Used Vehicle Prices Keep Falling, But Not for Pickups
Used vehicle prices are down for 2013, and some experts are predicting they'll go even lower before the end of the year — but not for pickup trucks. This could be good news for those who already have a good pickup (likely with a V-8) and want to get an inexpensive used compact car for those long drives when you don't need to haul or tow something.
According to the Detroit News, the average price of a 3-year-old vehicle between the months of April and June this year fell by 4 percent and, depending on the type of vehicle it is, it could fall even more by yearend. Why? New-car sales are picking up, so there are more used cars flowing into the marketplace. More used vehicles on dealer lots mean more competition and falling used-vehicle prices.
Unfortunately, this news is a double-edged sword for truck lovers. Right now there is strong demand for new pickup trucks, as represented in the consistently climbing month-over-month full-size pickup sales numbers, which means more buyers are selling their older models. We say "unfortunately" because demand for pickups is still pretty high, so the average transaction price for used pickups (less than 5 years old) is pretty strong.Those prices are not falling like they are in the used compact car and hybrid car segments — some as much as 15 and 20 percent over last year's pricing.
What does this mean for us? If you're looking for a used pickup truck, prices are not likely to fall anytime soon. But if you have a pickup you're happy with, you might want to consider purchasing a small, fuel-efficient car (assuming you can stomach driving one of them) for longer trips where fuel economy matters.
Comments
Where, where are these prices falling? I can't get anyone to buy my truck, and the dealerships won't give me anywhere close to what it's worth. Meanwhile all the used vehicles I'm looking for (not trucks) are going for way too much money. I call BS on this article.
Hey Mark Williams, why use a Silverado Picture when clearly there's more and more Used Ford Trucks sitting on Lots all over American Rusting Away. Clearly data shows that Silverado, Sierra and Ram Owners keep their Trucks for the Long Run.
Who you trying to fool....
Also Ford Trucks loose their value much more than GM and Ram...
"Used Vehicle Prices Keep Falling, But Not for Pickups"
That must be regional because in MY region prices for anything used remain very high.
That could be because of the high demand for used from all the illegal aliens in this area looking for an older used car or truck to get around the country in, right after they get their brand new drivers license in New Mexico and go "see the USA in their Chevrolet" as they scatter to all corners of the compass within America.
The reality is in a supply and demand situation, demand will drive up prices.
I would think the average age of pickups are older than the car fleet. Also, as Mark Williams pointed out cars are used more for driving than trucks due to the economics of operating a truck.
So if this is the case then a person will want a newer 'family' vehicle/car for the wife and kids than what amounts to a wish list vehicle like a truck.
The other reason driving this is some owner operators/self employed really need to upgrade their vehicles to earn a living and can't afford a $20 000 price tag for a new truck. They need something cheap and reliable. They've been running older trucks for some time now and need to update.
The US economy has improved, but it's not where it was a decade ago. There is still alot of work to mend the US economy.
The rule to remember for buying and selling is: Most people are lazy.
It's going to be up to you to capitalize on that laziness.
Are you going to be the seller that gets lazy and settles for less than you knew that you could get if you had waited for the right buyer?
Are you going to be the lazy buyer who takes the first deal that comes along?
The trade-in values for good used cars and trucks is much higher than it has ever been. My wife traded in a 2000 Taurus for $3,500 which is not bad for a 13 year old car even with 71k miles. The dealer can usually sell for more because they provide financing. Big Al is correct in that many replace aging trucks with a newer truck because they cannot afford new. This will be even more true in the future with higher vehicle prices in order to meet the new fuel standards. Much cheaper to use steel than aluminum and carbon fiber. You might get more for a used truck but then you will pay more for a newer truck.
Data clearly shows what stupid? My buddy has bought over 5 chevy's since I bought my F150 10 years ago and he has had an assortment of problems with his trucks including blown motors and this guy really takes care of his stuff, hell he is 60 years old and brand loyal so if he wants to continue dealing with them that's him and he always buys new trucks so yeah that picture of a Silverado is just right stupid A$$ all-American.
This article hits the nail on the head squarely in phx az. My 2010 tundra with 36K on it is almost worth what i paid for it.
If i sell it in the next few months i will ask $30K and that is just under what i paid for it without TTL. I just cked the mkt last night and guys on CL and Trader are asking just as much or more for their higher mileage trucks. If that is the case i will be buying a new tundra this year, Yahoo, since i like almost all the changes they did on the 2014 tundra. Refining the best 1/2 ton truck out there currently imo.
That truck up top is tinfoil on wheels and a rusty wax frame. The only thing good is it won't rot as fast as those 800's did.
They were going to show a picture of an F150 but it broke down on the way to the photo shoot, so they took picture of something else, it just happened to be a Chevy.
@Inexperience
Wow someone took it to the heart, data is data and it clearly shows, that the same Idiots are buying the same Rust Bucket Old Henry Ford must be proud of while leaving Ford and more Ford trucks on Used Dealerships to rust away.
Don't believe me well look it for your self. How many Raptors are being sold across the country? Why you think that is?
It's extremely hard to find a Used Duramax with low mileage and even more hard to fins a Used PowerWagon.
Used Raptors that is...
@all-American, yes it is because they are all in the junkyards. Raptors are being sold as fast as FORD can build them because they are FORD TRUCKS and yes they are selling like hotcakes all across the country! Used ones are scarce. Look IDIOT, FORD sells the best trucks ever made just look who dominates month after month, year after year and its about 36 years or so,( lost count ) so shut your pieface and realize all trucks are good. Pick the one YOU like but just remember FORD will always be the best one of em all, STUPID.
@Inexperience
Why are you getting your feelings hurt, you can look-up how many Used POS Raptors are available across the country.
Yeah look-up how many actual Trucks are Registered with the DMV across the country and you can see who really has more Registered Trucks year after year and that's GM.
Ford owns 30% of it's dealers and the count the current inventory as sold, so as they rust away Henry Ford must be turning in his grave.
So as far as your Opinions are concerned, Shove it you POS.
@Inexperience
Why you think that all these Douche Bags are turning in the Raptors, yeah cuz they're POS.
Don't believe me look at how many used POS Super Dooty are available all across America.
Anyways there's nothing that can change my mind, and Yes FORD Sucks so eat it.
Hey bozos, stop the brand bashing. You are the type of people that turn people off of the big three pickups because you morons and your bloody childish loyalty and arguing make it look immature and stupid to own a truck. Everyone has an opinion, stop forcing it on others and shut up. You will sound much more credible, mature, and intelligent.
Well Said Morons, sick of the childish behavior on this site and brand bashing.
@Morons--Thank you, well said. I have been overall satisfied with Fords, GMs, and Chryslers but since I have been on this website I have been so disgusted with the fan boys remarks that I started to look closer at the Japanese and Korean products. This past June we traded my wife's Taurus in for a 2013 Honda CRV. Either these fan boys have nothing else to do or they are marketers but either way they do more damage for their product. Let each product stand on its own merits and each consumer decide which product best meets his or her needs.
I am sick of it too the mindless bashing with out looking at the facts unless you have owned a variaty of trucks from all makes or managed a large vehicle fleet with trucks from the big 3 then you will have a chance to compare them. I test drove a new seirra all terrain and 2 f150s an fx4 and platnium back to back this weekend and i was impressed with both trucks also tested an audi s4. i was originally going to test drive a silvarado but i showed up and the dealer as an ass to me about my ford and said GM was way better and made a man step comment i reeplied that i wish my raptor had a Man step cause the bed is so high. GMC Dealer was great and i really liked the new seirra and would buy it except for a few things and these things allow the Fx4 to pull ahead. 1 no perferated or ventalated seats on all terrain, i should not have to suffer through hidious crome to get ventalted seats, and no rear ac vents i dont want to freeze up front so my rear 2 passengers can be comportable in the summer time . but i really like the new ecotec motor and the susspension and handeling was a dream, also the truck was really quiet, and the info from the entertainment could be called up on the screen in the guage cluster, i was really impressed with the truck
@ carilloskis--What a stupid salesman and dealer, you never put down a customer or what the customer drives. I would have driven away as well.
Enough with the "Ford vs GMC vs Mopar" war. Fer cryin' out loud, it's been debated to death on every forum since the companies incorporated - it WON'T be decided here!
Grow up, you immature 'tards, any one of us can buy any one of those brands. Your comments will NOT sway ANYONE's decision.
DUH!
(P.S. Which manufacturer DECLINED bailout money from the gov't a few years ago?". There's your answer on who's "better" as without that money, the other two would be nothing but memories now.)
Here in my area there are plenty more Sliverados and Sierras on the used car lots. Now that doesn't mean that they are all POS. Could mean that Chevy sales eclipse Ford so there will be more, or it could be that Ford owners keep theirs longer, etc. Who knows. Either way in my midwestern town for every 10 Chevys there is one Ford.
I blame country music for the price of pickups going up.
A dealer in Tuscaloosa, Alabama has a 2004 Ford F150 for $12,000 and a 2007 Toyota Tundra for $16,000. Both over 100,000 miles.
The truth is, trucks sell at a higher premium than cars and vans, even with ridiculously high mileage. And there are people who are willing to pay that price.
Surprisingly I just traded in my 08 sierra denali awd.. and got 24k for it... only had 92454 miles on it.. but retail was 29600 so I feel I got a fair deal...
I traded my 08 Ram 1500 two years ago and prices on used trucks were high then. It was the first time EVER where the trade value was in positive equity from my loan.
Also, GM has test marketed heated bumpers in extreme weather conditions and has decided to make them standard equipment on all new GM and GMC trucks. So you can keep your hands warm when you push them off the road.
"I blame country music for the price of pickups going up."
That was priceless. Way better than this mindless fanboy crap.
Thanks, Ed you made my day.
I suspect that one reason pickup trucks hold their value better than cars is because most fleet trucks or work trucks get pounded hard and tend to be sold at the auction block "as is where is" at rock bottom prices. The lower price for used fleet/work trucks on the used market does not pull down the price of personal use pickups because there are obvious differences.
If one looks at used cars, fleet rental cars sell for much less that a personal use vehicle and since the abuse or misuse is less obvious, it will effect overall car prices.
Truck buyers also tend to be more savvy. A car buyer will be more likely to buy a fleet car but a truck buyer will tend to stay away from a fleet truck.
That is what I commonly see in my region.
just wait till gas goes back up to $4.00 a gal.....you will see truck prices drop back down to earth.
just wait till gas goes back up to $4.00 a gal.....you will see truck prices drop back down to earth.
The comments to this entry are closed.