NADA Used Car Guide recently released its May edition of Guidelines, showing that prices for full-size pickup trucks have increased.
According to the report, the price for full-size pickup trucks was up nearly 7 percent in the first four months of this year.
Jonathan Banks, executive automotive analyst with the NADA Used Car Guide, said that the higher trade-in values for pickup trucks is primarily due to rising home values, increased residential construction, stabilizing gas prices and a decline in the late model supply of trucks.
The report said that a three year old Chevrolet Silverado 1500 Crew Cab LT 5.3L 2WD costs $20,540, accounting for an 8 percent increase on a year-over-year comparison. Those with a pickup truck should protect its exterior with Husky Liners® mud guards.
Usually there is an increase in pickup truck demand as housing market activity increases. The National Association of Home Builders said that there were 781,000 home starts in 2012, and it expects that number will surpass 1 million in 2013.
"The low rate of depreciation for full-size pickups means that consumers will find themselves in a favorable equity position if they trade-in their used pickups for a new or newer pre-owned one," Banks said. "There is little evidence to suggest that consumer demand for full-size pickups will diminish in the near-term. We expect prices in the segment to remain above average for the remainder of the year."
Best vehicles for below-prime buyers
CarFinance.com recently released its top 10 new and used vehicle choices by car buyers who are below prime. The report indicated that below-prime buyers now account for more than 43 percent of all car loans. CarFinance.com also compiled a list of the top 10 overall vehicles sold in the country, and the only vehicle to be consistently featured on both lists is the Dodge Ram.
"With loans to the nation's large population of below-prime car buyers rebounding, and helping to fuel our economic recovery, the industry would be wise to keep a close eye on their vehicle preferences," said Jim Landy, CarFinance president and CEO. "The CarFinance.com Top Ten Lists offer a snapshot of consumers focused on vehicle choices that are realistic and economically viable, and reflect the responsibility we are consistently seeing in their loan behavior, which is characterized by low rates of defaults and low rates of late payments."
The Top Ten New Vehicles Purchased: Below-Prime Car Buyers in the last six months, according to CarFinance.com are, the Dodge Avenger, Kia Forte, Kia Optima, Chrysler 200, Dodge Journey, Ford Focus, Ram 1500, Nissan Sentra, Nissan Versa and Kia Sorento.