Used trucks are getting more expensive. However, a new study reveals one way to save.
The study conducted by iSeeCars.com found that buying a used vehicle from a rental car company may be the best way to find a deal on the Chevy Silverado 1500. “As contact-free online dealers have gained popularity as a safe alternative to traditional dealerships, and as struggling car rental companies unload their inventory, consumers might be considering these alternatives to traditional brick and mortar dealerships,” said iSeeCars Executive Analyst Karl Brauer. “It’s important that used car shoppers compare prices across these types of dealers if they want to get the best deal possible on a used car.”
Researchers at iSeeCars.com analyzed over 8.5 million used car sales across the three dealer types of traditional local dealerships, virtual dealerships, and rental car companies and found that rental car dealers consistently provide the greatest savings, while local dealerships are priced close to market value and virtual dealerships are priced above market value.
Despite the savings, there are limitations to buying from a rental car company. “Rental cars typically have higher mileage and more wear and tear because they have had many drivers who may not be as careful with the vehicle as they would be with their own car,” said Brauer. “Rental companies also typically buy the base model of a vehicle, so consumers who want higher trim levels may have difficulty finding the specific version they want.”
Interestingly, the Silverado 1500 had the largest discount among those used vehicles that are discounted in the used vehicle market place. With over $2,000 in average savings compared to buying at a traditional used-truck dealership, the Silverado is a standout.
“With truck demand particularly high over the last several months, it can be tough to find a good deal. Consumers looking for a late-model, full-size used truck should consider local rental car sales inventory,” said Brauer.
Would you consider buying a used Silverado from a rental car company?