By Jim Henry
Used large pickup trucks are appreciating amazingly in value, according to auto industry experts. That’s good news if you’ve got one to sell or trade in, but less good, if you want to buy one.
“The pickup truck has been the success story, I like to say, of this pandemic,” said Tom Kontos, chief economist for wholesale auto auction firm KAR Global.
“Used-car prices for pickups are strong, and sales of pickups are strong,” Kontos said in a webinar on Oct. 27, hosted by the American International Automobile Dealers Association.
Kontos said in a report earlier this month that compared with pre-pandemic prices, the average wholesale price of a used, full-sized pickup had increased more than $5,000, or more than 30%. That is, an average wholesale price of $21,551 in August, vs. $16,385 in February, Kontos said. The increase vs. August 2019 was about $4,500, or more than 25%.
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