Too many used Tundras for sale

Guys there is something going on with this truck. The capstone, top of the line truck, lots of them for sale in the first year. Why aren’t people keeping these trucks. Is there a logical reason why so many new tundra trucks are for sale. Enlighten me

 

People flipping them for a quick buck due to inflated resell values.

 

Yes but used car prices are way down

 

Not sure how they're making out when most states charge sales tax. I see a lot of listing for capstone @ MSRP.

Maybe it's a whole lot of trucks that someone doesn't need?

 

I don’t think it’s a quality issue. Maybe fuel mileage??

 

I don’t think it can be overstated how much flipping was going on over the last 12-18 months. And not just Tundras. People buying trucks and almost immediately selling them back to dealers for substantially more money. I read that one guy (on this forum, I think) got a check for $15k to not buy the F250 that he ordered.

The flipping has slowed, and now pretty much everyone with a car or truck to sell is sitting on a higher cost basis than they will recoup.

 

The flipping was crazy. I've got about 18k miles on my truck. At my 5k and 10k service appointments...the used car sales manager made a run at me with offers. I told him IF I were to ever entertain an offer, he would need to be able to get me into a TRD Pro at or below MSRP. I told him I'd pay cash for the difference in MSRP between my truck and a 22 or 23 TRD Pro. That shut him up pretty quickly both times. He didn't talk to me during my 15k service appointment. hahaha

 

Back in March 2022 a dealer in state X told me he would not sell me a truck if I lived in state Y because he has too many people from state Y buying his trucks and immediately driving them back to state Y to sell them the next day for $10k over what they paid. I even thought about doing that when I heard the story but I don't live in that super hot over MSRP and used price state Y.
So yea, a lot of this kind of stuff going on. Not sure about the last month or so, but a 2013 vehicle that we are selling has not dropped anything in used price from mid summer till a month ago.

 

If they are trading on another vehicle then the sales tax may be a wash and the only thing they would need to cover is registration.

 

Variety of reasons - most being over expectation or n the part of the original buyer, over optimistic buyers thinking they could justify the payment and simple greed.

To the first - some people thought this truck was going to be something “amazing” - light years beyond the 2.5 and anything else out there. They thought it would be as reliable as a 2.5 and have all the bells and whistles of Ram/GMC high level trims in a all in one package. Sorry - you can’t have your cake and eat it too. There is a trade off buying the first of something. So it lead to some looking to sell early - disillusionment thinking it was better than the glossy brochure made it seem. To this point as well - you also have people thinking they would “become” truck people by buying a truck - it’s a natural phenom with any brand. Trucks aren’t for everyone - some people find they like a SUV better after all - even though truck resale is traditionally better.

To the 2nd - payment shock. Having a 4 digit truck payment sounds “manageable” right up until the point where you start realizing all your other bills are going up - other priorities take precedent or you start worrying about your economic situation. Suddenly - buying used and ditching that big payment seems more realistic and those new trucks become late model used. Doesn’t take a high percentage of buyers to start trading back down to be noticeable.

Finally - greed. Kind of goes hand in hand with the 2nd. People buy thinking “prices keep going up - I can buy now, drive for 3 years and resell for what I paid like I did the last one in bought in 2019/2020” - problem is the market starts to correct and they realize that’s less and less likely so they decide to get out now. Just like the merry-go-round of tech stocks, real estate and so many other things - everyone rushed in only to see so many rushing for the exits just as quickly when things started to look worse. Buying a vehicle and hoping to “break even” is rarely feasible - buying a new/non limited edition truck is even less likely.

Bottom line - buy what you can comfortably afford and be prepared to keep it 4-7 years. Over time - depreciation lessens and markets become less bumpy. Eventually the market will peak again and if you want - there will be an opportunity to sell at the peak again. Or you can just enjoy owning an amazing truck.

 

Well you guys maybe right. I have a platinum gray on order, at msrp. My dealership tried to sell me a used capstone yesterday for $83k when I built the same truck for $78k with all options. Don’t want white interior, didn’t bite

 

I think early reliability issues played a part. Essentially I’m getting a 2023, hopefully some of the bugs have been corrected. I believe the drive train is bulletproof, rest of the truck needs to catch up with domestic’s

 

One of our chiefs ordered a new Bronco exactly the way he wanted it, and when it finally came in, the sales manager offered him his deposit back plus north of $10k to walk away from it. He did not take the offer.

 

Tip of the iceberg. People take on a rediculous anount of debt to purchase vehicles. Some have already lost their jobs or the writing is on the wall. Lots of companies announcing layoffs. Vehicles, credit cards, homes are all about to crater. It's an intentional strategy by the Fed to slow and then reverse inflation. The alternative is Venezuela.

 

First model year, gas mileage seems to be less than advertised for alot of people and the fact that the prices and interest are so ridic right now that people bought them with their little bit of extra cash and found out a $900 truck payment, insurance and gas makes you want to cry.

 

True also

 

But hey, they’re driving a shinny new vehicle.

 

Most spend too much time on the putting green and ignore working on their long game.

 

Another thing I've learned is this: At some point, there was a shift in people's thinking regarding vehicles. It seems a lot of people also treat vehicles in the same way they think about jobs nowadays...they keep them for a year or two and then move on. I keep my vehicles for an average of 9-10 years. That seems to be an anomaly these days.

Outside of enthusiasts (like our forum member for example), it seems most folks don't keep vehicles very long anymore. Even a few folks on this forum have already gone from buying a new 2021 F150 to a 2022 Tundra lower trim to a 2022 TRD Pro...all within the span of 12(ish) months. Why? Because they have enough disposable income to afford that and want the latest & greatest. More power to them.

 

Is this specific to just Tundras or are a lot of <1yr-old vehicles seeing this same trend? I also think quite a few people signed up for massive payments over the past year and are realizing now that they just spent to much for their situation.

 

Granted this is a small sample size, but I searched Autotrader for "Used" 2022 pickups within a 25 mile radius of my zip code. There were nearly 200 available. Here's the breakdown by brand:



Ram had the most, followed by Ford, then GMC/Chevy (if you combine them), and then Toyota. Take that for what you will.

Edit: If you want more context on the 31 Toyota's listed as "Used" in my market, here's that breakdown:

19 are Tacos
12 are Tundras, of which is made up by:

• 7 - SR5
• 1 - Limited
• 3 - Platinum
• 1 - Capstone (has 2k miles on it and the Toyota dealer is asking $89k for it)

In the end, based on this small sample size, I don't think this is specific to Capstone, Tundras...or even Toyotas. Seems to be pickup category wide. Just my 2 cents though.

 

If you consider there have probably been 10x more 2022 Ford trucks than 2022 Toyota trucks sold...

 

I thought about that. That's why I edited my post and looked deeper. It's not 10x, but there's def more F-Series pickups vs Tundras. Check my edited post.

The Toyotas breakdown to 12 Tundras & 19 Tacos.
The 40 Fords breakdown to:

• 26 - F-150s
• 2 - F-250s
• 4 - F-350s
• 6 - Mavericks
• 2 - Rangers

Again, not 10x but over double the amount of used 2022 F-150s.

RAM is the absolute worst. Of the 43 RAMs for sale, 32 of them are 1500s. Yikes.

 

I was referring to the total number of Fords vs Toyotas sold. If Ford sells 1M trucks and Toyota 100k then you might expect to see only 1/10 the number of used Toyotas for sale, everything else being equal. Or not.

A lot of variables here.

 

Corrected, in the name of my 2.5

 

I have tried looking and have never found an answer. Now Ford does sell more than Toyota, but. I would like an apples to apples comparison. Ford clumps all its F series truck together for sales figures never by actual models. So it not the 10x like we think it is.

 

Yup, I have seen videos of people flexing their $1000 car payment like it’s nothing. And it’s from regular working people. But when reality set in and inflation then they realize oh shit what did I do. Dealers in Miami are full of used vehicles. Auctions are booming with repos. Let’s see what the future holds but it isn’t looking to bright.

 

Its looking very bright if you are in the market to get a good price on a vehicle in the next 12 months...

 

True or have money for the stock market and housing market. In my area house are starting to fall in price and they still aren’t selling.

 

I'm tracking with you. I do a lot of stats work in my day-to-day so I get it. I was just pointing out there were proportionally more, but may not match the market share ratio.

On a side note: The pricing craziness is still very much alive here. Granted...this is a Lightning Platinum but this is a 50% markup on a USED Ford. $150k!