Used trucks have reached ridiculous prices this year. Thanks to a global chip shortage, many automakers do not have enough working units to keep up with demand. As a result, used vehicle prices have skyrocketed. Trucks like the GMC Sierra 1500, Toyota Tacoma, and Toyota Tundra have experienced crazy price hikes.
The GMC Sierra 1500 is worth more used
It sounds strange, but the GMC Sierra 1500 is actually currently worth more used than new. Why? Scarcity has increased the value of vehicles everywhere, especially vehicles that are in high demand. The once affordable GMC Sierra 1500 is now much more expensive as a used truck.
According to a study conducted by iSeeCars, the GMC Sierra 1500 costs 6.4% more money as a used truck. It costs $3,466 more than buying a brand new GMC Sierra 1500. What’s even more confusing about the Sierra 1500s used truck markup is its lack of popularity. The GMC Sierra 1500 is a good pickup truck, but it is far from the truck of the year. If you’re in the market for a GMC Sierra 1500, then you are better off buying it brand new.
The Toyota Tacoma is overpriced as a used truck
The Toyota Tacoma is an affordable mid-size pickup truck. The Tacoma does a decent job as an off-road vehicle. It also proves itself as a workhorse. It even comes standard with great driver-assist features.
The major issue with the Toyota Tacoma as a used truck is it just isn’t great enough to justify a price hike. The Toyota Tacoma comes in some great trims, but the base model leaves much to be desired. One of its most popular trims, the Toyota Tacoma TRD Off-Road, starts at $36,000.
Used Toyota Tacomas are selling for as much as 5.2% more than new vehicles. That’s an extra $1,955 for absolutely nothing. Considering the fact that many of the Toyota Tacoma trims only differ by a few thousand dollars, this is especially disturbing.
The Toyota Tundra is one of the worst used trucks out
The 2021 Toyota Tundra didn’t exactly get raving reviews from consumers. Most wouldn’t even call it adequate. While some drivers enjoy some of the Toyota Tundra’s trims and off-road capabilities, it just isn’t a popular truck.
The 2021 GMC Sierra 1500, 2021 Ford F-150 and, 2021 Ram 1500 are all much better full-size pickup trucks. They all either boast more power, towing capability, better cabin quality, or a combination of qualities that make the 2021 Toyota Tundra look like a worse choice.
The Toyota Tundra costs 3.7% more used than new. This works out to an extra $1,831 for a truck that pales in comparison to many of its competitors. If you do happen to like the Tundra, be sure to avoid spending an extra $1,800+ just because it’s limited.
Used trucks aren’t what they used to be
Buying a used truck was once a great way to save money on a truck that may have been overpriced. Used models were more affordable than new models for decades, but this strange chip shortage development has flipped the automotive industry on its head.
Now buying a used truck could cost more than a new truck and probably isn’t worth it. If you are looking for a truck, make sure you are paying a fair price, or you could waste thousands of dollars.