“When historically safe residual value bets are showing up underwater, it’s clear this is a financing problem, not always a vehicle choice problem.”
A big part of today’s problem can be traced back to 2022. Inventory shortages pushed prices skyward and many buyers paid at or above sticker price.
Those vehicles are now reaching the point where owners want to trade them in. They discover they’re still carrying substantial debt.
Among the models with the highest negative equity in Q2 2026, the Toyota Tundra averaged -$8,929.
The Chevrolet Silverado 1500 averaged -$8,516, and the GMC Sierra 1500 averaged -$8,568.
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The Ford F-150 averaged -$8,417, and the Ram 1500 averaged -$8,347. The Jeep Wrangler averaged -$7,867, and the Toyota Tacoma averaged -$7,793.
