The Toyota Tundra carries more negative equity than any other trade-in model, averaging $8,929 underwater in Q2 2026 — with the GMC Sierra 1500 ($8,568), Chevrolet Silverado 1500 ($8,516), Ford F-150 ($8,417) and Ram 1500 ($8,347) all close behind — even as those trucks are traditionally regarded as strong residual value performers, according to a new Edmunds report.

The Silverado is No. 1 in Edmunds’s rankings, owing to its older average model year of 2021.9; traded-in Tundras are significantly newer at 2023.4. The average underwater trade-in is exactly 4 years old — another Q2 record — aligning with vehicles purchased at or above MSRP during the inventory-scarce market of 2022.

“It’s easy to assume negative equity is just a story about vehicles that depreciate quickly, but some of the biggest dollar losses we’re seeing are on trucks and sedans that traditionally hold their value better than most,” writes Ivan Drury, Edmunds’ director of insights, in a release. “When historically safe residual value bets are showing up underwater, it’s clear this is a financing problem, not always a vehicle choice problem.”

Analysts say three in 10 trade-ins toward new-vehicle purchases carried negative equity in the second quarter, with the average underwater amount reaching a Q2 record of $6,884. Buyers rolling negative equity into a new loan secured an average monthly payment of $944 — $167 above the Q2 industrywide average — and are projected to pay $16,270 in total interest over the life of the loan, nearly $6,500 more than the average new-vehicle buyer.

Earlier this month, Edmunds reported growing terms and shrinking down payments as buyers continued stretching to afford new vehicles in Q2.

Read the full report at Edmunds