Chip shortage pushing used GMC and Toyota pickups prices higher than new models

Quimby Mug Bayou Florida
2020 GMC Sierra 1500
2020 GMC Sierra 1500
GMC

The craziness synonymous with 2020 has infected plenty of 2021 as used truck and car prices surge ahead of new vehicle prices owed to an ongoing global microchip shortage.

iSeeCars report for June shows used vehicle prices pushing ahead of newiSeeCars report for June shows used vehicle prices pushing ahead of newAccording to iSeeCars.com’s latest analysis of over 470,000 new and lightly used cars from the 2019 and 2020 model years listed for sale in June 2021, the price gap between new and slightly used vehicles has drastically narrowed, and some used autos have even become more expensive than new models.

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Three used pickups made iSeeCars Top 10 list of vehicles that cost more used than new. The GMC Sierra 1500 took the number two spot costing 6.4% higher on average than new.

“High demand for the GMC Sierra 1500 coupled with lower production numbers has led to a scarcity of new models,” said iSeeCars Executive Analyst Karl Brauer.

“The GMC Sierra 1500 is the most expensive pickup for both new and used cars, so buyers who want this luxury truck may be purchasing a used version because it’s available and dealers are adding a premium onto the price as a result,” Brauer continued.

Two additional pickup trucks from Toyota make the list: the third-ranked midsize Tacoma and the sixth-ranked full-size Toyota Tundra. “Toyota has halted incentives on its new trucks due to lowered supply, and buyers who want these highly sought-after trucks can likely only find used versions,” said Brauer. 

Two additional pickup trucks from Toyota make the list: the third-ranked midsize Tacoma and the sixth-ranked full-size Toyota Tundra.

“Toyota has halted incentives on its new trucks due to lowered supply, and buyers who want these highly sought-after trucks can likely only find used versions,” said Brauer.