The used vehicle market is a roller coaster right now.
A recent study by iSeeCars.com illustrates just how wacky things have gotten in the used vehicle market. Since the pandemic began, the new and used sales of trucks and other vehicles dropped, then spiked back up in dramatic fashion. Two vehicles that saw impressive jumps in May were the Silverado and Sierra.
According to an analysis of over 3.6 million used car sales in April and May by iSeeCars.com’s researchers, used car sales in April 2020 saw an overall decline of 38.4 percent over the same period in 2019. However, the year-over-year sales decline in May improved to 12.5 percent. More impressively, used car sales in May 2020 grew 105.5% over April 2020. Some models, vehicle segments, and price points have rebounded faster than others–namely pickup trucks.
The study by iSeeCars.com shows that Pickup trucks account for the segment with the most vehicles on the list with five including the GMC Sierra 1500, and the fifteenth-ranked GMC Sierra 1500. “Pickup trucks continue to grow in popularity, and new pickup truck sales overtook passenger cars in sales for the first time ever in April 2020,” said Phong Ly, CEO of iSeeCars.com. “This shows that pickup trucks are popular in the used car marketplace.”
Interestingly, iSeeCars says that pickup trucks were the only segment to show positive growth in sales compared to last year. Every used truck model saw growth with the exception of the Nissan Titan. “This data shows the continuing rising popularity of the pickup truck segment and that it was the fastest segment to recover from the economic downturn,” said Ly. “However, the Nissan Titan has always lagged behind competitors in sales, so it remains in lower demand even amid the sales growth for pickups.”
Top of page image by Zane Merva. Charts courtesy of iSeeCars.com.