If you track the pricing on used pickups in the 5-10-year range, you’ll notice that base trims tend to depreciate relatively slowly compared to premium trims. Our price-tracker sees a 2021 Ford F-150 XL having lost just 6.7% of its sticker price in five years, while a Limited has lost 46.4% of its value.
We’re asking a straightforward question today: Why? How come a truck that you buy for $59,760 is worth barely more than half its value after five years, while the price of a much cheaper pickup hardly seems to budge? Let’s figure it out.
All That Fancy Tech Makes Higher Trims Obsolete Sooner
2021 GMC Sierra 1500 Denali front 3/4 angle in grayGMC
If we overlook every other issue that comes with adding a bunch of fancy tech into a truck cab, the bottom line is that it’s not so fancy five years down the line, and it’s not the draw it once was. Features that were once exclusive to top trims become standard in entry-level trims.
Take keyless start as a simple example. GMC introduced the feature to the 2019 Sierra 1500 in higher trims like the Elevation, which sold for $43,600 with a Double Cab, four-wheel drive, and a 147-inch bed. A 2022 mid-cycle refresh added keyless start as a standard feature in a $35,400 entry-level model. Today, we take the feature for granted, and we’re unlikely to pay extra for it.
This shift occurred over the course of just a few model years. Technology that wasn’t available in a GMC Sierra at all in 2015 became exclusive to higher trims by 2019, and commonplace by 2022.
Looking at price trends for the 2021 GMC Sierra 1500 via our price-tracking tool, here is how a base model compares to a high-end Denali, both in a 4WD, Crew Cab, 147-inch bed configuration.
2021 GMC Sierra 1500 Trim
2021 MSRP
Trending Price
Value Loss
Base Model
$39,700
$34,874
12.2%
Denali
$59,300
$29,000
51.1%
But rapid tech obsolescence is only part of the story. Even if the gadgets still worked perfectly, these trucks would still plummet in value – because of who buys used pickups in the first place.
D Power Confirms: Infotainment Fails At Twice the Rate Of Everything Else
2022 – 2026 GMC Sierra 1500 5th Gen (GMTT1XX) Facelift PickupGMC
When you first buy or lease a brand-new luxury pickup, high-end features like adjustable lumbar support, massage chairs, and digital rear-view mirrors are fun gadgets to play with. By the time you’ve had the truck for a few years, the broken massage feature might be something you don’t even bother fixing, which only drives down the resale value.
According to JD Power, feature bloat is one of the major stumbling blocks when it comes to a vehicle’s Quality & Reliability rating. JD Power’s 2024 Vehicle Dependability Survey found infotainment systems to be the leading source of driver complaints, at nearly twice the rate of failure as the next category down the line, with phone connectivity and voice recognition listed as the most common concerns.
Second-Hand Buyers Aren’t Motivated By Luxury
A new or used vehicle is worth exactly what someone is willing to pay to buy it. It’s the buyers who ultimately set the price, and used pickup buyers just aren’t that concerned with Nappa leather seats and 16-speaker sound systems. Three, five, or eight years down the road, what most buyers want out of a pickup is dependability, performance, and strong towing capacity. Any gadgets that are still working are a welcome bonus, but not the primary draw.
There will always be demand for used luxury cars and SUVs among buyers who appreciate premium features, but only at a fair price. Used trucks represent a different market entirely, and are more likely to sell to pragmatic, goal-oriented buyers.
To illustrate this point, consider the trending prices on a 2021 Chevy Silverado when divided not by trim, but by performance. Both trucks feature a Crew Cab, 147-inch bed configuration, but one is rear-wheel drive, and the other is all-wheel drive.
2021 Chevrolet Silverado 1500 Trim
2021 MSRP
Trending Price
Value Loss
2WD Crew Cab LT
$42,700
$28,998
32.1%
4WD Crew Cab LT
$46,000
$36,069
21.6%
In this instance, the only difference is one of performance, and the four-wheel drive truck still commands a higher price than the two-wheel drive truck.
Higher Prices Have Further To Fall
A 2021 Chevy Silverado 1500 High Country in four-wheel drive with a Crew Cab and a 147-inch bed is currently trending at $31,817, a lower price than you’ll pay for the same truck in an LT trim. The LT has lost 21.6% of its value in five years, while the High Country has lost 44.6% of its initial $44,100 value.
This is why steep depreciation affects luxury models across all segments. As prices settle down from MSRP to a reasonable used-market range, the pricier models simply have further to fall. Without significant performance-based advantages such as higher towing capacity or four-wheel drive, they are unlikely to retain a premium price.
All of this sounds bad if you bought new – but if you’re shopping used right now, this collapse in value is the best thing that’s happened to the truck market in years. Here’s exactly how to take advantage.
Smart Buyers Can Benefit From Rapid Depreciation
If you have noticed a pattern forming in our price comparisons, you will know what we are getting at. Not only do luxury trims tend to lose value over five, eight, or 10 years on the market, they tend to sell at a lower price than entry-level and mid-range trims.
This can be attributed, in part, to the luxury buyer’s tendency toward short-term, three-year leases, while entry-level buyers are more likely to drive a pickup for many years. Whatever the contributing factors, the fact remains that used truck buyers stand to benefit.
Real Used Luxury Trucks Available Now – At Prices That Would Shock Their Original Buyers
Stellantis is recalling more than 1.2 million examples of the 2019/2021-2024 1500 due to a software problem affecting the electronic stability control. Ram
Below are trending prices on lower and higher trims for the remaining leading full-size pickups: the F-150 and the Ram 1500.
2021 MSRP
Trending Price
Value Loss
Ford F-150 XL
$29,209
$27,334
6.7%
Ford F-150 Limited
$59,760
$27,725
46.4%
Ram 1500 Big Horn
$37,290
$28,852
22.6%
Ram 1500 Limited
$59,950
$36,829
35.3%
If we take a look at the used market, we can find the following deals on used trucks that were once top-of-the-line:
- A 92,258-mile 2019 Ram 1500 Laramie is listed at $30,199 in Washington.
- An 83,508-mile 2021 Ram 1500 Limited DT is listed at $34,000 in Florida.
- A 59,146-mile 2021 Ram 1500 Limited is listed at $36,590 in Ohio.
- A 106,325-mile 2019 Ford F-150 Lariat is listed at $26,327 in Minnesota.
- An 80,582-mile 2020 Ford F-150 Lariat is listed at $33,349 in North Dakota.
- A 40,424-mile 2019 Ford F-150 Limited is listed at $35,513 in Michigan.
These listings are just to give you an idea of what’s available. Availability will vary by area and price range when you are ready to buy.
If you can find a well-maintained truck (or one where the only broken features are those you were not planning to use), used luxury trims offer considerable value at a fair price. They frequently sell at or below the asking price of a used entry-level model with equivalent towing capacity, yet include leather seats and premium audio as added benefits.
2021 Ford F-150 Limited 4WD SuperCrew 5.5′ Box
MSRP
$76,530
Engine
3.5L Twin-Turbo V6 Gas
Drivetrain
Four-Wheel Drive
Transmission
10-Speed Automatic
Horsepower
400 hp
Torque
500 lb-ft @ 3100 rpm
Maximum Towing Capacity
11,200 lbs
Expand
Sources: JD Power, JD Power 2, Ford, Chevrolet, GMC, Ram.
