Used truck, car prices climb nearly 30 percent in one year

The Toyota Tacoma is among the best userd trucks available. — Toyota tops the list for most reliable and best buy in a new survey for consumers in the market for a used truck with a budget of less than $20,000 and less than $25,000, according to iseecars.com. The car search engine, based in Woburn, Mass., helps shoppers find the best car deals by providing key insights and valuable resources. iSeeCars analyzed more than 6.1 million used cars sold from October 2019 through March 2020 from model years 2011 onward. Cars previously determined to be among the Longest-Lasting Cars and had an overall crash test rating of 4.0 or higher from the National Highway Traffic Safety Administration (NHTSA) were eligible for further analysis. The average price of each model was calculated for each model year, and the latest model year with an appropriate average price for each budget was determined. Among the used pickup trucks for sale under $20,000, the most reliable and best buys include the 2012 Toyota Tacoma, the 2011 Toyota Tundra, and the 2013 Chevrolet Silverado. Two full-size pickups make the list: the 2011 Toyota Tundra and the 2013 Chevrolet Silverado. “Toyota trucks are known for their reliability and longevity, which makes the Toyota Tundra a practical choice,” said Phong Ly, co-founder of iseecars.com. “The Tundra is a capable hauler with a powerful engine and strong towing capability. Those with a $20,000 budget can buy the slightly newer 2013 Chevrolet Silverado, which is known for its pleasant ride and powerful engine.” On average, consumers pay more for used pickup trucks than for any other vehicle segment with an average used price of $29,705. Here are the top picks for used pickup trucks, respectively, for less than $20,000 and $25,000: 2012 Toyota Tacoma, $18,963 2011 Toyota Tundra, $19,064 2013 Chevrolet Silverado 1500, $19,937 2014 Chevrolet Silverado 1500, $22,206 2013 Toyota Tundra, $23,176 2015 Toyota Tacoma, $23,958 2014 Ford F-150, $22,553 For additional information, visit: www.iseecars.com.

Statistics tell stories, with some of the best storytellers by numbers the numbers calculators at the U.S. Department of Labor who prepare the Consumer Price Index. Used truck and car prices represent the most dramatic example.

According to the latest Consumer Price Index and Manheim, Inc., the world’s largest wholesale auto auction, the overall inflation from May 2020 to May 2021 was 5 percentage. Combined, the inflation rate of used cars and trucks increased nearly 30 percent in the same time. Used vehicles comprise one-third of the entire inflation increase.

The Covid-19 crisis has resulted in a microchip shortage and higher used truck and car prices.

The automotive industry’s surge, similar to other industries, began at the start of the pandemic. Dealerships in most areas were forced to close in-person locations. Consumer demand tanked, with a two percent decrease in used-vehicle prices for May of 2020 from a year earlier.

Used truck, car prices skyrocketing

But the numbers changed quickly. High demand for vehicles added to the current microchip shortage resulted in supply shortages and huge price spikes. According to Manheim, pickup truck prices increased by 70 percent.

Not all vehicle segments had similar vast price hikes, but SUVs and crossovers rose 43 percent. Luxury, mid-size and compact cars all increased by 40 percent in the year beginning in May 2020.

The inflation rates in the used car and truck industries are furthered staggering when individual industries are considered.

Here’s a list from May 2020 to May 2021:

Food: 2.2 percent increase; New vehicles: (+3.3); Apparel: (+5.6); Car insurance: (+16.9); Airfare: (+24.1); Used cars and trucks: (+29.7).

James Raia

A sports, travel and business journalist for more than 45 years, James has written the new car review column The Weekly Driver since 2004. In addition to founding this site in 2004, James writes a Sunday automotive column for The San Jose Mercury and East Bay Times in Walnut Creek, Calif., and monthly auto review and wellness columns for Gulfshore Business, a magazine in Southwest Florida. An author and contributor to many newspapers, magazines and online publications, co-hosted The Weekly Driver Podcast from 2017 to 2024.

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