Last year, something truly wild happened: Some used car models cost more to purchase than their new counterparts.
Buyers who didn’t want to wait for new cars delayed by supply chain issues settled for older versions, even at a higher price.
However, things are getting back closer to normal, according to a new analysis by iSeeCars.
While slightly used cars cost 1.3% more than new models in January, slightly used cars now cost 1% less on average than newer versions, iSeeCars says.
However, there are still some slightly used cars that cost more than brand-new versions. The top 15 cars iSeeCars says meet this benchmark are:
- Mercedes Benz G-Class: 21.5% (used costs $40,958 more than a new version)
- Chevrolet Corvette: 16.4% ($13,594)
- Chevrolet Trailblazer: 14.4% ($3,856)
- Toyota RAV4 Hybrid: 13.5% ($5,002)
- Porsche Taycan: 11.2% ($14,009)
- Chevrolet Suburban: 11.2% ($7,881)
- Hyundai Accent: 10.3% ($1,886)
- GMC Yukon: 10.0% ($7,233)
- Kia Rio: 9.7% ($1,824)
- Toyota Tacoma: 9.3% ($3,405)
- Kia Seltos: 9.2% ($2,441)
- Toyota Sienna: 8.9% ($4,065)
- Toyota Corolla Hybrid: 8.0% ($2,138)
- Ford Mustang Mach-E: 8.0% ($4,292)
- Toyota Prius Prime: 7.9% ($2,508)
The Mercedes-Benz G-Class that tops this list has become a “status symbol,” and that has led to record sales — and a shortage of new versions, with wait times stretching out a year or more, according to iSeeCars Executive Analyst Karl Brauer. Drivers who are not that patient are driving up the cost of the older, more readily available model.
Other models in especially high demand and short supply that made this list include two electric vehicles, the Porsche Taycan and Ford Mustang Mach-E, and the mid-engine Chevrolet Corvette.
Despite the fact that the cost of slightly used cars is now falling, costs still remain elevated above what one would expect historically. As Brauer explains:
“The average lightly used car is currently just 1.0 percent or $454 less than its new version, and when you compare that to prices before the microchip shortage when the average lightly-used car cost 17 percent less, you see that used car prices are still well above normal.”
If you are considering purchasing a used car, be sure to check out “5 Steps You Must Take Before Buying a Used Car.”