US-based automotive portal CarGurus.com has just revealed the price of used pickup trucks has increased 22% in just four years. This is an alarming increase when compared to the 1% increase in CarGurus Used Price Index over the same period.
The study also compared 3- and 5-year price retention among the top 50 most shopped vehicle models and found the average retained value for pickups was higher than for other body styles studied.
Pickup trucks showed an average 18% drop in value from manufacturer's suggested retail price (MSRP) over 3 years compared to a 25% decrease in value across all models. Of the pickups analyzed, the Toyota Tacoma showed the highest retained value over 3 and 5 years.
"The pickup truck has become more popular over the past 3 years, likely due to low gas prices, improved economic conditions, and to some degree a broadening customer base," said Lisa Rosenberg, CarGurus Marketing Analyst in a statement.
"This is a positive trend for truck owners looking to trade in, but for shoppers it's just a lot harder to find an affordable used pickup truck than it used to be. However, these shoppers can take comfort in the notion that their used pickup should retain its value equally strongly."