The pandemic-affected used car market of recent years — with its soaring prices — has been edging back toward normal, a recent report by automotive website iSeeCars indicates. But it’s not there yet. And a handful of newer used cars still cost more than their brand-new counterparts.
The website examined prices for around 9 million new and lightly used cars listed for sale in February and March 2023. It looked at new cars from model years 2022 and 2023 and lightly-used vehicles from model years 2021 and 2022.
A year earlier, iSeeCars found the price of the average lightly used vehicle to be 8.5% ($3,574) more than the average price for a new car. That seemed crazy, but there it was.
Now, in 2023, the average lightly used car is priced at 8.1% ($3,701) less (not more) than new versions, iSeeCars finds. That is a 16.6 percentage points shift from last year. An improvement, for sure, although who knows how long that will last. Overall, used car prices fell in the second half of 2022, but they now are rising again.
Keep reading to see the used vehicles that iSeeCars identified as having the biggest premiums over their 2023 version. We’ll end with the used vehicle with the greatest price discrepancy.
10. Honda Civic (hatchback)
Average asking price for a lightly used model: $29,683 — which is $297 (1%) more than the average asking price for a new model
The Civic was completely redesigned for 2022 with “a thorough makeover inside and out,” introducing an 11th generation of the popular hatchback, Edmunds says.
To buy a lightly used Honda Civic hatchback, you may today have to pay nearly $300 more than what you would for a new one. But Edmunds tells buyers that the 2022 Civic hatchback “offers great value due to the amount of standard features for the price.”
9. Ford Bronco
Average asking price for a lightly used model: $55,372 — which is $901 (1.7%) more than the average asking price for a new model
In a 2022 review of that year’s Ford Bronco, HotCars calls it “one of the best SUVs on the market.”
Ford endowed the 2022 Bronco with two transmission options (7-speed manual and a 10-speed automatic) and three engine choices. Besides the base model’s turbocharged 2.3-liter EcoBoost inline-four engine, Ford offered a 2.7-liter EcoBoost and a 3.0-liter EcoBoost for buyers wishing for more power.
8. Kia Carnival
Average asking price for a lightly used model: $42,025 — which is $916 (2.2%) more than the average asking price for a new model
The first few months of 2023 have been tough on the Kia Carnival.
In March, Kia warned owners of an estimated 3,555 Kia Carnivals, including 2022 and 2023 models, to park outdoors due to the possible presence of a faulty tow hitch that increases the danger of vehicle fire. It was part of a larger recall that also affected 567,912 Hyundai vehicles.
And then, in April, Kia recalled some 51,500 Carnival minivans from 2022 through 2023 after at least nine reports that their power sliding doors injured people. The auto-reverse feature on the sliding doors “may not activate in all situations,” Kelley Blue Book explains.
7. Toyota RAV4 Hybrid
Average asking price for a lightly used model: $40,045 — which is $953 (2.4%) more than the average asking price for a new model
Why is last year’s Toyota RAV4 Hybrid commanding nearly $1,000 more than the brand new 2023 version?
One clue, perhaps: Kelley Blue Book recently named last year’s Toyota RAV4 as “far and away” the year’s best-selling SUV of 2022. It is reliable, comfortable, roomy, practical and a good value, KBB raves.
That endorsement may help to strengthen the market price of this highly valued, lightly used vehicle.
6. Toyota Corolla Cross
Average asking price for a lightly used model: $30,636 — which is $853 (2.9%) more than the average asking price for a new model
Car and Driver likes the 2022 Toyota Corolla Cross for what it calls “cute pug-dog styling.”
It dings the car, however, for “poky acceleration,” calls its engine “unrefined” and says the vehicle lacks the more upscale look of others in its class.
5. Toyota RAV4 Prime
Average asking price for a lightly used model: $51,298 — which is $1,726 (3.5%) more than the average asking price for a new model
Toyota’s 2021 compact, five-seat RAV4 Prime is “incredibly” fuel-efficient because of its electric plug-in technology, which lets a driver cruise for about 600 miles between fill-ups, according to Forbes.
It’s also fast and safe, and it has a strong towing capacity and a well-designed cargo area, Forbes adds.
4. Toyota Sienna
Average asking price for a lightly used model: $50,978 — which is $1,806 (3.7%) more than the average asking price for a new model
Apple CarPlay and Android Auto are standard on the 2022 Toyota Sienna, Toyota says in the vehicle’s brochure.
The maker extolls details like the captain’s chairs in the second row and the hands-free power side doors and liftgate that can be opened with a kicking motion. A rear seat entertainment center and seven USB ports make life inside a little easier.
3. Mercedes-Benz G-Class
Average asking price for a lightly used model: $196,228 — which is $8,633 (4.6%) more than the average asking price for a new model
You can buy a home in some places in America for considerably less than this used car.
The G-Class Mercedes is reminiscent of a utilitarian, off-road SUV. But it’s probably a safe bet that few have ever left suburban streets or highways.
So, what’s so special here? Every luxury, for one thing — including two large screens and “tons of gadgets,” notes HotCars in its review of the 2022 version.
A brawny V-8 engine, for another, which offers the perverse pleasure, for some drivers, of thumbing your nose at environmentalists, HotCars points out.
“It’s an absolute monster, and it makes you feel like a mobster when driving it,” the review adds.
2. Toyota Corolla Hybrid
Average asking price for a lightly used model: $27,809 — which is $2,038 (7.9%) more than the average asking price for a new model
When reviewing the Corolla Hybrid when new in 2021, U.S. News praised its fuel economy (53 mpg in the city, 52 on the highway) and noted that a nice, long list of features come standard.
There are two substantial downsides, the review says: The trunk’s too small, and the car “struggles” to reach highway speeds.
1. Ford Maverick
Average asking price for a lightly used model: $36,777 which is $4,038 (12.3%) more than the average asking price for a new model
If you are looking for a used Maverick, pull out your wallet and get ready to pay the biggest premium for a used vehicle (compared with the 2023 version bought new).
But that may not be all bad. The Ford Maverick is beloved by many drivers for its dominant position among compact pickup trucks, says MotorBiscuit’s comparison of the 2022 and 2023 versions. In the comparison, the 2022 Maverick is slightly better, MotorBiscuit concludes.
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