand, overall used truck prices are down the most, there are some trends. Ram is the only brand of trucks and vans, and overall Ram brand prices have fallen 3.5% over the past year. Ford is responsible for the F-150, the best-selling pickup truck, and used Ford prices are down 2.6%. However, that number takes into account many Escapes and Mustangs, not just trucks.
Used Chevy prices have fallen 7.11% over the past year, according to the site. But that plays into a lot of Camaros and Suburbans. However, Jeep, which makes the Gladiator pickup but also Wranglers and Cherokees, saw used prices for all of its vehicles. increase by 2.8%.
These numbers follow the trail of other recent reports
According to Consumer Reports and the Consumer Price Index, used vehicle prices are falling. Those reports also saw a 3% drop in used vehicle prices for the year. Regardless of the used truck you want to buy, the two-year-old models could be a bargain at your local dealer. But for all of us, the downtrend means two things; First, if you’re looking to sell a truck, now is the best time, but if you’re buying, prices are coming down, and that’s a relief.