Discovering a used pickup with low miles at an honest worth is a protracted shot as used car values together with their odometers get hit with historic will increase.
The typical worth for a used car has soared 47.7% because the pandemic, with the Ram 1500 topping a listing of best-selling used vehicles compiled by iSeeCars.
A used half-ton Ram had a median worth of $27,324 in 2019. It’s now reached $42,881 – a 56.9% soar.
4 different pickups made the checklist of 23 automobiles. The GMC Sierra 1500 took the fifth spot with a median worth of $32,862 in 2019. It has since spiked 44.1% to $47,364.
The Chevy Silverado 1500 is quantity 11 on the checklist with a median worth of $29,629 in 2019 to $40,359 at the moment, a 36.2% soar.
Coming in at thirteenth place, the Ford F-150 was promoting for $31,520 4 years in the past. That worth is now up 33.6% to $42,104.
The final pickup on the checklist, the Toyota Tacoma, claimed the seventeenth spot with a median worth of $28,443 in 2019. The nation’s best-selling midsize truck is now promoting for a median of $36,675, a 28.9% soar.
But it surely’s not a lot the soar in costs that’s caught the eye of iSeeCars Govt Analyst Karl Brauer. It’s the mileage.
“Whereas the spike in used automotive costs is unprecedented, the true shock pertains to used automotive mileage,” Brauer mentioned. “Used automotive customers are actually paying almost 50 p.c more cash for vehicles which might be 20 p.c extra used.”
Throughout the sub-$20,000 worth vary, the typical used automotive’s mileage was 43,541 in 2019. Now it’s 63,457, a forty five.7 improve.
“Through the pandemic lockdowns one of many few issues individuals may nonetheless do was take a drive, and clearly lots of them did,” mentioned Brauer. “This drove up the mileage throughout the used automotive market, however the provide of recent and used vehicles was so constricted that the extra mileage didn’t damage used automotive costs – they nonetheless went up.”
The post-pandemic uptick in used car values is a pointy departure from prior pricing developments. iSeeCars analyzed over 10.8 million 1- to 5-year-old used vehicles and located the typical used automotive value $22,493 in 2015, with a slight bump to $23,351 in 2019. However during the last 4 years, used automotive costs soared to $34,491 in 2023, a 47.7% rise leading to a median worth hike of greater than 10% annually.
“Among the many pandemic’s many casualties is the inexpensive used automotive, which has almost vanished from the used automotive market,” Brauer mentioned. “In 2019, used automotive customers with a funds of $15,000 may afford over 20 p.c of the late-model used automotive market. Right now that funds solely will get them entry to 1.6 p.c of the market.”