Diesel truck prices have been on the rise since the COVID-19 pandemic, and consumers have been asking this question for some time now: “Are diesel truck prices going down in 2023?” Well, the answer is yes; there are predictions that diesel truck prices may be going down in 2023. When will diesel truck prices drop? Although we cannot predict when exactly the prices will drop, be aware that used diesel truck prices will be relatively more affordable in the year 2023.
In one of our earlier blogs, we closely analyzed the used car price trends, factors that may impact used car prices in 2023, and how to take advantage of the potential price drop in 2023. Here we will have a look at the used truck price trends, mention how you may be able to take advantage of price drops, and also highlight some of the benefits of buying a diesel truck.
Are Diesel Truck Prices Going Down? Overview of Used Truck Price Trends in 2023
How much does a diesel truck cost? According to Motor Biscuit, the average price of a used truck is $36,800. Why are diesel trucks so expensive? There was an increase in the value of diesel trucks that was strongly influenced by the COVID-19 pandemic, the reduced supply of diesel trucks in the US, and some other factors. Prices of cars and trucks increased by 45% in 2021 and then decreased by 8.8% towards the end of that year. For about 12 months, the prices remained constant, and now there are predictions that suggest a reduction of the used truck price in 2023.
The Manheim vehicle value index has proven itself to be a valuable tool for monitoring price changes and making predictions on vehicle prices. The amount that dealerships spend on used vehicles and diesel trucks is measured by the Manheim vehicle value index. Manheim happens to be the biggest auction service in the world, and the company receives an estimate of the selling prices for a variety of car types and trucks with various mileages.
After processing collected data and estimating the sales volume, it determines the average sales price by mileage and publishes this average. This means that you can get an idea of the total price trend of used cars through the Manheim vehicle value index. According to this indicator, the value index for pre-owned vehicles sold at auction peaked in January 2022 at 236.3 before dropping to 204.5 in September 2022.
This is good news, right? A huge drop just towards the end of September only shows that there may be further diesel truck price reductions in 2023.
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How to Take Advantage of Diesel Truck Price Drops in the Used Car Market?
When the prices of used cars eventually drop in 2023, how can you take advantage of this drop? This section explains how we can best utilize the opportunity of a potential car price drop in 2023 to get a reliable diesel truck.
Monitor market trends
Close monitoring of market trends is one step you should take seriously. If you want to take full advantage of diesel truck price drops, then you should be able to efficiently monitor diesel truck market trends. With close monitoring, you will know when diesel truck prices go down, and you can immediately search for a good vehicle and purchase it before a spike in the price occurs.
Everyone knows the expression, “do the right thing at the right time.” The expression applies here too. Keeping an eye on market trends also means acting immediately. Timing and precision matter here. As soon as you notice a decrease in diesel truck prices, begin conducting research on the truck you want to buy, and do it in time, before the price increases again.
Do your research
Now that you have monitored the trend and prices are dropping, do some research. Determine the average price range of the models and brands you like, and check out different trims, interior and exterior features, engine specifications, etc. Simply choose the truck you want to buy and conduct thorough research on the dealership you intend to visit.
There are quite a number of dealerships available locally and online. With online marketplaces, you can determine the average prices of diesel trucks and easily pick one that suits your budget. You can also visit dealerships in your state and have a look at the variety of brands and models available. Ensure that, at the end of this step, you find yourself a good and reliable dealership.
How do you know if a dealership is reliable? Ask around the neighborhood and check the dealership’s reviews and ratings online.
Consider the condition of the truck
The next point here would be to visit a dealership and check the condition of the truck. Carrying out a vehicle inspection is best done by a professional mechanic and is highly recommended before purchasing a used vehicle. If you have access to one, bring the vehicle to the mechanic for an inspection. Do not put too much emphasis on getting a really cheap truck, as one that is too cheap may have a lot of damage and will require extensive repairs in the future.
Get a vehicle history report
Nobody wants to buy a damaged diesel truck or one that has a title brand on it. Before paying and completing the purchase with the dealer, you have to learn about the history of the used vehicle. To learn more about the diesel truck you want to buy and confirm its past and current condition. To do so, get a thorough and comprehensive vehicle history report from Premium VIN. With a vehicle history report, you can learn about significant accidents and damage the car has received, as well as title checks (flood and fire damage), odometer readings, auction and sales history, theft records, vehicle specifications, and more.
Now it’s time to negotiate. This is the reason we did some research earlier. With knowledge of the fair market value of a diesel truck, you can negotiate properly with the dealer and get a good deal. It is highly recommended that you begin your negotiations with a price that is 10–25% lower than the asking price. At the end of the day, this would net you a good profit.
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Benefits of Buying a Diesel Truck
Now that you know how to take advantage of diesel truck price drops in the used car market, this section highlights the benefits of buying a diesel truck.
Diesel trucks are frequently preferred over SUVs due to their higher towing capacities. What more benefits are there to buying a diesel truck?
Higher fuel economy
Want to get better value for your money spent on fuel? Then you should definitely consider buying a diesel truck. Compared to gasoline trucks, diesel trucks have better fuel efficiency, which could save money in the long run. Diesel is also known to have a higher fuel density than gasoline, which means more power for your engine.
Durable engines with high torque
Diesel truck engines are typically long-lasting and perform admirably even as they age. They are also known for their high torque output, which means diesel trucks provide good towing capacity and acceleration compared to regular cars and SUVs.
Diesel trucks tend to remain reliable for a long period of time and can be sold for a good amount even after a period of time. It is even possible to have a higher resale value when you want to put it up for sale. Sounds great, right?
Diesel trucks are specifically designed for heavy-duty work, and they can be used seamlessly in commercial and industrial applications. They have engines that provide more pulling and hauling power and can easily fulfill such requirements.
Diesel trucks require less maintenance than gasoline trucks because diesel engines use fewer spark plugs and do not require as frequent maintenance as much as gasoline trucks would.
Although you have to keep up the regular and basic maintenance, you do not want your truck to break down.
Buying a used diesel truck has its advantages and benefits, and you can get one for an affordable price in 2023. If you could monitor market trends, shop around, and get a vehicle history report from Premium VIN, then you could get a diesel truck for an affordable price in 2023.