How Much Is My Truck Worth: The Ultimate Pricing Guide of 2022
When the time comes to sell your truck, you want to make sure you get your money’s worth from the dealer or a private party. But it can be tough to know just how much your truck is worth and what price you should charge to any prospective buyer.
There are lots of factors that go into accurate car valuations for your truck, ranging from your vehicle’s year to how many owners it has had to whether there’s a need for repairs. Today, let’s break down the major factors you can use to determine how much your truck is worth and explore how you can value your truck properly for an upcoming sale.
Factors That Affect Truck Price
You might think you know your car’s resale value in a broad sense, but a lot can determine whether the ending valuation is higher or lower than you anticipate. Car values also fluctuate with time — a cash offer from a private buyer may be good one year, then beaten by dealers later.
Year, Make, Model, Trim
Naturally, the year, make, model, and trim detail of your truck can significantly impact its price. These factors tell people what features they can expect, whether your truck came from a problematic model or year, and will impact the car’s aesthetics.
Generally, newer trucks of a more recent year, make, or model will be more profitable than older trucks. A Ford F-150 or Ram truck will probably be more popular than a junk car with scratches across its hood and fenders, for example, even if it has high mileage. However, you can offset this to some extent by taking good care of your vehicle.
Your used truck’s condition and mileage will also affect its price. If you took good care of your truck over its lifespan, you’ll be able to charge a higher price once someone takes a look at it and sees the value for themselves.
On the flip side, if you didn’t take good care of your truck, you’ll probably have to settle for a lower asking price than you would like.
The main features of your truck can determine how much people are willing to pay for it compared to similar vehicles in the same class. For example, does your truck have heated seats? If so, you’ll be able to charge a higher price for it, particularly in cold climates or states where drivers have to deal with snowstorms.
When people look at trucks, they often look for practical features, like the ability to hook the truck up to a trailer easily, a removable tool chest in the bed, whether it’s convertible, and so on. The more features your truck has to boast, the higher price it may warrant when you finally advertise it online.
Then there’s vehicle history: a breakdown of all the maintenance the truck has undergone, whether it was ever involved in any accidents, and whether it was ever majorly modified. You should try to put together a comprehensive vehicle history report, including the maintenance reports, for your truck before listing it online.
In general, the shorter the vehicle history, the more you can sell it for. However, if the vehicle’s history is long but it hasn’t been in any accidents, people will be more likely to pay top dollar for your used truck.
If your truck has been in several accidents and been repaired, people will pay less for it since they expect mechanical issues will be more common later down the road.
Number of Owners
The more previous owners a truck has had, the less money you’ll get from selling it in most cases. That’s because, rightly or wrongly, people often assume that a truck that has changed hands multiple times must have something wrong with it.
This information should also be in the vehicle history report. But if your truck has had multiple owners throughout its lifespan, prospective buyers might question you directly about where you bought the truck, whether you had problems with it, and so on. This is all part of the haggling process and it helps people determine whether buying a used truck is a wise idea.
Of course, if your truck belongs to a make or model that had an open recall, you may have difficulty selling it at all. In fact, a truck with an open recall should have been returned to the manufacturer or repaired. In the latter case, be sure to have records of the repair on hand so any worried prospective buyers can confirm that the recall issue was taken care of before they hand over any cash.
Truck’s Previous Use
Lastly, the previous major use of the truck can impact its asking price. For example, rental vehicles often charge comparatively higher prices despite the number of miles under their wheels. That’s because rental agencies usually take very good care of their cars, so used car buyers know they can trust the vehicles to perform well enough.
In contrast, if your truck was used for heavy-duty work for hundreds of thousands of miles, it may not be very worthwhile even if it outwardly looks like it’s in good condition.
How To Value Your Truck
Even when you take all these factors into account, it can be tough for average folks to value their trucks accurately. Fortunately, there are several tools you can use to get a benchmark price before you start your haggling with a prospective buyer.
Talk to a Dealership
Firstly, you can take your vehicle to a local auto dealership. You don’t have to sell the truck to them, but you may be able to compare your truck against similar vehicles in the lot. Alternatively, you can open negotiations with a dealership salesperson and see what they are willing to pay for the truck before using that as your initial price benchmark.
A certified dealer (part of the National Automobile Dealers Association) is best for assessing your pickup truck or car’s condition while taking the car’s depreciation and fair market value into account. Remember, no car dealers will price the car like it’s a new vehicle — but they could still give you a good quote.
Use an Online Valuation Tool
The Internet offers a plethora of online valuation tools, such as Kelley Blue Book. These allow you to plug in the make, model, and year of your truck and get a rough valuation based on its mileage and other technical factors. Note that online valuation tools are most useful and accurate for newer trucks – the older your truck and the more obscure the model, the less accurate these online tools tend to be.
You’ll need as much info about your truck as possible to learn its value estimate, including the car’s VIN or vehicle identification number, the vehicle’s year, the trim level, and more. Consider getting a Carfax report for your car to get an accurate estimate of the truck’s current market value. Even with this legwork, a Kelley Blue Book trade could be worthwhile, and some participating dealers may use this tool as their price estimate benchmark.
Check Truck Ads or Listings
Lastly, don’t be afraid to check truck ads or listings in your local area. See what other people are selling their used trucks for. This can give you some insight into the psychological aspect of selling a used vehicle. People don’t always sell or buy things for their “perfectly accurate” prices. In many cases, they will buy your truck if they think it’s a fair price based on other used car deals in their city.
It can be tough to know how much your truck is worth, but it’s much easier to know the worth of a rental car from Advantage Rent-a-Car. Our diverse fleet of rental vehicles has something for everyone, ranging from classic commuter cars to pickup trucks to everything in between. Contact us today if you need to get a new rental vehicle after selling your truck!