The COVID-19 pandemic and global microchip shortage have thrown a wrench in the auto market, resulting in dramatic fluctuations in used car prices. That includes used GMC Sierra pickups, which saw a dramatic rise in prices over the past year.
According a recent analysis from automotive search engine and research website iSeeCars, used GMC Sierra 1500 models were among the top 10 vehicles with the greatest year-over-year increase in average price, rising to $42,347, a 28.6-percent increase, or $9,418, compared to prices from April of 2020.
The iSeeCars analysis is based on more than 800,000 used car sales ranging between the 2016 and 2020 model years, collected in April of 2021, and more than 400,000 used car sales ranging between the 2015 and 2019 model years, collected in April of 2020. Heavy-duty models, low-volume vehicles, vehicles with fewer than four of the five model years for each period, and vehicles discontinued as of the 2021 model year were excluded from the analysis.
Overall, average used car prices increased 16.8 percent, or $3,926, in the past 12 months. Traditionally, used car prices remain somewhat static – for example, average used vehicle prices were reduced by 0.2 percent year-over-year in 2019, and increased 0.1 percent year-over-year in 2020.
Pickups and sports cars saw the biggest price increases this year. As such, they are considered the best segments to sell, and the worst to buy. The best segment to buy right now are hatchbacks, minivans, and small SUVs, which saw relatively minor price increases compared to the broader used car market.
“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,” said Karl Brauer, iSeeCars Executive Analyst.
Beyond used GMC Sierra pickups, other notable used vehicle price increases include those for the Chevy Corvette, Chevy Silverado 1500, and Chevy Camaro, all of which are in the list of top 10 cars with the biggest price increase year-over-year.
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Comments
Thanks for this!
IF you can do without your P/U cash it in and get a new one next year when the lots are packed with them again.
I love the infrared color! It makes the car so wonderful and attractive to the customers.
I like it. Thanks you very much for sharing this post with us! I think may people have been waiting to get this new colorful car. I have been working as a senior at this opportunity and I like their facilities.
Not much sense to sell your used PU when a newer used or new ones will cost even higher than a year ago. I looked on line for used trucks by the National on line dealers like, carvana, carmax, AutoNation, et. The asking prices are pure nuts, 2012 Silverado like my truck is anywhere from $12k to $25k and many are near the $18-$20k mark with mileage in the 160,000 range. Prices will only drop when people refuse to buy over priced trucks and the longer they sit on a lot, the lower the price gets.
“Not much sense to sell your used PU when a newer used or new ones will cost even higher than a year ago.”
Fortunately for the manufacturers, many people have little sense & impulse buy a vehicle because they got to have it! Maybe it’s the color or special wheels, updated HP engine, who knows?
Banks keep lending & people keep buying!
The lots are empty right now, so there isn’t anything to buy once you sell your truck. Selling your truck only makes sense if you have an extra one laying around you aren’t using.
Have to make up profits lost to COVID-19.
November 2021, car prices become totally insane since there are problems with assembly lines all around the world. Who would have thought of this two years ago?