(iSeeCars) – Used car prices have been falling slowly since February, but according to the latest study from car search engine iSeeCars.com, many lightly used cars are more expensive than their new versions.
- The average lightly used car is 1.0 percent cheaper than the new version
- Mercedes-Benz G-Class is the most expensive used vehicle compared to the new version
- The list of vehicles that are more expensive used than new is a mix of two extremes: gas-guzzling expensive SUVs and fuel-efficient small cars
- Nissan is the most represented automaker for light-duty cars delivering the biggest savings over their new versions
iSeeCars.com analyzed the asking prices of more than 1.5 million new and used cars sold in April 2022 and found that the average used car from 1 to 5 years old costs just 1.0 percent less than the new version. It identified the top 15 lightly used cars with the largest price difference compared to their new versions, as well as the new cars that are more expensive than their used versions.
“Used car prices have improved since January, when the average used car was actually more expensive than the new version,” said iSeeCars Executive Analyst Karl Brauer. “The average light-used car is currently only 1.0 percent or $454 less than the new version, and if you compare that to prices before the microchip shortage, when the average light-used car cost 17 percent less, you can see that prices of used cars are still high. way above normal.”
Best cars to buy new: used cars with the highest increases over new versions
iSeeCars has identified 15 used cars that are more expensive than their new car equivalent. The list of cars with the biggest differences includes a mix of vehicle types led by SUVs and a wide range of price points.
|Top 15 used cars more expensive than new – iSeeCars|
|Rank (per percentage)||Fashion model||% Used Price More than new||$ Used Price More than new|
|4||Toyota RAV4 Hybrid||13.5%||$5,002|
|13||Toyota Corolla Hybrid||8.0%||$2,138|
|14||Ford Mustang Mach E||8.0%||$4,292|
|15||Toyota Prius Prime||7.9%||$2,508|
|Overall average||-1.0%||– $454|
The lightly used vehicle that has the biggest price difference from its new version is the Mercedes-Benz G-Class, which averages 21.5 percent more, worth $40,958. “The luxurious off-roader of the Mercedes-Benz G-Class is a status symbol with record sales figures in 2021,” said Brauer. “The success led to a shortage of new versions, with wait times of more than a year, forcing dealers to cancel their orders in January and driving well-funded buyers into the used car market.”
Two electric vehicles, the Porsche Taycan luxury electric sedan and the Ford Mustang Mach-E also make the list. “The in-demand Taycan has a six-month waiting list for its new versions, and with an average used car price of $138,714, affluent buyers are willing to pay more than they would for a new version,” Brauer said. “The new 2021 Ford Mustang Mach-E has also been a hot-seller since its debut, with Ford having halted new orders and the current wait for a new model is over 32 weeks.”
The Chevrolet Corvette is in fourth place, with lightly used versions costing an average of 16.4 percent more than the new version. “The mid-engined Chevrolet Corvette is one of the most highly anticipated American sports cars ever made, and demand for the car has exceeded supply since its launch for the 2020 model year,” said Brauer. “Dealers are backlog in orders for the 2022 model and long waiting lists have formed for the high-performance Z06 version coming for the 2023 model year, increasing demand for lightly used versions.”
Two subcompact SUVs new for 2021 make the list: the Chevrolet Trailblazer and the Kia Seltos. “The Chevrolet Trailblazer has been in high demand since its debut, and in the first quarter of 2022, new car sales fell 65.6 percent due to supply restrictions,” Brauer said. “Similarly, sales of the Kia Seltos fell 33.8 percent over the same period, meaning a lack of inventory combined with a rise in gas prices has increased demand for used versions of these small SUVs.”
Five Toyotas make the list, including the Toyota RAV4 Hybrid compact SUV, the Toyota Tacoma medium pickup truck, the Toyota Sienna minivan, the Toyota Corolla Hybrid and the Toyota Prius Prime plug-in hybrid. Toyota is one of the carmakers with the lowest inventories, and demand for the RAV4 Hybrid, Corolla Hybrid, Sienna Hybrid Minivan and Toyota Prius Prime plug-in hybrid is outpacing supply, especially amid high gasoline prices. brauer. “The Toyota Tacoma continues to dominate the mid-size pickup truck market as used versions carry a premium amid inventory constraints.”
Two full-size SUVs from General Motors also make the list: the Chevrolet Suburban and the GMC Yukon. “Demand for full-size SUVs continues to grow as both vehicles saw first-quarter 2022 sales rise from 2021,” said Brauer. “With the low inventory of these popular models, buyers are willing to pay extra for lightly used models.”
Two subcompact cars round out the list: the Kia Rio and the Hyundai Accent. “These vehicles are among the most affordable cars on the market, and the surge in used car prices has made fuel-efficient cars like these the only affordable option for many consumers,” said Brauer. “It’s likely that buyers will see the price tags of their used car under $20,000 and not compare it to new prices for the same models, which cost about $2,000 less — assuming you can find one on a dealer lot.”
For a list of new cars that are the most expensive compared to their used versions, see the full study†
When choosing between a new and lightly used version of the same vehicle, there are important things to consider. “While buying lightly used products typically provides upfront cost savings compared to buying new ones, this is no longer the norm in today’s market,” said Brauer. “Customers looking for lightly used cars should always compare prices with new cars, and buyers who can’t find the new car they want should avoid vehicles with the highest used car price increases if they decide to buy used instead. to go.
More from iSeeCars.com:
iSeeCars.com analyzed more than 1.5 million cars sold between April 1, 2022 and April 30, 2022. New cars included in the analysis were from model years 2021 and 2022, while lightly used cars were defined as used cars from model years. 2020 and 2021 Low-volume models were excluded from the analysis, as were cars with outliers and models that were discontinued from the 2021 model year. The average asking prices of the rarely used cars were compared with those of new cars of the same model. The price difference for each car was expressed as a percentage of the new average prices and ranked according to this difference.
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources such as the iSeeCars VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $337 million to date by applying big data analytics based on more than 25 billion (and growing) data points and using proprietary algorithms to objectively analyze millions of new and used cars , to score and rank.
This article, the Top 15 Cars That Cost More Than Neworiginally appeared on iSeeCars.com.