SANTA MONICA, Calif., Aug. 27, 2020 /PRNewswire/ -- The car shopping experts at Edmunds say all vehicle owners could benefit from checking how much their car is worth as trade-in values continue to spike during the pandemic, but note that truck owners in particular are in the best position to cash in on their vehicles right now. According to trade-in data from Edmunds, trucks are retaining the greatest value and commanding the highest trade-in prices of all consumer vehicles.
Edmunds analysts took a look at all 2017 model year vehicles traded in during July and determined their respective retained values by comparing the average trade-in price of each model against its average original MSRP. Edmunds data reveals that midsize, heavy-duty and large trucks made up seven of the top 10 vehicles with the greatest overall retained value. Toyota Tacoma clinched the No. 1 spot, commanding an average trade-in price of $26,766, or 75% of its original MSRP. The Ford F-350 Super Duty came in second, generating an average trade-in price of $49,174, or 74% of the vehicle's original MSRP. The complete top 10 list, along with the full list of vehicles with the greatest retained value broken out by segment, can be found below.
"Trucks have been an increasingly popular choice for new-car shoppers during the pandemic, but because of the factory shutdowns, new inventory hasn't been able to keep up with demand. Used trucks are now getting their moment in the spotlight and enjoying a period of particularly high value as more shoppers flock to the used market," said Jessica Caldwell, Edmunds' executive director of insights. "If you've been thinking about selling the truck in your driveway, now is the time to do it."
Since used vehicles are in such high demand right now, Edmunds experts note that it's a good idea to figure out how much you can sell yours for in order to determine what you can put down on a new car. There might be more value in your vehicle than you think. To do so, they advise getting a real cash offer for your vehicle on sites such as Edmunds because it saves time and can be done from the comfort and safety of home.
For shoppers looking to purchase a truck right now, Edmunds experts recommend holding out until September or October when more new inventory will likely be available as automakers continue to ramp up production.
"The trade-in values we're seeing for 3-year-old vehicles certainly dispel the myth of cars losing half their value the moment you drive them off the lot," said Ivan Drury, Edmunds' senior manager of insights. "With such high demand for used vehicles, this gives many current vehicle owners the opportunity to either upgrade their current vehicle by taking advantage of this greater equity or sell their vehicle outright and have extra cash on hand."
Top 10 Vehicles, Ranked by Greatest Retained Value (2017 Model Year)
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