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Dunn

used truck market WTH

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so April last year  bought a 2020 2500 LT brand new for $47,300 OTD in so cal (10.25 tax)....financed whole truck, and today  sold that truck to carvana for $45,814 and owed $42,480 on loan.......that is absolutelty insane!

 

i just never used the 2500 the way I thought  

I would and know they didnt make many of them.....now kinda wondering if I should have kept it to see if it went up higher but it has to max out

 

craziest part is 3 weeks ago when I was gonna sell it to them it was 43k, every week it went up and up again....til this week when it reached whats stated....the process was simple and no hiccups and still i sit here wondering how i came out with a profit of 3k plus on that deal.....they are gonna sell it for more than I paid brand new

 

it had 7800 miles

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New truck inventory is way down in many parts of the country and because of shortage of parts they have shut down production of many vehicles as well.

 

That is why the used market is crazy.

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prices won't go up so long as manufacturing continues and doesn't get shut down. 

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if you are in the 1500 market, good chance you can use something else - an SUV and a utility trailer, for instance.  if you are in the 2500 market, you need a 2500, end of story.  if they aren’t making many, and inventory got hit hard, then demand is “inelastic” and prices go up.

 

also if you are a consumer and you buy a used truck, down time is just an annoyance.  when you are using your truck to make money, it’s lost work.  so the 2500 fleet owners sometimes really are willing to pay for a new truck to minimize downtime.  

 

i had a four door rubicon i bought in 2013 and in 2017 i traded it for my 6.0 2500HD crew cab WT 4x4.   i had paid 35k for the Jeep brand new, and I paid 35k for the 2500HD.  They gave me 30k for the Jeep with almost 50k miles, a dented front bumper, and smelly wet carpet.  So I got a new truck for like 5k.

 

I can’t say my Jeep experience was entirely positive, went back and forth to the dealer over and over again for the same problems.  But I ain’t complaining about the resale!

Edited by i82much

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I bought a 2020 Denali 2500HD in April.  Traded the truck in in November will over 11k miles for an identical '21.  My payment decreased and the dealer put the '20 on the lot for more than I paid for the '21.  It sold in 2 days. 

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i will follow my 2500 and see where it ends up and for how much

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