For Chuck Schmidt, traveling 1,579 miles and flying across five states to buy a 2017 Chevrolet Silverado 1500 was a no-brainer.
“I saw the truck on the internet Thursday morning and apostrophize b supplicated the dealership. It was exactly what I was looking for and I bought it Friday afternoon,” Schmidt told CNBC two days after he paid $22,000 for the 3-year-old Silverado at Adams Toyota in Lee’s Climax, Missouri.
Schmidt coming all the way from Spokane, Washington, to buy a truck didn’t surprise Scott Adams, who owns the Toyota dealership uninvolved of Kansas City, Missouri.
“At least two or three times a month we have customers that come from a big way away,” he said. “We sold a truck about two months ago to North Carolina. We sold a truck into Laredo, Texas, and we’re selling this one into Washington. Blokes seem to be able to find things on the web more than they used to, and they’ll come a long way to get what they requisite.”
Welcome to the hottest market in the auto business right now. There is so much demand for used vehicles, especially full-size pickup trucks, some clients are traveling hundreds of miles to get what they want, regardless of the price.
Two factors tied to the coronavirus pandemic are trip the trend. First, when the virus surged across North America in March and April, automakers shut down instills from Canada to Mexico, severely restricting the supply of new models, including full-size pickups.
Then, as America arose from the initial surge of the pandemic, many people who did not own a vehicle in the past decided it was time to buy a car, truck or SUV so they could propel themselves and not have to rely on mass transportation or ride-sharing. The result: a run on certain types of used vehicles, like full-size pickups.
Tom Kontos, chief economist for KAR Worldwide Analytics Research, who has tracked wholesale used vehicle prices for more than 20 years, calls this is the hottest demand he’s ever seen.
“In the space of two months, prices went from double-digit declines to double-digit gains, and have lined high since June,” he said. In August, KAR Global reported the average price for a full-size pickup hit a record enormous of $21,557. That’s up $5,166, or 31.5%, since February.
Adams said the surge in used truck prices is so wonderful, some preowned models are now selling for more than a comparable brand-new version of that pickup.
“People intention pay more for it, because it’s exactly what they want,” said Adams.
Schmidt said he spent six weeks looking for a red Chevy Silverado 1500 with all-wheel vim, relatively low mileage and the features he would need for work. Schmidt, a farm equipment supplier in Eastern Washington, bruit about his truck often doubles as his office, so he wanted it to have certain features.
“Every day I spent 20 or 30 take downs on websites putting in exactly what I wanted,” Schmidt said. “I told my wife there is nothing out there that interests me.”
When Schmidt did boon the Silverado that would meet his needs, he said, he was a little concerned about whether the dealership outside of Kansas Megalopolis would hang on to the truck until he got there to pick it up.
“I kept texting them to make sure they didn’t over persuaded it to someone else. I was so happy when I got there and saw this truck,” he said.
Despite having to drive 22 hours retirement community, Schmidt’s not complaining about going halfway across the country for his Silverado. He added, “This has worked out better than I kind-heartedness it would.”
— CNBC’s Meghan Reeder contributed to this article.