Dealerships usually offer incredible incentives on last year’s truck models. We’re here to examine whether buying a 2020 truck is a better deal than a 2021.
When looking to replace your truck, you want to enjoy the latest in the industry in terms of technology, comfort, interior, performance, and value.
So it is important to keep in mind that the difference between last year’s truck models and this year’s truck models is usually minimal. Most of the time the trucks are almost identical, with only a few minor differences in specs.
By buying last year’s model, you can enjoy impressive features at an affordable price and still get a new truck. If you are looking to save money, below are reasons you should buy last year truck model instead of a new truck.
Get the Latest Features for Less
What comes to your mind when you think of buying a new-model truck? The latest design and up-to-date features, right? Although this may be correct, remember new model trucks have minor additions and major price change compared to the previous year’s model.
Every single year automakers release new versions of their trucks and heavily advertise all of the new features that the current year model has. This hype will make you think you are buying something that is completely unique. But in reality, the new model trucks have very minor features and design changes done on them.
Automakers usually take about six years to redesign their trucks. We refer to this period as the “model cycle”. It’s only when the model cycle is entirely refreshed that you can tell the difference between a truck from this year versus a truck from last year. If you are buying a truck within a model cycle the chances are you won’t be able to tell any difference whatsoever between the 2020 truck and the 2021 truck.
Below is how the model cycle works:
Year 1 and Year 2: A truck does not undergo any changes.
Year 3: Some changes occur, although minor. The vehicle might receive a new paint job, new technology features, and few adjustments to the exterior design.
Year 4 and Year 5: The truck keeps the same design and color.
Year 6: The automaker finally makes actual changes. The truck’s exterior design and interior get upgraded according to the latest technology. Also, the engine and tail lights get redesigned.
Based on the modal cycle above, a truck changes twice in six years. So if you buy a truck in years 1, 2, 4, and 5, you’re literally spending lots of money on the same truck manufactured the previous year with no upgrades.
If you purchase a truck in year 3, you will only see some minor changes and updates. So, it’s better to buy a year 2 model since you will save money.
To receive great value for your money, purchase a truck in year 6. Here you will land a model with the latest features and upgraded design.
Special Offers on Last Year’s Trucks
If you are a savvy shopper who loves special offers, then you have the opportunity to get a 2020 truck at a steep discount.
This is because dealerships are looking to empty their lots to make room for new vehicles. Therefore, you’ll receive great offers for last year’s inventory that is sitting in their lots. Keep in mind that these are still brand new cars, they just happen to be from 2020 instead of 2021.
The longer a new “old” truck sits in the dealership unsold, the more its value reduces, meaning you can get great discounts on these trucks.
For example, if you have always eyed the Chevrolet Silverado. Your first instinct will be to buy the newest 2021 model that’s currently selling at $57,100. But you can save yourself $13,000 if you buy a brand new 2020 for $43,505.
Be Well Informed Before Making A Purchase
Since you know now that buying the latest pickup trucks is not always the best choice financially. We recommend you do your homework well before settling on the truck of your choice.
Different dealerships have different offers that are mostly accessible online. So, take your time and do your research so you can save thousands of dollars. Also, compare the different deals, offers, and discounts.
Focus your search on seasonal offers and clearance sales, which often happens before the latest model gets released.
That said, now you are ready to purchase your next truck and save thousands while at it.