When you buy a car or truck, you expect to have it for a long time, approximately 11.6 years, says Autotrader. When the bittersweet day comes when you trade or sell your truck, you want to obtain some cash to put towards a new vehicle. Will a truck hold its value?
Although vehicle depreciation is inevitable, SUVs and trucks hold their value the longest. If your truck is five years old, its resale value might be half of what you spent on it. That’s a nice chunk of change you can put towards a new truck!
In this article, we’ll discuss the current value of trucks as well as what their value could be several years down the line. We’ll also provide handy tips for maintaining your truck so it’s in tip-top shape for reselling.
How Much Does an Average Truck Sell for?
You know through this blog that cars in 2021 sell for around $41,000, but trucks and SUVs are usually more expensive. These vehicles are much larger, have sturdier frames, and boast incredible towing capacity. That makes them very covetable.
According to Kelley Blue Book numbers, as written about by PRS Newswire, the cost of a full-size pickup truck in 2021 is $52,789 on average. A full-size SUV or crossover is even costlier at $68,704.
Mid-sized pickup trucks average at $37,678. A subcompact SUV or crossover costs $26,368. You might notice the average value of both vehicles is quite lower than what today’s average car sells for.
Of course, these prices are averages and do not necessarily reflect what you’d pay for a particular make and model of a 2021 or 2022 truck.
Do Trucks Hold Their Value Over Time?
Considering that the cost for a full-sized pickup truck is $12,000 more than what the average car is in 2021, you’re going to be more reticent to sign your name on the dotted line at the dealership. You want a vehicle that’s not only going to be valuable now but years down the line as well.
In a truck, you’ve got it.
Trucks have tremendous resale value. If your truck is only five years old, you might be able to sell it for half the cost you purchased it. Let’s say then, for example sake, that you buy a pickup truck in 2021 for the average price of $52,789.
By 2026, if you turned around and decided you wanted to put your pickup truck on the market, you could reasonably expect to get at least $26,000 for it. That’s not too shabby.
As we touched on in the intro, it’s not only trucks that hold their value in this way. This content is owned by moc.sotuaytsur. SUVs do as well. So let’s say you purchase a full-sized SUV in 2021 for $68,704. By 2026, its resale value would be around $34,300. Nice!
Why is it that trucks and SUVs maintain their value so well? The powerhouse design of these vehicles plays a big role, as trucks and SUVs are built to last. Your truck might be fine well into 100,000-mile territory or at 200,000 miles and more in many instances.
The towing capacity you get in a truck is also beneficial. Trucks can pull thousands of pounds and heavy-duty pickup trucks can tow even more.
Truck Resale Examples Using Real Vehicles
Between 2020 and 2021, vehicular resource iSeeCars did a study about the deprecation value of pickup trucks. You can see the results of the study below. The data reviewed what a five-year depreciation of popular truck, car, and SUV models would look like.
Top Ten Vehicles to hold value
|Rank||Model||Average 5-Year Depreciation||$ Difference|
|1||Jeep Wrangler Unlimited||30.9%||$12,168|
Here’s a recap of the truck and SUV depreciation data.
- Nissan Frontier – 43.5 percent depreciation over five years at a difference of $12,823
- GMC Canyon – 41.2 percent depreciation over five years at a difference of $16,115
- Toyota 4Runner – 38.5 percent depreciation over five years at a difference of $16,325
- Toyota Tundra – 37 percent depreciation over five years at a difference of $17,020
- Jeep Wrangler – 32.8 percent depreciation over five years at a difference of $10,824
- Toyota Tacoma – 32.4 percent deprecation over five years at a difference of $10,496
- Jeep Wrangler Unlimited – 30.9 percent depreciation over five years at a difference of $12,168
Some of those depreciation values might make you a little nervous, but keep in mind, a lot of these trucks are quite costly. For instance, a 2022 Jeep Wrangler Unlimited starts at $40,000, so a depreciation value of $12,000 isn’t so steep.
Kelley Blue Book already released its 2021 Best Resale Value Awards for trucks, cars, and SUVs.
The trucks with the highest resale value are as follows:
- 2021 Toyota Tacoma (Best Midsize Pickup Truck)
- 2021 Toyota Tundra (Best Full-Size Pickup Truck)
- 2021 GMC Sierra HD (Best Heavy-Duty Pickup Truck)
Tips for Maintaining Your Truck for Eventual Resale
Whether you’re just trying to get your truck to year five or you want to keep it for 10 years and then resell it, the following tips will help you earn more miles and money out of your vehicle.
Don’t Skip Oil Changes
Oil changes can be like those annoying reminders to visit your dentist. You know it’s something you should do, and you plan to do it eventually, you just don’t know when you’re going to get around to it.
Well, we’re here to tell you to prioritize both your dentist’s appointments and your oil changes, but especially your oil changes (since you want to maintain your truck). At least every six months or when your odometer hits 7,500 miles, it’s a good time to schedule an oil change.
Replace Your Engine Filter
Did you know your truck has an engine filter? You do now. The filter removes contaminants such as chemicals and dirt. Yet no filter lasts forever, and that’s true of engine filters too.
When you’ve logged between 15,000 and 30,000 miles on your truck, you should change out the filter. You might have to do it sooner depending on what style of driving you do. For instance, if you love cruising on dirt paths or if you adore off-roading, the engine filter will get dirtier faster.
Rotate the Tires
Rotating your truck’s tires ensures even wear so you’re not at risk of one of the rear or front tires blowing out on you when you’re driving steadily down a four-lane highway. To rotate the tires means to change their positioning.
This allows the tires that were bearing more weight to get a break while the fresher tires can now take the brunt of your turns, stops, and other driving maneuvers.
Have a Trusted Mechanic
Some people only worry about finding a mechanic when there’s something seriously wrong with their vehicle. We’d say it’s worth it to research mechanics in your area even when your truck is working just fine.
The right mechanic for you is someone who specializes in your truck brand or make and model and knows how it works. Maybe the mechanic is someone at the dealership or they’re an independent operation.
When your truck eventually does begin to rattle or screech, or when the brakes don’t want to work with you, you won’t make a panicked decision and take your truck to just anybody. You’ll know you can rely on your mechanic’s expertise.
Trucks can hold their value tremendously well because they’re powerhouses with amazing towing capacity. If your truck or SUV is five years old, you could fetch half the vehicle’s value by reselling it then!
But before buying a used truck or any used vehicle, always run a VIN check for Mileage fraud, Salvage rebuild, Title washing, and Vin cloning. There are plenty in the business, it only costs a few dollars but could save you thousands. I’ve used VinAudit (links to VinAudit.com) several times and found them reliable and fast.
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