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Money

Used cars are worth a record amount – Check this list to see what yours can fetch

Have you tried to buy some tech gadgets lately, only to be faced with the dreaded “out of stock” sign? You are not alone, as there is a massive shortage of internal chips for gadgets, phones and vehicles.

As we slowly start coming out of the COVID-19 pandemic, factories are ramping up production — but semiconductor manufacturers can’t keep up. This creates an issue where global demand is higher than the supply. Sale alert: Dell laptops, desktops, monitors and more up to 45% off.

The skewed stock levels have also been fueled by geopolitical tension between the U.S. and China. In preparation for possible sanctions, the latter has been stockpiling chips and chip-making machines. But while it’s bad for new devices, it’s good news for the used car market.

Here’s the backstory

With new cars, especially at the higher end of the scale, being in short supply, the market favors second-hand sales. Trade-in values for older cars are higher than usual, climbing as high as 21% above the price last year.

The average value for all used vehicles traded in March this year was $17,080. According to Edmunds vehicle sales website, the value for the same period last year was $14,160.

“Demand is soaring for used vehicles as chipset shortages continue to severely constrain the supply of new vehicles in the market: New vehicle inventory on sale at dealerships nationwide is down by 36% in March 2021 compared to a year ago,” Edmunds wrote in a blog post.

Worth the most in value

Looking to take advantage of the chip shortage might be a good idea, especially if you have a second vehicle you can rely on. But which vehicles will net you the most cash? Well, that varies per region but on the whole trucks are a good bet.

Measuring the trade-in value against the recommended sales price of all 2018 vehicle models, three trucks stood out.

  • Ford F-250 Super Duty
  • GMC Sierra 2500 Heavy Duty
  • Ford F-350 Super Duty

All three vehicles tied for the top spot, retaining around 80% of their original value. For different vehicle categories, trucks, in general, retained the most value. Heavy-duty full-size trucks and midsize trucks kept over 75% of their value.

Luxury sports cars only retained 65% of their value. While mid-sized, compact and large SUV models retained more than 58% of their original showroom asking price. The worst performing vehicle category for getting some of your money back is a subcompact car. That category only retained half of its original value.

The vehicles which retained the most value are:

MakeModelAverage Trade-In ValueAverage Retained Value
FordF-250 Super Duty$48,89280%
GMCSierra 2500 HD$51,66180%
FordF-350 Super Duty$53,88080%
ToyotaTacoma$28,52379%
Ram3500$49,65079%
ToyotaTundra$35,41478%
Toyota4Runner$32,43577%
ChevroletSilverado 2500 HD$44,69876%
JeepWrangler JK$28,87475%
Ram2500$42,91874%

Keep reading

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