The price of a used Chevy Silverado 1500 has increased by nearly 30 percent in the past 12 months, according to a recent study conducted by auto research firm iSeeCars.
Researchers from iSeeCars conducted an analysis of over 1.2 million used car sales that occurred in April 2021 and found that used car prices have increased 16.8 percent, or $3,926, compared to the same period the previous year. Many of the vehicles that saw the largest jump in price year-over-year were pickup trucks, and the Chevy Silverado 1500 is no exception. The study found that the average transaction price for a used Chevy Silverado 1500 increased by $7,960, or 27.1 percent, to $37,324.
Karl Brauer, executive analyst at iSeeCars, says a shortage of new trucks due to the microchip shortage, along with the high demand that already existed for pickups in the United States, have compounded to send used Chevy Silverado 1500 prices skyrocketing.
“The shortage of new truck inventory in the wake of the microchip shortage and the growing popularity of pickups has led to heightened demand and scarce supply in the used car marketplace,” said Brauer. “Additionally, people who require trucks for work are more likely to pay a higher price.”
Manufacturing chips is a complex process, which means the shortage will likely continue to have an impact on used vehicle prices in the coming months. Experts believe vehicle prices will therefore remain stagnant for the rest of the year, though they may fall to a more reasonable level once production ramps back up for 2022.
“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply,” Brauer added.
In addition to the Chevy Silverado 1500, the Ram 1500, GMC Sierra 1500 and Toyota Tundra also saw some the highest average year-over-year price increases in iSeeCars‘ study. The Ram 1500 lead the way with a 28.8 percent price increase, followed by the GMC Sierra at 28.6 percent and Toyota Tundra at 26 percent.
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Comments
It’s crazy…
I sold brand new 2016 Chevy Silverado 2LTs for $38k when they had 10-12k off.
Now they are going for that same price with 60,000+ miles.
Crazy
The demand certainly is real, but incentives would certainly be helpful to clear out that inventory even faster when it comes to a used vehicle let alone yet-to-arrive 2021 model new vehicles that customers had to wait for due to the microchip shortage and yet, the 2022 Silverados will be arriving by summer’s end so we can already predict where those prices to include MSRP will be….astronomical!
I have 2014 rcsb and when I check car gurus or carfax the prices for one’s like mine or few years newer are well over $20k! Even these supposedly unwanted versions. Mileage seems to have no bearing on prices.
I just sold my 2018 Silverado crew cab LT Z71 with 27,000 miles for about $1,200 less than I paid for it 3 years ago. It’s crazy. The value went up about $8,000 since the beginning of the year.
You know the GMC Sierra exist too right? My 2016 Sierra 74k miles was worth $23k last year around this time, $31k today. Cmon author
I would 25% up is the right #.
Not bad!
Last year, I took my 2018 F150 super V8 Fx4 to a Ford dealer. Had 4,500 miles on it.
Offered me $28,000 for it. Two months ago, same dealer offered $43,000 with a
current 7,260 on the odom. Now, if only there was a new microchip that I could buy ..
Don’t forget that you are going to lose tax money…when you trade you only pay tax on the difference and not on the whole truck..and that can be a lot of money in Manitoba where I live. Dealers are phoning wanting to buy my truck…I have a 2017 High Country and want to get rid of it and get a new suburban not sure what to do… I don’t need the new suburban until the fall???
What was the low end value of my 2001 Chev Silverado LT
230,000- Very good exterior, poor interior. In 2008. What was the value?