The absurdity of the recent changes in the auto market has struck once again. This time, Toyota Tundra owners stand to benefit. The global semiconductor shortage has pushed values in all different directions, creating waitlists for new models and rabid demand for just about anything else. The Tundra is a perfect example of this, per a study by iSeeCars. In light of this recent spike in values, you may want to wait to buy that Japanese pickup you’ve been eyeing; it could cost you an arm and a leg.
A spike in used Toyota Tundra values
The average price of a vehicle, both new and used, has been on the rise for quite some time now. The cost of the average new car, truck or SUV is now well above $35,000. Recent auto market volatility pushes used values ever higher. Owners of popular models stand to benefit the most, especially owners of newer used models. The 2018-2020 model year range seems to see where most of the appreciation in values is concentrated.
As for the Toyota Tundra itself, recently manufactured used models are selling at a 3.7% premium over new models on average. The Japanese brand’s full-size pickup usually does well in this regard thanks to its popularity and reliability, but this is still an extraordinary circumstance. This is due largely to demand for new vehicles. Rather than wait for a new model, consumers would rather pay for the next closest thing and be done with it.
Should you sell?
This is great news for owners of Toyota Tundra models, of course. It’s not often you’ll buy a new car and see it appreciate almost immediately after the purchase. Historically, values of vehicles drop over time. So, if you’re looking to sell that 2019 Toyota Tundra, now is certainly a good time to do so. Moreover, some dealers have halted incentives on new car purchases due to a lack of new inventory.
This is great news for existing owners. If you own a used Tundra, dealers are practically forcing potential customers into your waiting arms by removing these incentives. As long as you’re not price gouging, you stand to make a neat little pile of cash by selling right now. Additionally, demand is high across the board as parts of the U.S recover economically from the Coronavirus pandemic and restrictions ease.
These circumstances may not last much longer
This circumstance is all about timing. The combination of the supercapacitor shortage, the gradual lifting of pandemic restrictions, and fewer dealer incentives have all contributed to this appreciation in used Toyota Tundra values. The market right now belongs very much to sellers, so if you want to sell move quickly, as the auto market shows signs of stabilizing soon. However, if you’re a buyer, it is of course best to wait. Values could stay high just as easily as they could plummet.