Finding a good deal on a used Chevy Silverado is all about leveraging each and every resource at your disposal. But there’s one resource out there that some buyers may not even consider – rental agencies.
As outlined in a recent post from iSeeCars, buying a used Chevy Silverado pickup truck from a rental agency could bring some serious savings. With the rise of used car prices amid the COVID-19 pandemic, rental agencies could provide a smart alternative to local dealerships or online dealerships.
“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.
After analyzing more than 8.5 million used car sales across local dealerships, virtual dealerships, and rental car agencies, the rentals agencies were identified as providing the greatest average savings, posting prices 1.6 percent (roughly $303) below market value.
The iSeeCars analysis included a look at used Chevy Silverado 1500 models, and found that rental agency listings provided on average of 6.6 percent savings under the average market value. By comparison, prices at local dealers were 0.3 percent over the average market value, while prices at virtual dealers were 2.5 percent over the average market value.
“Over 98 percent of used car inventory at rental car companies is three-years-old or newer, so these deals will only apply to shoppers looking for newer model year versions of these vehicles,” Brauer said.
Additionally, iSeeCars also determined that among the most popular vehicles purchased from rental car agencies, used Chevy Silverado 1500 models represent the greatest savings, with an average of $2,016.
“With truck demand particularly high over the last several months, it can be tough to find a good deal,” Brauer said. “Consumers looking for a late-model, full-size used truck should consider local rental car sales inventory.”
Would you buy a used Chevy Silverado 1500 from a rental agency? Let us know your thoughts by posting in the comments, and make sure to subscribe to GM Authority for more Chevrolet Silverado news, Chevrolet news, and around-the-clock GM news coverage.