On the Dash:
- Trade-in equity for mainstream vehicles hit a record $13,330 average as 2019 buyers cleared the depreciation curve.
- The record isn’t limited to luxury models. Everyday vehicles like the CR-V and F-150 lead the list.
- Rising rates raise equity’s value. Dealers who reach these owners first can capture trade-ins early.
New data from Edmunds shows the average positive equity on trade-ins toward new-vehicle purchases reached $13,330 in the second quarter, nearly double pre-pandemic levels. The share of trade-ins carrying positive equity dropped to 68.8% from a record 83.6% in the first quarter of 2022. However, the dollar value has stayed elevated for four straight years even as that share declined.
The surge traces back to 2021 and 2022, when supply chain disruptions limited new-vehicle inventory and pushed used-vehicle values sharply higher. Owners who bought during that window, and paid down loans on schedule, are now sitting on more equity than depreciation curves would typically suggest.
Edmunds found the biggest winners aren’t luxury buyers or cash customers, but rather, they’re owners of ordinary vehicles around 7 years old, typically financed on standard 60- or 72-month terms. While many bought vehicles around 2019 and have already cleared the steepest part of the depreciation curve, used-vehicle values remain historically high and these owners are walking onto lots with close to $13,000 in equity on average.
Most commonly traded-in vehicles with positive equity in Q2 2026
| Make | Model | Average model year | Average equity |
|---|---|---|---|
| Honda | CR-V | 2019.3 | $10,545 |
| Ford | F-150 | 2018.5 | $17,876 |
| Chevrolet | Silverado 1500 | 2019.3 | $16,544 |
| Toyota | RAV4 | 2019 | $11,194 |
| Honda | Accord | 2017.3 | $7,725 |
| Honda | Civic | 2018.4 | $7,264 |
| Toyota | Camry | 2017.8 | $8,801 |
| Ram | 1500 | 2019.7 | $16,988 |
| GMC | Sierra 1500 | 2020.4 | $22,217 |
| Toyota | Tacoma | 2019.7 | $16,755 |
| Subaru | Forester | 2019.3 | $10,591 |
| Chevrolet | Equinox | 2019.2 | $8,083 |
| Toyota | Highlander | 2018.6 | $14,415 |
| Ford | Explorer | 2018.9 | $11,829 |
| Subaru | Outback | 2019.2 | $11,324 |
| Jeep | Grand Cherokee | 2018.1 | $11,082 |
| Jeep | Wrangler | 2018.3 | $15,183 |
| Honda | Pilot | 2018.9 | $11,900 |
| Ford | Escape | 2017.1 | $5,843 |
Additionally, rising interest rates are making that equity more valuable to shoppers. Since the average APRs on new-vehicle loans climbed to 5.9% from 3.8% over the past decade, monthly payments have grown by $228 over the same stretch. Notably, applying trade-in equity toward a down payment can offset some of that increase and shrink the size of a new loan.
Negative equity also up
However, the equity story isn’t one-sided. Negative equity hit a record $7,214 in the fourth quarter of 2025, with 29.3% of trade-ins landing underwater. Both records trace back to the same stretch of years, but on opposite ends.
Nonetheless, owners who bought a vehicle around 2019, ahead of the pandemic price spike, are the ones now sitting on record positive equity. Owners who financed at or above sticker price in 2021 through 2023, often on longer loan terms, are the ones driving the negative equity record. Ultimately, purchase timing, which is more than the overall market, is what separates the two groups.
