The Chevy Silverado 1500 pickup is GM’s most popular vehicle, and as a result, it’s made a gang of them. So now that the 2020 versions of the trucks are coming off two- and three-year leases, a bunch of them are showing up in dealer lots. So is the resale price of the 2020 pickup high or low? How much can you expect to pay for a great used 2020 Silverado 1500?
We looked at several metropolitan cities across the US to see what the asking prices of various dealers were. They range in trim levels and cab configurations, so we can give you an idea of what the current average Silverado availability means.
What is the 2020 Silverado selling at the new price?
First, the 2020 Silverado has an MSRP starting at $28,500 for a standard single-cab bed truck. It’s like a disarmed fleet truck. Prices go up from there. The all-wheel drive is an additional $4,600, and other options can put the top-of-the-line High Country price at $70,000. So the range is huge.
Trim levels also determine the truck’s price, though not as much as on the secondary market. The trims are Work Truck or W/T, Custom, Custom Trail Boss, LT, RST, LT Trail Boss, LTZ, and High Country. In addition, there are three taxi options; single cabin, double cabin and four door crew cab.
Are there different cabs and bed lengths?
Most of the examples we found were crew taxis, the most versatile and popular. In addition, three box lengths are available. This is
Three cabs, three cargo box lengths. The short bed measures 70 inches, the standard bed measures 79.44 inches, and the long bed measures 98.19 inches. Most of the crew cabin examples we found have a short bunk configuration.
There are several engine options. They started with a 4.3-liter V6 connected to a six-speed automatic. From there there’s a turbocharged 2.7-liter with an eight-speed automatic, a 5.3-liter V8 with an eight-speed automatic, and the same 5.3-liter with a 10-speed automatic. The big guns are a 6.2-liter V8 with a 10-speed automatic, and a 3.0-liter turbodiesel straight-six connected to a 10-speed automatic.
How much is a 2020 Silverado truck worth?
So, here’s what we found. In the Los Angeles valley, prices range from $26,000 to $48,000. These are mostly LT, W/T, or Trail Boss trucks, which explains the range. All W/Ts are single cabs, with the rest being crew cabs.
Moved to Dallas, Texas, they cost about the same as the ones in LA. For the most part, these trucks are Custom trim crew cabs. Swinging into Atlanta, prices rose slightly to between the low to mid $30,000, with some prices approaching $45,000.
On the east coast to Englewood, New Jersey, used Silverados range from $30,000 to over $50,000. Also, most of the trucks we looked at tended to have more mileage than trucks in the other four cities we examined. Finally, back in Indianapolis, we saw the same price as Los Angeles. The difference is that almost all Silverados have LT or Custom trim levels. And there are also some longer taxis in the mix.
Does the 2020 Silverado have a good resale value?
So some of the high-priced Silverados we found were High Country models priced around $45,000 to $50,000. Their resale value has fallen by nearly 30 percent in two years. But the rest of the group has stuck to their original 2020 MSRP. So today you can get a top-of-the-line 2020 Silverado for roughly the same price as a lower trim-level truck.
That should raise awareness for 2022 Chevy truck buyers looking to spend all their money. On the other hand, the 2020 Silverado truck in top trim is a pretty sweet deal these days. In some cases, higher trim levels limit the price of lower trims, but not the Silverado, based on what we researched.
Keep in mind that this high resale value will not last forever. Both new and used vehicles, in general, are all expensive because of the various circumstances we believe you have read about in the headlines. Expect a private party truck to cost $3,000 to $10,000 less depending on various circumstances. The exchange rate will be lower, still.
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