Used R1T Prices / Trade Value Declines

[Ecupip]

You can't go off the auction site history anymore. There haven't been steady listings of R1T's in a few months.

The only thing keeping used R1T and R1S prices high is the lack of inventory.....and that says a lot. That means strong demand for used ones and people are happy with their purchases. If inventory grows, resale on used Rivian's will fall quickly.

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[CheezyNachos]

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?

I am not sure. That's why I asked the person that mentioned it.

I don't think the 20% when you drive off is a hard rule anyway. I want to use a good example:

In March 2021 I purchased a turbulence gray 2021 Toyota GR Supra 3.0 Premium for $50,758 ($56,660 - $4,502 dealer discount - $1,500 rebate). I traded it in after some ownership.

That same vehicle (by the same I mean I am the former owner. It is the same VIN) is now for sale by a dealer after the 2nd owner traded it in with 24k miles (and a minor accident!).

The dealer is selling for $51,800 (which is funny, because that's what I got for it when I traded it in during covid. Not sure what the 2nd owner paid for it).

https://www.martin-chevy.com/used-Crystal+Lake-2021-Toyota-Supra-30-WZ1DB0C00MW040901

Heck, last fall I got $4k over sticker for my C8. I traded in a Genesis GV70 Sport Prestige to get this R1T and even that only lost $6k.

If I am to believe this thread, my Rivian has had the worst depreciation in even just trade value (in terms of amount and percentage) compared to any vehicle I have owned the last 15 years and that it is "normal."

If inventory grows, resale on used Rivian's will fall quickly.

Wait, you think prices should go even lower?? We literally had a post from a guy who was offered $67k on a brand new 2023 he paid $80k+ for.

 

[Quick]

I am not sure. That's why I asked the person that mentioned it.

I don't think the 20% when you drive off is a hard rule anyway. I want to use a good example:

In March 2021 I purchased a turbulence gray 2021 Toyota GR Supra 3.0 Premium for $50,758 ($56,660 - $4,502 dealer discount - $1,500 rebate). I traded it in after some ownership.

That same vehicle (by the same I mean I am the former owner. It is the same VIN) is now for sale by a dealer after the 2nd owner traded it in with 24k miles (and a minor accident!).

The dealer is selling for $51,800 (which is funny, because that's what I got for it when I traded it in during covid. Not sure what the 2nd owner paid for it).

https://www.martin-chevy.com/used-Crystal+Lake-2021-Toyota-Supra-30-WZ1DB0C00MW040901

Heck, last fall I got $4k over sticker for my C8. I traded in a Genesis GV70 Sport Prestige to get this R1T and even that only lost $6k.

If I am to believe this thread, my Rivian has had the worst depreciation in even just trade value (in terms of amount and percentage) compared to any vehicle I have owned the last 15 years and that it is "normal."



Wait, you think prices should go even lower?? We literally had a post from a guy who was offered $67k on a brand new 2023 he paid $80k+ for.

Last fall, money was cheap and easy to get. Now it's harder and inventory is coming back.

Used car market is falling. The BEV market is suffering from politics and lack of real infrastructure.

Don't expect prices on your used BEV to go up meaningfully, especially while Rivian is shipping as many as fast as they can assemble them.

BEVs are like cell phones, not cars of old. There will be no collecting of electric vehicles - no one will be able to maintain them. These are utilities - buy it, use if for a few years, recycle it.

 

[Donald Stanfield]

As others have said depreciation hit on luxury vehicles is hardcore the first year. If you think about it for a bit it makes sense. Most people who are in the market for an 80k dollar truck will buy it new. In order to buy it used you are going to expect a deal and that deal is going to have to be good enough to appeal to the next pricing tier down who has to stretch to get a 60k dollar car.

The vehicle will hold its value a bit in this tier before its too old for these people to buy it then it drops down another tier and on and on it goes until its more or less worthless. Vehicles are a consumable and as such this is just the way of the world.

The worst time to trade a car in as after a year. The best time is drive it til it dies but the second best is about 3 years in for a luxury car. Then it will be 45-50k worth with sub 50k or so miles and it will cost you another 30 to get the dual. Frankly I don't think the quad will be a very good buy resale wise as most used market people aren't going to care between that and saving the money by buying a dual when those start appearing on the used market.

I trade in my vehicles every 3 years because there is enough warranty left that the trade in doesn't suck and I'm never going out of pocket for a vehicle repair. Plus I'm always driving something new and nice with nothing broken on it. Even with that I realize that doing so is in and of itself a luxury and if the situation required it I would just keep the cars longer to recoup money. Say I have a lean year at work or something.

 

[Stevetom84]

I recently bought a used R1T and did a lot of looking before I purchased. From what I was able to find, most used R1Ts currently sell between mid-upper 70s, depending on specifics. There are a few that I’ve seen move in the lower 80s as well, but those tend to sit around longer and there is no telling what they were actually sold for. Based on current conditions, I would think a trade in value of around $70k would be fair.

No one really gets the true value of add-ons when trading (such as different wheels, full size spare, underbody shield, etc) and as dual motors come into the mix in the coming year, there likely won’t be a big difference between dual and quad motors in the used market.

There’s a lot that has gone on in the used market in the past year and values across the board have tanked. It sucks, but I don’t see the trade in values of the R1T increasing anytime soon. Hopefully I’m wrong. You could always looks to sell on something like cars and bids to squeeze a little more out of it. A 2022 sold today for $72k without commission. Depending on you state and taxes, trading a lower value may be a better financial decision if you are able to save on sales tax for the new vehicle.

 

[LevelHeaded]

I am not sure. That's why I asked the person that mentioned it.

I don't think the 20% when you drive off is a hard rule anyway. I want to use a good example:

In March 2021 I purchased a turbulence gray 2021 Toyota GR Supra 3.0 Premium for $50,758 ($56,660 - $4,502 dealer discount - $1,500 rebate). I traded it in after some ownership.

That same vehicle (by the same I mean I am the former owner. It is the same VIN) is now for sale by a dealer after the 2nd owner traded it in with 24k miles (and a minor accident!).

The dealer is selling for $51,800 (which is funny, because that's what I got for it when I traded it in during covid. Not sure what the 2nd owner paid for it).

https://www.martin-chevy.com/used-Crystal+Lake-2021-Toyota-Supra-30-WZ1DB0C00MW040901

Heck, last fall I got $4k over sticker for my C8. I traded in a Genesis GV70 Sport Prestige to get this R1T and even that only lost $6k.

If I am to believe this thread, my Rivian has had the worst depreciation in even just trade value (in terms of amount and percentage) compared to any vehicle I have owned the last 15 years and that it is "normal."



Wait, you think prices should go even lower?? We literally had a post from a guy who was offered $67k on a brand new 2023 he paid $80k+ for.

All these examples are during the height of COVID weirdness in the car market.

I also sold an 18-month-old Bronco for $20k more than I purchased it for last fall.

Times are different now from a resale perspective. They’re returning to normal, aka pre-2020. Can you get more than you were quoted for your vehicle? Maybe… only you can find out. But it wouldn’t surprise me if you can’t do much better than you’ve done.

Debating on here isn’t going to increase your trade-in offers. If the market supports what you think the price should be, then just go sell it!

 

[voxel]

The only thing keeping used R1T and R1S prices high is the lack of inventory.....and that says a lot. That means strong demand for used ones and people are happy with their purchases. If inventory grows, resale on used Rivian's will fall quickly.

There are hundreds of new R1Ts in the R1 shop at any moment and usually maybe a half dozen R1Ss.

R1Ts are plentiful.

 

[R1Tom]

As others have said depreciation hit on luxury vehicles is hardcore the first year. If you think about it for a bit it makes sense. Most people who are in the market for an 80k dollar truck will buy it new. In order to buy it used you are going to expect a deal and that deal is going to have to be good enough to appeal to the next pricing tier down who has to stretch to get a 60k dollar car.

The vehicle will hold its value a bit in this tier before its too old for these people to buy it then it drops down another tier and on and on it goes until its more or less worthless. Vehicles are a consumable and as such this is just the way of the world.

The worst time to trade a car in as after a year. The best time is drive it til it dies but the second best is about 3 years in for a luxury car. Then it will be 45-50k worth with sub 50k or so miles and it will cost you another 30 to get the dual. Frankly I don't think the quad will be a very good buy resale wise as most used market people aren't going to care between that and saving the money by buying a dual when those start appearing on the used market.

I trade in my vehicles every 3 years because there is enough warranty left that the trade in doesn't suck and I'm never going out of pocket for a vehicle repair. Plus I'm always driving something new and nice with nothing broken on it. Even with that I realize that doing so is in and of itself a luxury and if the situation required it I would just keep the cars longer to recoup money. Say I have a lean year at work or something.

The only curve ball I see in this logic could be repair reputation as we near end of warranty. If it looks like these are going to be prohibitively expensive to own post warranty, they might take a pretty big hit as approaching end of warranty. On other hand if all that seems smooth sailing and people don't fear long term ownership, then maybe they hold decently as BEV adopters want in at lower price points than new.

 

[R1TS]

Yup. I don’t see why more people aren’t just buying used. These aren’t holding value much.

 

[Donald Stanfield]

The only curve ball I see in this logic could be repair reputation as we near end of warranty. If it looks like these are going to be prohibitively expensive to own post warranty, they might take a pretty big hit as approaching end of warranty. On other hand if all that seems smooth sailing and people don't fear long term ownership, then maybe they hold decently as BEV adopters want in at lower price points than new.

Also a good point. I might want to get rid of this thing at 3 years because that extra pad of warranty time will protect resale.

 

[pc500]

Good thing it has a five year warranty

 

[Prime]

The only curve ball I see in this logic could be repair reputation as we near end of warranty. If it looks like these are going to be prohibitively expensive to own post warranty, they might take a pretty big hit as approaching end of warranty. On other hand if all that seems smooth sailing and people don't fear long term ownership, then maybe they hold decently as BEV adopters want in at lower price points than new.

Yes I was thinking about this too, at or above 50-60k miles I think there will be a big drop off in price. Especially with the suspension system, post warranty I could see that being quite expensive to maintain if things go wrong.

 

[Riptide]

Last fall, money was cheap and easy to get. Now it's harder and inventory is coming back.

Used car market is falling. The BEV market is suffering from politics and lack of real infrastructure.

Don't expect prices on your used BEV to go up meaningfully, especially while Rivian is shipping as many as fast as they can assemble them.

BEVs are like cell phones, not cars of old. There will be no collecting of electric vehicles - no one will be able to maintain them. These are utilities - buy it, use if for a few years, recycle it.

I have to agree.

 

[evhelphub]

https://www.cargurus.com/Cars/price-trends/Rivian-R1T-d2837

https://www.cargurus.com/Cars/price-trends/Rivian-R1S-d2839

I always enjoy looking at these charts for various brands. Keep in mind inventory is limited, but this maps to what is being anecdotally noted.

It sounds like R1S demand is ~2:1 versus the R1T so it is currently holding a higher price.

 

[Rivi_B-rad]

Also a good point. I might want to get rid of this thing at 3 years because that extra pad of warranty time will protect resale.

Agree. My plan all along was to drive the truck mostly for weekend adventures for 3 years, then replace with a new R1T assuming all goes well. I can’t imagine repair costs outside of warranty reading various user experiences on this forum over the last year; depreciation I expected. 3 years for me would be mid 2025, just as Rivian is producing new vehicles with the NACS charge ports. Maybe that waters down the value of my current truck further on the used market, but oh well can’t stress that today, I’m enjoying the drive and will continue to do so.

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