Truck Resell Value

TxSquid78 · May 4, 2021

Seen a few threads on the shortage of new trucks, bump in cost on what is on the lot and in used trucks. I know that YMMV but has anyone gotten a good deal on either selling or trading in their truck recently? I have a 2020 RST loaded. I paid under MSRP with incentives in Jan '20. Since then I have only put 7200 miles on it so its kept some of its value from that (it's also a lease so I am well under miles). I was thinking of trading it in for either a newer model or seeing what the buyout value would be vs. what is left on my lease. KBB estimates it at $49K but I take 10% off that if I sell it back to a dealer. Not desperate to sell but would like to take advantage of an opportunity (and get a little money towards a C8 when production ramps up). Has anyone recently sold or trading in a newer 1500?

OnTheReel · May 4, 2021

You can also get online offers from Carmax, Carvana, Givemethevin and Vroom to see where you’re at. Vroom is apparently spending like a drunken sailor.

Couldn’t take it because my new truck is months out. So I have a tentative agreement to trade mine for a bit under the Vroom price but higher than selling outright to Carmax, Carvana. Plus the tax benefit to trade.

Now is a good time to make a move, but only assuming you either don’t need the truck at all, or have something else available to you to trade into at a decent price.

LowCountryDenali · May 5, 2021

Traded my '20 Sierra 1500 Denali after 9 months and 7200 miles. Purchased @ $61,500 and got $57k on the trade. Not bad, not great but it worked for me. Decided I didn't need a truck because we determined that the travel trailer lifestyle wasn't our thing. Traded for a new Audi A6.

Dunn · May 5, 2021

i killed it on selling my 2020 LT 2500 to carvana cpl months back

TNTSierra · May 6, 2021

I’m keeping mine. Had them looking for a white Denali 1500 but gonna wait to see what the 2022s come out with. I’m still hoping for a supercharged truck. Just saw the Cadillac spy shots of the “V” series on car and driver. Hopefully !!!

I was offered $59k. Paid $60k for it a year ago and have 18k miles on it. I would take the cash, but I have a boat to pull and buying a side by side for the wife for a Mother’s Day present on Saturday, so I truly need a reliable truck.

For those who don’t. Sell now. Get the cash and run!!! Unreal the prices they are handing out.

steelcity · May 6, 2021

1 hour ago, TNTSilverado said:

For those who don’t. Sell now. Get the cash and run!!! Unreal the prices they are handing out.

Sell now and replace with/buy what? There isn't any inventory anywhere. And what inventory there is they're asking sticker for.

TNTSierra · May 6, 2021

8 hours ago, steelcity said:

Sell now and replace with/buy what? There isn't any inventory anywhere. And what inventory there is they're asking sticker for.

Like I said if you DON’T NEED A TRUCK, sell!! There are plenty of SUVs on the lots. At least here in my area. A $hit ton of used cars are on the market. Down grade. Drive a car that gets great gas mileage for a year or so, especially with gas prices soaring. Put the would be payment on the truck in a savings account and then find another truck after it all comes back.

TxSquid78 · May 6, 2021

8 hours ago, steelcity said:

Sell now and replace with/buy what? There isn't any inventory anywhere. And what inventory there is they're asking sticker for.

TNT is dead on. If you can sell then take the payment you would have plus whatever you get in "profit" and stick it into the bank. You dont have many chances in life to make money off a depreciating asset such as a vehicle. I have a second car and my fiancé has an SUV so we arent in desperate need for a truck. At least in the near term. I will probably make a decision on which direction I want to go in the next couple of weeks.

It's Tim · May 6, 2021

On 5/4/2021 at 4:04 PM, TxSquid78 said:

it's also a lease

Donstar · May 6, 2021

1 hour ago, TNTSilverado said:

Like I said if you DON’T NEED A TRUCK, sell!! There are plenty of SUVs on the lots. At least here in my area. A $hit ton of used cars are on the market. Down grade. Drive a car that gets great gas mileage for a year or so, especially with gas prices soaring. Put the would be payment on the truck in a savings account and then find another truck after it all comes back.

1 hour ago, TxSquid78 said:

TNT is dead on. If you can sell then take the payment you would have plus whatever you get in "profit" and stick it into the bank. You dont have many chances in life to make money off a depreciating asset such as a vehicle. I have a second car and my fiancé has an SUV so we arent in desperate need for a truck. At least in the near term. I will probably make a decision on which direction I want to go in the next couple of weeks.

Your logic is reasonable and I am currently wrestling with this one. Trouble is, I prefer driving a full-size pickup so I gravitate to the Suburban sized SUV's! It would cost me a lot more money to take advantage of the inflated value of my pickup. A similar discussion is swirling around about my house. The current extraordinarily high equity in our home would give us financial security beyond our dreams but we'd have to move to pretty meager accommodations to realize such equity! I don't doubt there is some money to be made in this current situation. However, there are reasons why our used trucks (and homes) are highly desired. We may not fully appreciate these reasons until after we've sold! Then you/me may be the person willing/having to pay top-dollar for something less!

TxSquid78 · May 6, 2021

47 minutes ago, Donstar said:

Your logic is reasonable and I am currently wrestling with this one. Trouble is, I prefer driving a full-size pickup so I gravitate to the Suburban sized SUV's! It would cost me a lot more money to take advantage of the inflated value of my pickup. A similar discussion is swirling around about my house. The current extraordinarily high equity in our home would give us financial security beyond our dreams but we'd have to move to pretty meager accommodations to realize such equity! I don't doubt there is some money to be made in this current situation. However, there are reasons why our used trucks (and homes) are highly desired. We may not fully appreciate these reasons until after we've sold! Then you/me may be the person willing/having to pay top-dollar for something less!

The only reason right now that cars and homes are desired is because of low supply and high demand. Low interest rates helped the demand for housing (just like the early-mid 2000s). As for cars\trucks\SUVs, I love my truck but really want to get my C8. My C6 is still nice but is 15 years old and has high mileage. The better half still has an SUV so I can justify not having a truck. Plus I dont haul enough that paying for delivery once every 6 months on something wont break the bank for me.

Wiggums · May 6, 2021

That's why I no longer drive German cars. $40k Benz traded in for $15K four years later. Or $40k truck bought for $30k that's traded in for $24k four years later.

No brainer for me. It's always been that way, low or high demand. And I didn't get a discount for that overrated Benz! Never again!

TxSquid78 · May 6, 2021

8 minutes ago, Wiggums said:

That's why I no longer drive German cars. $40k Benz traded in for $15K four years later. Or $40k truck bought for $30k that's traded in for $24k four years later.

No brainer for me. It's always been that way, low or high demand. And I didn't get a discount for that overrated Benz! Never again!

Very true. German cars are high priced the first couple of years then lose 60%+ of their value after that. That is why I have been hesitant in buying a P car or M4.

econometrics · May 6, 2021

Vroom offered me $48,500 for my 2019 RST Z71 with 15K on it last week. I bought it for $43K. Lol

I really do get the logic of selling your truck right now to put a little cash in your pocket... but like @Donstar says, it's hard to think of driving anything else... even just for a "short" period of time (like a year).

Just make sure you add up all the transaction costs of flipping cars. Sales tax will take a hit out of the cash you put into your pocket, and pull back out when you transact in / out of your truck.

(ETA: just checked with Carvana for giggles... $39K. WTH?! They just gave me $12,500 for my wife's 2013 Odyssey with 100K on it... which we bought 3 years ago with 70K for $16,500.)

Edited May 6, 2021 by econometrics

OnTheReel · May 6, 2021

I don’t know if selling and just waiting a year to buy back in is going to be profitable for anyone at this point. That strategy assumes that both inflation stays low, AND the supply chain recovers. I don’t see either of those happening.

If interest rates and MSRPs are going to be up next year to keep pace with inflation, and the supply chain is still jacked, you’re gonna be paying dearly for whatever you’re waiting to buy.

I would also say if you’re gonna carry a big-ass mortgage sized car loan, might as well get it now and let inflation shrink your debt for you in the coming years.

This is not financial advise. 🥸