Every day your truck takes you to work, gives you a way to play or takes you around town. While many people keep their truck for a lifetime, some owners prefer to keep something new in their garage or on their worksite. If you are in the market for a new truck, understanding the potential resale value of that truck, should you choose to sell in the future, can help you make the best buying decision. Here’s what you need to know about truck resale value.
If you are in the market for a truck to drive around town, but that won’t be used to often for work or hauling, a compact truck could be the right fit. According to Kelly Blue Book, the best compact pickup truck for truck resale value is the Toyota Tacoma. At 36 months, it has a 74.9 percent resale value, and this drops just slightly to 60.4 percent at 60 months. The toughness and compact design of this truck combine to make it popular, because buyers know it can handle hundreds of thousands of miles and still run strong.
If the Tacoma is not your style, the Nissan Frontier is another compact truck that has a strong resale value. If you are a GMC fan, consider the GMC Canyon. Both of these have long lasting durability that make them popular with used truck buyers, and help them hold their value well.
Truck resale value for light trucks again depends on the longevity of the truck. TrueCar Inc.’s ALG division estimates that the 2015 Ford F-150 will retain 58 percent of its resale value after three years, which is an increase over the 2014 model. Improved fuel economy was the reason for this additional value.
If you are a Toyota fan, opt for the Toyota Tundra, which proves to be a popular resell year after year. The Kelly Blue Book estimate indicates this popular truck should have a 68.3 percent resale value at three years. GMC Sierra holds its value well as well, as these trucks are known for excellent value.
Sometimes you need a truck with power and performance. In this case a large, often diesel powered, truck is the best option. If you are in the market for a powerful diesel, then consider the Ford Super Duty F-350. In 2014 its estimated resale value was 48.6 percent, and this is expected to continue. The powerful, popular truck sells quickly and for a good price. The GMC Sierra 2500 HD is often sought for in the resale community as well, and tends to bring a good price. For Ram fans, the Ram 2500 HD continues to show good resale value.
Truck Resale Value Trends
As you look at these popular models, you can see that high resale value can span all manufacturers across the various markets. Whether you love Ford, GMC, Ram or even Toyota, you can purchase a truck that will sell well someday. By purchasing a truck now that has a great resale value in the future, you will position yourself well for a high return when you are ready to move on to a new model.
Remember, used trucks can be in high demand, if they are in good condition and are trusted brands. Shop wisely, then take care of your truck well, and you will be rewarded with a great price when it comes time to sell. In this way, you can keep yourself in a new model truck, without breaking the bank on the trucks you buy and sell.