Used car prices are through the roof right now, with the ongoing global microchip shortage resulting in a huge uptick in demand for used vehicles. That includes used Chevy Silverado 1500 pickups, even those with more than 100,000 miles on the clock.
Automotive research company Edmunds recently provided an analysis of the top 10 used vehicles sold at dealers in June of 2021 with mileage between 100,000 to 109,999. Trucks took the top spot in terms of year-over-year increase in average transaction price (ATP), with used Chevy Silverado 1500 prices hitting an ATP of $26,914, a 49-percent increase compared to the same time period in 2020. For the sake of comparison, the ATP for the Ford F-150 was up to $24,657, a 42-percent increase year-over-year.
Per the Edmunds analysis, used Chevy Silverado 1500 models sold with mileage between 100,000 and 109,999 miles had an average age of 6.6 years, and days to turn (DTT) of 30.8. In June of 2020, the average age was 7 years, ATP was $18,070, and DTT of 38.6.
Edmunds recommends that consumers with an old truck sitting in their driveway are in a great position to take advantage of the used car market prices right now.
Beyond the used truck market, Edmunds reports that ATP for all vehicles sold at dealership with mileage between 100,000 and 109,999 miles was up to $16,489 in June, a 31-percent increase compared to the ATP of $12,626 for June of 2020. What’s more, all vehicles sold with 100,000-109,999 miles had a DTT of 30.5 in June 2021, compared to 37.7 days in June 2020.
“It’s been a long-held belief among many car buyers and sellers that a vehicle’s value begins to decline dramatically once it crosses the 100,000-mile mark, but that’s proven to be wrong as vehicle technology and durability have greatly improved over the years,” said Edmunds’ senior manager of insights, Ivan Drury. “The soaring demand we’re seeing in the used vehicle market right now only further debunks this myth: We’re seeing 7- to 8-year-old vehicles with more than 100,000 miles commanding prices today that are more like the cost of 5-year-old vehicles with 60,000-80,000 miles a year ago.”