Used R1T Prices / Trade Value Declines

[CheezyNachos]

I have a September 2022 build R1T Adventure (LA Silver, Dark Ash + Black Mountain, 21" wheels, automatic tonneau) with 3,873 miles and was curious about a trade in on another vehicle. This is mostly because I am discovering I am not really a truck guy and would prefer something smaller, despite how good this R1T is.

I found a replacement vehicle last week and had an appointment yesterday at the dealership. After waiting for the appraisal they came back with an offer of ~$66,700 which was what they said "fair trade value" on this car (which is in great condition, no cosmetic or mechanical flaws/defects). They acted like I shouldn't be surprised and that they were doing me a favor if I accepted that. Obviously I walked, but...

I went online and did a KBB instant trade offer and although that came back higher at $68,081 that still seems absurdly low. The funny thing is shortly after that I received an email from KBB that the trade value was $71,277 (but not tied to the instant offer).

Has the market softened that much? Are these numbers reasonable? It seems crazy since anyone buying a new R1T quad motor is going to be spending anywhere from $15-20k more at a minimum.

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[LevelHeaded]

that still seems absurdly low

It’s not though! For most of automotive history, except for this crazy COVID period, it has been a well-known and well-accepted fact that premium/luxury vehicles lose 20%+ of their value the second they’re driven off the lot.

 

[Count Orlok]

it's a used 2022 truck. other than some classic cars most vehicles depreciate quickly. I bet KBB would tell you that private party value is closer to 75k. I don't see how that is a bad offer especially assuming you paid the old price and got the 7.5k credit.

 

[CheezyNachos]

I don't see how that is a bad offer especially assuming you paid the old price and got the 7.5k credit.

I didn't. I paid $84k in Feb for it with 600 miles on the odometer. I thought that was fine since it would have cost me $87k plus to order one and wait (I am in WI, we don't even have a service center). And what about people that did buy new at the post increase pricing? Would you say that is still reasonable?

Let me be clear though...

I felt the that the $66k offer was pretty much insulting. $71.2k is almost fair and would be an offer I would accept. That's a pretty large difference between the two though.

 

[Orima]

Depending on miles, they seem to be selling from dealers for $78-85k. The offer you got is most likely to allow them to make some form of profit...

 

[voxel]

Used R1Ts are selling for mid-70s to high-70s so the dealer's offer is a tad low for sure. KBB Is more in line.

I loosely checked what I could get for my new R1S as my Bronco order arrived much earlier than expected and it was high-70s to low 80s but I've seen R1S sell here for mid-90s very recently so dealers are trying to hedge and buy as low as possible.

 

[Aroohoo]

I'm trading my R1T into rivian for 73k. I think that is an outlier though. My best speculation is that they are trying to support more sales numbers, so if they pay more on a trade for their vehicles to support that.

As others have said, most used R1Ts are going for 76-78k on auction sites (inclusive of auction fees), so if expect that dealers would at most offer 65k on a trade...

 

[COdogman]

Remember a dealer needs to resell your vehicle at a profit. They can't offer you the amount they need to sell the vehicle at. If you want a more accurate number check private sale estimates or what they have been selling at auction for.

I'm not sure what you expected its value to be but this really isn't a surprise.

 

[Prime]

I have a September 2022 build R1T Adventure (LA Silver, Dark Ash + Black Mountain, 21" wheels, automatic tonneau) with 3,873 miles and was curious about a trade in on another vehicle. This is mostly because I am discovering I am not really a truck guy and would prefer something smaller, despite how good this R1T is.

I found a replacement vehicle last week and had an appointment yesterday at the dealership. After waiting for the appraisal they came back with an offer of ~$66,700 which was what they said "fair trade value" on this car (which is in great condition, no cosmetic or mechanical flaws/defects). They acted like I shouldn't be surprised and that they were doing me a favor if I accepted that. Obviously I walked, but...

I went online and did a KBB instant trade offer and although that came back higher at $68,081 that still seems absurdly low. The funny thing is shortly after that I received an email from KBB that the trade value was $71,277 (but not tied to the instant offer).

Has the market softened that much? Are these numbers reasonable? It seems crazy since anyone buying a new R1T quad motor is going to be spending anywhere from $15-20k more at a minimum.

A month after getting my 2023 R1T, so around May, for fun I had my car appraised by bmw for a trade in (was not interested, but pretended I was, my wifes sister was looking at some vehicles). They appraised a brand new R1T at $67k. My MSRP was $80k with pre march pricing. They admitted they were basing this appraisal on 2022 R1T since they didn’t have my VIN in the system yet. Talk about driving off the lot and losing 20%.. I think there are just too many pre march pricing used R1Ts for sale and people keep going lower and lower on what they’re willing to part with it for.

The SUV will do better on resale since more people would likely be looking for an electric family hauler than an electric adventure pickup.

 

[CheezyNachos]

I think there are just too many pre march pricing used R1Ts for sale and people keep going lower and lower on what they’re willing to part with it for.

So do you think that prices might drift back upward based on this?

I've owned a lot of cars and have traded a fair number of them back in both pre and post-covid. I am no stranger to this process, so some of these replies are weird to me. Obviously I know the dealer needs to make a profit on the trade. But $66k? I mean I bet you were baffled to when they threw out that $67k quote for your 2023.

 

[Tahoe Man]

Just do some comps on it.

Regarding how they gave you their pricing on it, that's a common sales tactic to tell you nonchalant way.

 

[kozak79]

Seems like a fair offer going by resent Cars & Bids sales:

 

[CheezyNachos]

Seems like a fair offer going by resent Cars & Bids sales:

You know the buyer pays another 4.5% on top of that right? So if the dealer could expect to make a similar sale, how much profit should they deserve to make?

 

[lefkonj]

The used car market is normalizing after a few crazy years and there are more Rivian's on the road. I would expect this. That is why people who wanted to flip it for profit are dropping off the lists and more people who WANT a Rivian are getting theirs

 

[R1Tom]

Do people think these numbers are still depressed by the lower pre-price increase vehicles?

That these numbers are going to increase dramatically once those clear thru the system?

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