If you're starting a search for a new truck, you're probably considering which model to buy. Many drivers opt for a brand new truck, instead of considering last year's pickup. Of course, this makes sense if you want your truck to feature all of the latest features and innovations. But did you know that truck models actually change very little from year to year? Typically, even the latest trucks from the current year are very similar to last year's models. A simple search online can help you easily compare the newest pickup trucks to the previous year's models.
Fortunately, knowing this simple fact could help you save thousands of dollars on your new truck. By taking the time to compare previous year's models with this year's new releases, you could get your dream truck with all of the latest features, for much less than you would have otherwise.
Here are just a few reasons why you should compare the latest trucks to previous models before you make your decision.
Compare Trucks and Features
Auto manufacturers rarely design a full overhaul of their trucks from year to year. The latest versions are often very similar to the previous year's model, with a few minor changes — and a price increase.
In fact, according to AutoTrader, truck manufacturers only overhaul their truck designs and features every six years. That's because automakers adhere to the "model cycle," which is a six-year cycle that's used as a guideline to determine when an automobile requires a fresh look or redesign.
The model cycle goes by the following premise:
During the first and second years, the truck remains precisely the same, with zero changes made.
The vehicle gets a subtle update in the third year, which typically includes some updates to the exterior design, new technology, or fresh paint color.
Like the first two years, Year 4 and Year 5 often have no updates.
In the sixth year, the vehicle receives a complete redesign. From the inside out, the van is updated with new styling and interior, plus new features — this can include everything from the lights to the engine.
Based on this cycle, within a period of six years, trucks are only updated twice. Put simply, if you purchase a truck in years one, two, four, or five, it's likely that the truck will be completely unchanged from the previous model. In addition, if you purchase a truck in year 3 of the cycle, it will have only minor updates. This means that you'll pay more for a new vehicle, rather than purchase an almost identical truck from the previous year for less.
Dealerships Need to Sell Last Year's Trucks
If you're in the market for a new truck, you could save a lot of money by taking advantage of the special offers, incentives, and reduced prices that dealerships offer on the previous year's models.
Dealerships have to clear out last year's inventory to make space on their lots. The longer an unsold pickup truck from the previous year sits unsold, the more likely a dealership is to reduce its price and offer significant discounts — which is excellent news for savvy shoppers.
For instance, a new 2020 Chevrolet Silverado retails for approximately $57,100. In contrast, the Chevrolet Silverado 2019 Silverado sells for around $43,505. By simply purchasing the 2019 model, you could save as much as $15,000 — and still have the same great truck and features.
Similarly, the 2020 model Ram 1500, another best-selling pickup truck, sells for around $44,380. As the 2019 model sells for $39,601, you could save $5,000 by opting for last year's truck.
You can make even further savings by purchasing a truck in the final year of the six-year cycle. If a truck is about to receive a full redesign or is due to be discontinued, you'll often be able to get even better deals and more significant discounts.
Research Trucks Before Buying
If you're ready to save big bucks on your next truck, start by checking out last year's models. Each dealership and truck model offers something different, and many dealerships advertise their best deals online and on their websites.
Finding amazing truck deals online has never been easier. By taking the time to look online and compare dealership prices and incentives, you can ensure you find the best deal. Remember — the most significant price cuts happen just before a new model year is about to be debuted. By doing a simple search, you could save thousands of dollars on your new truck.