Used vehicles prices 1 year after covid

[Limpy88]

So it seems if I'm not waiting months for products, they are expensive as hell. Been looking for a new truck. Sold my old one to my father, needing a big one (more than 2 doors) for the growing family. Prices for 3-5 year old trucks with 30k-60k miles seem to be (as of april 2021) only $8k-12k price difference from new trucks with discounts. One of my fathers co workers is making extra money by using his sons employee discount and reselling 3/4-1 ton trucks.
I.E. Pulled from gmc's website. same trim levels
2018 gmc sierra 38k miles $46,985
2021 gmc sierra $57,241

While shopping I run across a list that wasn't taken down and since the first of the year used trucks have gone up $4k-5k in price.

So with limit stock to pick from on the used market and prices be close to new, should
I just buy new.

any body else having car shopping woes.

 

[churchmouse]

This is why I chose to just keep mine.

 

[KARP]

I also have looked at used trucks lately, couldn't believe the prices. Decided to spend $2,400 bucks to bring my 2004 chevy s10 up to par. Hope to get a few more years out of it.

 

[maxwelhse]

Vehicles and housing have both been hammered and that started before Covid. You had the Trump economy and low interest rates pushing everyone to spend like no tomorrow, then Covid came and hit the supply lines while printing a bunch of money to hand people that were already spending it like they were on shore leave. Prices are just soaring... and not just on that stuff.

If I were in a position where I could afford the money for a gently used truck, I believe I'd try to find a way to buy new. That's one area where inflation and rising interest rates are going to be on your side. In 5 years it might actually be worth more than you paid and you got to enjoy knocking the new off of it yourself and had the comfort of the full warranty.

 

[ws6guy]

I was looking hard at trucks right before covid. From what I see now is that 2-3 year old trucks are up about 7-8k. On the positive side my truck price is also up. However I've decided to keep my truck a few years longer and now looking for toy car. Fortunately it seems that old old pony cars haven't seen the same increase but they are still stupid high price. I've also heard a local dealer say they had all time record sales in February.

Supply is low and demand is high, might be best to wait out this market. For me I can wait, my 2013 chevy has 90k miles and honestly it's been my best truck yet so no sense in getting rid of it.

 

[dmarsh8]

It won't get better for awhile. Auction prices are up at least 25% and the microchip (shortage) issue is not helping. Demand is high and people have helicopter cash.
Watched a 2015 2500hd crew 68k do $35,300.00

 

[firecadet613]

That price differential is about right. Back in 2014, I was looking at a used 2013 F150, 4x4 crew cab, listed for $33k. Ended up being sold when I called about it. Dealer suggested I look at new.

I wound up in a brand new 2014, msrp of $47k, for $38k. Kept it two years and in 2016, another 10k off a new one. 2018, same thing but jumped to Ram for 12k off MSRP.

Moral of the story - buy new vs a few years old full size pickup. Granted, I have no idea how covid is impacting the rebates.... but with Fords new 2021 out... I'm sure you can get a deal on the 2020 model

 

[maxwelhse]

That price differential is about right. Back in 2014, I was looking at a used 2013 F150, 4x4 crew cab, listed for $33k. Ended up being sold when I called about it. Dealer suggested I look at new.

I wound up in a brand new 2014, msrp of $47k, for $38k. Kept it two years and in 2016, another 10k off a new one. 2018, same thing but jumped to Ram for 12k off MSRP.

Moral of the story - buy new vs a few years old full size pickup. Granted, I have no idea how covid is impacting the rebates.... but with Fords new 2021 out... I'm sure you can get a deal on the 2020 model

If you don't mind the question, how much did each one cost you to own for those 2 year periods?

 

[churchmouse]

I also have looked at used trucks lately, couldn't believe the prices. Decided to spend $2,400 bucks to bring my 2004 chevy s10 up to par. Hope to get a few more years out of it.

Exactly what I did to my 04 SLS GMC 4WD
spent a bit north of that but they had issues with the brake lines and that aint cheap to fix.

 

[firecadet613]

If you don't mind the question, how much did each one cost you to own for those 2 year periods?

Out of my pocket - $0 (car allowance from work). I put 60,000 miles on each of the F150s in the two years I had each one. The '14 I paid $37,500 for, trade value was $30,000 on my ordered '16. '16 stickered at $51,500, paid $40k. Just over $30k on trade value on the '16 for the Ram. Got rid of the Ram just over a year in (switched jobs and had a company car vs allowance and it was sitting). $44k back and I only paid 48k (msrp was $60k and I ordered that one before any rebates were out). Had I waited a few months I'd have gotten the Ram for $45k - but probably wouldn't of bought as I switched jobs a few months after she came in.

Not bad IMO, especially when I had a car allowance that covered it. No tires, brakes, e.t.c.... just oil changes.

Full size trucks hold their value, provided you buy them right and take full advantage of the rebates.

 

[maxwelhse]

Out of my pocket - $0 (car allowance from work). I put 60,000 miles on each of the F150s in the two years I had each one. The '14 I paid $37,500 for, trade value was $30,000 on my ordered '16. '16 stickered at $51,500, paid $40k. Just over $30k on trade value on the '16 for the Ram. Got rid of the Ram just over a year in (switched jobs and had a company car vs allowance and it was sitting). $44k back and I only paid 48k (msrp was $60k and I ordered that one before any rebates were out). Had I waited a few months I'd have gotten the Ram for $45k - but probably wouldn't of bought as I switched jobs a few months after she came in.

Not bad IMO, especially when I had a car allowance that covered it. No tires, brakes, e.t.c.... just oil changes.

I think that's actually remarkably good considering the mileage you put on them. Brand new trucks with basically unlimited mileage leases for a tick over $400/mo. Plus it doesn't sound like you beat yourself to death to try to get the most back out of them selling them privately. I think right now used trucks are actually holding their value even better than that.

Appreciate the info!

 

[firecadet613]

Never leased. Financed for 60 months. Agreed on the trade value when I ordered the new one... took about 45-60 days to come in with my name on the window sticker.

Extremely happy with how it all turned out. Otherwise I wouldn't have traded that often LOL. I miss having a full size truck, but it's hard to beat someone else's ride and a new one every 75k miles!

Good luck on your search and feel free to PM!

 

[thompal]

With all of the flooding issues the south has had recently, I'd be really hesitant to buy any used vehicle right now.

 

[Limpy88]

Out of my pocket - $0 (car allowance from work). I put 60,000 miles on each of the F150s in the two years I had each one. The '14 I paid $37,500 for, trade value was $30,000 on my ordered '16. '16 stickered at $51,500, paid $40k. Just over $30k on trade value on the '16 for the Ram. Got rid of the Ram just over a year in (switched jobs and had a company car vs allowance and it was sitting). $44k back and I only paid 48k (msrp was $60k and I ordered that one before any rebates were out). Had I waited a few months I'd have gotten the Ram for $45k - but probably wouldn't of bought as I switched jobs a few months after she came in.

Not bad IMO, especially when I had a car allowance that covered it. No tires, brakes, e.t.c.... just oil changes.

Full size trucks hold their value, provided you buy them right and take full advantage of the rebates.

A 2 year old truck with that many miles is an easy sale. I would buy one of those truck over a 10 year old truck with half the miles. Age hurts newer vechiles more than mileage when it comes to maintaining it.

If I had a crew cab truck I wouldn't have gotten rid of it either, especially with what little $ I had in it.
I usually flip and work on vechiles on the side. But kids and life don't allow me the time for that anymore. So I want something that won't require but oil changes for a while. Which also puts me in a price category I can't just pay cash for.

Also wish the newer 1/2 ton trucks came in long bed.

 

[firecadet613]

A 2 year old truck with that many miles is an easy sale. I would buy one of those truck over a 10 year old truck with half the miles. Age hurts newer vechiles more than mileage when it comes to maintaining it.

If I had a crew cab truck I wouldn't have gotten rid of it either, especially with what little $ I had in it.
I usually flip and work on vechiles on the side. But kids and life don't allow me the time for that anymore. So I want something that won't require but oil changes for a while. Which also puts me in a price category I can't just pay cash for.

Also wish the newer 1/2 ton trucks came in long bed.

Not worth the hassle when you add in the sales tax savings on the new one, plus the unknown of when the new one will arrive.

They still make long bed, half ton, crew cabs. A rare few are out there, but you'd most likely need to order it.

 

[Limpy88]

Not worth the hassle when you add in the sales tax savings on the new one, plus the unknown of when the new one will arrive.

They still make long bed, half ton, crew cabs. A rare few are out there, but you'd most likely need to order it.

You can't get it from gm since 2013. Ford at least 2019. Dodge probably same time line.
Maybe if you order 250 of them at a time.

 

[firecadet613]

You can't get it from gm since 2013. Ford at least 2019. Dodge probably same time line.

Ah, you mean 8' bed. I was thinking 6.5'. Just tried to build an F150 and 6.5' SuperCrew is there. And not even if you ordered 250, they can't fit a SuperCrew 8' bed down the line at Dearborn.

But with the way half ton prices have gone up, you can get a mid level 3/4 ton for a loaded 1/2 price.

There's a reason I haven't looked lately.....I don't need a truck taking up room in the garage! It's nice having both vehicles in the garage for once.

 

[Limpy88]

Ah, you mean 8' bed. I was thinking 6.5'. Just tried to build an F150 and 6.5' SuperCrew is there. And not even if you ordered 250, they can't fit a SuperCrew 8' bed down the line at Dearborn.

But with the way half ton prices have gone up, you can get a mid level 3/4 ton for a loaded 1/2 price.

There's a reason I haven't looked lately.....I don't need a truck taking up room in the garage! It's nice having both vehicles in the garage for once.

Yeah I use the "oem" lengths. Short standard and long. Every one else goes by the amount they see. It's hard to find a standard bed 6.5ft Crew cab (Which has made my search harded) But when I ask if the have a standard bed they all say, "Yeah". Then I say "that's a short bed". They're like "yeah, that's the standard bed." Lol.

Go buy suv's you posers with you 5.5ft bed

I have thought about a 3/4 ton to get my long bed. But the cost is higher and maintenance higher. As well as being an over taller truck. Don't want that either.

 

[Tyler-The-Piker]

I also have looked at used trucks lately, couldn't believe the prices. Decided to spend $2,400 bucks to bring my 2004 chevy s10 up to par. Hope to get a few more years out of it.

exact same here just sub in my 2001 Chevy Silverado 1500LS V8 4.8L Vortec (140,000mi), standard cab, 8ft bed, tow package.

I do like this truck so I'm happy to keep it but damn these things are rust buckets! lol. I just had to get new brake lines, plus brake pads & rotors, and got me 4 new tires.

When I bought my truck ~7yrs ago (@126,000mi) it was on the lot for $5995. I got it for $4000 OTD.
I was told recently that I could easily sell it for $6000 today...

Crazy.

 

[Super Bee]

My wife has a Ram which is a few years old now and I was looking to replace. I priced out a 2021 Ram Power Wagon crew cab 2500 with a gas Hemi. . . $64,000.00. Looks like she will be driving her current Ram for another year or two.

I know its not cars/trucks but the prices of RV's have went crazy. Over the last two years my cost on new units are up 25%.