Used vehicle prices are rising and GM trucks are among the biggest gainers.
A new study by iSeeCars.com has found that used trucks and used sporty cars have risen dramatically in value over the past year. Among the vehicles with the largest gain in value are the GMC Sierra and Chevy Silverado. Both of which are in the top ten.
“Interest rates are lower than normal, which can help offset heightened used car prices for anyone who needs a car in the short term,” said iSeeCars Executive Analyst Karl Brauer. “The cars with the biggest price increases likely translate to higher trade-in values for consumers who own these cars, while cars with price decreases present savings opportunities for those looking to make a used car purchase.”
iSeeCars researchers analyzed over 1.2 million used car sales in October 2020. The analysis revealed that used car prices had an average increase of 9.5 percent or $2,193 compared to the previous year. Typically, used car values decline.
The Silverado had an average used price in October 2019 of $34,245. This October that average had risen by nearly $5,000. The Sierra’s gains were even larger. In 2019 the average price of a used Sierra was $38,750. this past month the average showed an increase of about $6,400.
Pickup trucks have seen some of the greatest increases in value. “Pickup trucks have soared in popularity and sales remained steady even during the pandemic, which shows that people may need pickup trucks for work and are willing to pay top dollar.”
The Ram 1500 and Toyota Tundra also saw steep gains. Topping the list of vehicles that saw the steepest declines in value was the Chevy Volt extended-range electric vehicle.