Nowadays, used truck values are making them an ever increasing bargain, overtaking new trucks sales at dealerships. This is often because used trucks with low mileage can go for a lot less.
Truck dependability has increased in the past two decades. This allows trucks to last much longer than what they use to. In fact, J.D. Power and Associates were able to perform a study that proved the dependability of a vehicle has nearly doubled in the last decade alone.
While many of us are not expecting the immortality rates of vehicles to raise any time soon. We are expecting vehicles to be able to handle more than what they already do. With this, it leads consumers and dealers seeing more used trucks on the lots.
With the rise of automobile makers making the durability of vehicles of more value, many consumers are finding the need to purchase a new automobile to be less of a necessity since the time required for the fix and repair stage takes longer to happen. IHS Automotive did an analysis as to show how long owners of a vehicle kept their vehicle. Vehicles were kept for an average 58 months before a new one was purchased.
When a consumer comes purchase a new (or used) vehicle, they are more open to buying a used rather than a new one. In fact, as proved by Autotrader’s annual survey last year’s results said that consumers who were up to buying a Certified Pre-Owned (CPO) vehicle rather than a new one. The percentage for this had go up 7% from the previous year (26% in 2013, 33% in 2014). Not only that shoppers said they would be 59% (that’s up by 16 points since 2012!) more inclined to purchase a used truck that has been through a CPO program.
The challenge is that automakers have to deal with is consumers wanting used trucks rather than newer ones. With used trucks, the quality is a little better and the price isn’t near as high as a new one. Moving forward, automakers will have to think of the reality of their sales in the future. As vehicles become more dependable and durable, many consumers are not going to spend more than they need to when they can get a used truck for just as good as a brand new one.
Truck-n-Trailer has become a popular used commercial truck seller. To find out more information about the used truck values and what Truck-n-Trailer has to offer, please call 405-912-5800.