You may have
noticed recently that pre-owned truck prices have gone up.
There are a variety
of factors causing truck prices to rise. At Stallons Auto in Hopkinsville,
Kentucky, we have a tried and true strategy to keep our truck prices lower, so
we outperform our competition. We are passionate about providing cars and
trucks that have much more value than other dealerships.
Driving Up Pre-Owned Truck Prices
The main factor
driving pre-owned truck prices so high is that more people are buying them. A
decently outfitted new work truck averaged $48,369 in 2018. Just 10 years ago
in 2008, the average price for a new work truck was $32,694. That’s a
difference of $15,675 and a 48% increase. It's easy to see why pre-owned trucks
are a much better option. But when so many people are opting for pre-owned
trucks over new, the higher demand for pre-owned trucks draws down their
supply. And therefore, their prices rise. It’s really just basic economics.
Truck Prices Have Skyrocketed, Affecting Pre-Owned Truck Prices
And, the new trucks
today are more plush. With leather seats, all the wiz-bang, high-tech gadgetry,
and the countless driver-assist and safety features that all new trucks now
possess, prices simply skyrocket into the upper stratosphere on their way to
Some new full-size
pickup trucks can cost more than $100,000.
Because new trucks
are so high priced, when these trucks get traded in, their pre-owned truck sale
price will naturally be higher. Trucks have historically had better resale
value than cars. And, trucks outfitted with all the bells and whistles hold
their value even better. More options, better trim levels, and more powerful
drivetrains simply sell for more because they are better vehicles.
Trade-Ins Keep Pre-Owned Truck Supply DownBut truck owners
aren’t trading their trucks in. They see the high price of new trucks and
decide to keep and refresh their truck, rather than buying a new one that costs
as much as a house, in some cases. This further keeps the supply of pre-owned
trucks low, which forces pre-owned truck prices higher.
Model, Low Mileage Pre-Owned Trucks Highest PricedSo, which pre-owned
truck prices seem to be rising the most? Late-model and low mileage trucks have
seen a dramatic increase lately. This is because they are the ones most like
the new trucks we just spoke of in the paragraphs above. If business owners and
families cannot afford the astronomical prices of a brand new truck, they will
automatically defer to the truck that is closest to new.
You can see the
reasons the price of pre-owned trucks are so high: the high price of new trucks
and the lower supply of pre-owned trucks. Higher prices for new trucks push
more buyers to purchase pre-owned trucks, increasing prices due to higher
demand. Because new trucks are more expensive, traded-in pre-owned truck prices
will naturally be higher. And since new truck prices are so high, more and more
truck owners are deciding to keep their trucks long, decreasing the supply of
pre-owned trucks, which, you guessed it, drives pre-owned truck prices higher.
Auto in Hopkinsville, Kentucky Beats Pre-Owned Truck Prices Down!Who you buy from
can be just as important as what you buy. This is especially true buying a
pre-owned truck today. You don’t need to wonder whether you got the best deal.
At Stallons Auto in Hopkinsville, Kentucky you can rest easy when you buy from
us. Our years in the automobile business have made us experts in keeping prices
down, so the value of our vehicles is second to none. Simply put, no one can
match our prices.
Contact us to test
drive a truck that won’t drive you to the poorhouse. Or just stop in.
We can’t wait to