Does Lifting a Truck Increase Value?
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Trucks have a naturally high resale value due to their durability and popularity among the general population. Even though the resale value is good, owners try to increase this further through many different methods. Some truck owners wonder if lifting their trucks will increase their value.
Lifting a truck does not increase its value, and in some cases may actually decrease the value of a truck. Many lift jobs are sloppy and might hurt the truck. Lifting the vehicle can give better functionality off-road, but there are other ways that can increase resale value.
So if lifting can decrease value why do people do it? If lifting doesn’t help with value, then what does? What are trucks with good resale value? These are all good questions that will be answered in this article.
Why Lift a Truck?
If lifting a truck doesn’t improve its value, and may actually hurt the truck then why would truck owners have it done? This is a topic that may seem strange and perhaps a little at odds, but it can be important to understand if you are looking into lifting your truck.
Many people decided to lift their trucks to try to increase value, not realizing that it won’t be helpful in that regard. The only way that it would increase the resale value would be if you were selling it to someone who doesn’t know trucks and just wanted to purchase one that was lifted.
Now don’t misunderstand, trucks that are lifted can have their advantages, but it isn’t for the average person. Lifting a truck gives more functionality off-road, preventing the truck from taking damage to its undercarriage. It gives the truck the ability to go to more extreme places because the body of the truck is higher. It will avoid getting stuck and allow the truck to pass over rough terrain.
Also, when bigger tires are being put on the truck, a lift allows such tires to be put on without trimming and rubbing. Larger tires, in some cases, can improve the functionality of your truck. But it may mess with the speedometer and odometer readings.
But when it comes to a lifted truck being used to commute in the city on paved roads, there really is no use for that. It might actually decrease gas mileage as it will weigh heavier. It will be more difficult to find a reason to lift your truck if it isn’t being used off-road. When someone has a lifted truck and is driving it on paved roads they are most likely trying to look impressive or cool. For some that may be an appeal, but for most, it just isn’t practical.
Ways to Improve Value?
So if lifting a truck doesn’t increase value, what does? Perhaps it’s not necessarily the idea of increasing value, but slowing down the rate at which value decreases. This can be done in multiple ways which mainly deals with how you take care of your truck. Improving the value takes into account different buyer criteria of the time and place in which you are, which that may affect the value.
The first thing that will help increase the value, or at least slow down depreciation of the truck is the number of miles it has on it. According to the U.S. Department of Transportation Federal Highway Administration, the average miles that are driven in a truck every year is 13,476 miles. So if you drive the average amount of miles per year, the depreciation should also follow the average trend. This means that a simple and easy way to decrease the depreciation rate of your truck is to drive less than the average amount of miles. This is not always an option, but it is important to consider.
Another way to keep the value of the truck up is to take good care of it. In general, avoiding scrapes or dings from happening and not letting the metal rust keeps the value higher. One way to do this is to park it in places that it won’t get hit. Also storing it in dry places where the metal won’t get wet will help keep the value up.
The inside of the car matters as well. If you keep floor mats down then the main floor of the truck will be preserved. It is easier to replace floor mats than the carpet itself. Also, avoid staining the seats and keep the front dashboard well maintained. If this can be done, then the value of the car will not go down as fast as it normally would.
Finally, another thing that can be done to increase the value of a truck is to add accessories. Some accessories are just there for aesthetics and then some have more of a purpose. But regardless, here are some accessories that will help increase the value of your truck.
A better stereo is always a good way to go. Putting in a radio and speakers often helps the dash look good and will probably be a better system than the factory system. But this can appeal to many people as listening to music in a truck is a normal action. In talking about the dash, you can also put in a USB port which nowadays is becoming ever more present. This will definitely increase the value.
Some other accessories may include mud flaps, used to decrease the spray of rocks and mud behind the truck. These can be very good for the value of the truck. Others may include bed rails, air deflectors, bug shields, extended mirrors for towing, a hitch, and step bars under the doors for easier access to the truck.
These will all increase the value in some way, giving more accessible functions to the owner of the truck. It does however cause more parts of the car to be watched after and taken care of. But if you are looking to increase the value of your truck then it shouldn’t be a problem to look after these items.
Trucks That Have High Resale Value
We have looked at what can increase the overall value of your truck and how to keep it from depreciating. But a list of different trucks that have high resale values might be beneficial to have. This information comes from a couple of different sources. I looked at different censuses for the years of 2019 and 2020 and picked out the ones that were mentioned the most.
I will give a brief overview of the truck mentioned for your personal benefit. Each of these trucks is the 2020 model as that is the latest year with good reviews.
The Nissan Frontier has a starting retail value of $26,790, which may differ depending on where it’s purchased based on tax and what amenities are added. It can tow up to 6,720 lbs. It gets about 18 miles to the gallon and 24 miles to the gallon on the highway. It is a mid-sized pick-up with moderate capabilities. It isn’t considered your top-of-line heavy-duty towing truck, but it can get the job done.
The Chevy Silverado 1500’s starting retail value is $28,500. It will tow up to 9,800 lbs. and will get 23 miles to the gallon and 33 miles on the highway. It has a gas holding rank of 22-28 gallons. It is considered a light-duty pickup truck with 27 to 420 horsepower in the motor.
The GMC Canyon is another smaller truck that will get the job done with a towing capacity of 7,000 lbs. Its retail value is $22,200. It averages 20 miles to the gallon in the city and 26 on the highway. Overall a good truck with good strength.
The GMC Sierra is a more heavy-duty truck up along the lines of the Chevy Silverado. Its starting retail value is $29,600 and has a 22-18 gallon tank for fuel. It gets roughly 23 miles to the gallon in the city and 30 miles on the highway. Its towing capacity is maxed at 9,800 lbs. and has 227 to 420 horsepower.
The Toyota Tundra definitely sits as one of the most heavy-duty trucks on the list. Its retail value is $33,575 and has an average horsepower of 381. Due to this its max towing capacity sits at 10,200 lbs. but only gets 13 miles to the gallon in the city and 18 on the highway. If you are looking to haul large loads short distances this is your truck.
The Toyota Tacoma, though smaller than its brother the Tundra, is one of the most widely popular trucks in the industry. Its retail value is $26,050 and has a towing capacity of 6,800. Its horsepower ranges from 159-278 in power and it gets 20 miles to the gallon in the city and 23 on the highway.
These trucks all have their perks, but they all have a good resale value as they are well known, popular, and durable until the end. If you can take your truck and treat it right, giving it the proper care and allowing repairs and accessories to be put on it can definitely increase the value of a truck. It will help get higher prices on a resale.