A little about the genesis and the history of the Willys M38 Jeep from our friends at Silodrome:

The Willys M38 Jeep was the revised and updated version of the civilian-specification CJ-3A, which itself was an update of the venerable WWII era Willys Jeep MB. Willys developed the M38 to supply the US military for the Korean War, although by the end of the conflict most of the Jeeps that had been used were actually modified WWII units. Significant engineering went into the M38, and it benefitted from the many lessons learned in the years producing the original Jeep and the CJ-3A. The frame and suspension was reinforced for additional strength and durability, a far more reliable 24-volt, waterproof electrical system was installed by using two 12 volt batteries in series, a new sealed vent system was used for the transmission, diffs, and transfer case – and a new braking system was used. Outwardly the appearance remained almost indistinguishable for non-Jeep experts.

What Does The Willys M38 Market Look Like?

The Willys M38 Jeep was only produced for three short years, so its production numbers were relatively low (estimated at 45,000), ensuring they are a fairly rare find. Looking at the M38 market on Classic.com doesn’t give you a ton of data given there have only been 21 documented sales in the last 5 calendar years. Based on that data, the average sale is around $25,000 and the highest recorded sale is a $67,200 example that sold at RM Sothebys back in 2019. Looking at the comps that are around the asking price for this example show that the $44,900 asking price is probably right around where it should be for this truck.