Filed under: Car Buying, Truck, Chevrolet, Nissan, Toyota
According to a new study by Black Book, the fact that there are fewer mid-sized pickup truck options on the market is driving up the retail cost of used models. During the month of June, used vehicles from model years 2007-2011 depreciated an average of 1.3 percent across the board, but midsize pickups of the same year saw their value decrease by just 0.7 percent on average. Look across the past year, and the market as a whole saw those cars depreciate by 13.7 percent while midsize pickups saw their value decline by a mere 5.1 percent.
Ricky Beggs, senior vice president and Managing Editor with Black Book, says midsize pickups are holding their value better than other products on the market due to the fact that there are so few brand-new options available. Currently, only Chevrolet, Nissan and Toyota offer midsize pickup trucks. Honda has a player in the game in the form of the Ridgeline, which is a sort of cross between a traditional pickup and a crossover, and the discontinued Ford Ranger falls into a smaller size class that no longer exists in the US.
What’s all this mean to you? If you happen to have a set of keys to midsize pickup in your pocket, you’ve made a good investment. Don’t expect to see the machine depreciate as quickly as other vehicles on the road. Conversely, if you’re in the market, expect to pay a bit more than you might have expected for a non-fullsize pickup truck. Scroll down for the press release from Black Book.
Continue reading Lack of new midsize pickup models driving strong resale values for older models
Lack of new midsize pickup models driving strong resale values for older models originally appeared on Autoblog on Thu, 27 Jun 2013 08:00:00 EST. Please see our terms for use of feeds.
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