(iSeeCars) — Global microchip shortages have restricted new car supplies, leading to record prices for used cars.
According to iSeeCars.com’s latest analysis of over 470,000 new and lightly used cars from the 2019 and 2020 model years listed for sale in June 2021, the price difference between new and slightly used cars is quite small. It has happened, and in some older cars even more. Expensive compared to their newer versions.
In the first half of June, the average lightly used car was priced 3.1 percent lower than its new version, while they were down 10.8 percent in the first half of November 2020.
Carl Breuer, executive analyst at iSeeCars, said, “The prices of used cars have increased overall, and prices have increased dramatically for some in-demand models, which can be difficult to find at new car lots. is.”
“Dealers find that used car buyers are willing to pay more for the instant gratification of a light used vehicle they can drive farther away than to wait for a new one.”
iSeeCars has identified 16 cars with used car prices that are more expensive than their new car prices:
|16 Cars That Cost More Than New|
|Post||Vehicle||new car price||used car price||% used more than new||$used more than new|
|2||GMC Sierra 1500||$54,205||$57,671||6.4%||$3,466|
|5||Toyota RAV4 Hybrid||$34,995||$36,352||3.9%||$1,357|
|10||Tesla Model 3||$44,409||$45,677||2.9%||$1,268|
|1 1||Honda Civic||$26,331||$27,058||2.8%||$727|
In first place is the Kia Telluride, which is 8.1 percent higher for the light-use version compared to its new version. “The Kia Telluride has been a red-hot seller since its debut in the spring of 2019, and dealers are charging MSRP because it is in such high demand,” Breuer said. “Price increases have moved into the used car market, where used telluride is not yet abundant and buyers may be willing to pay more for a used version than is probably the only one available. “
The Hyundai Palisade, a similar vehicle sharing the same manufacturer as the Kia Telluride, is ranked ninth. “Similar to the Telluride, the new Palisade for 2020 is relatively rare in the used car market and has maintained its popularity since its launch,” said Breuer. An additional Kia, the Kia Rio subcompact car, ranked fourteenth. “The Kia Rio subcompact car is one of the best cars available in the shrinking subcompact car class, which is praised for quality and affordability, and buyers who want an affordable used car may want to compare the price of the new versions. Can’t buy it without it.”
In second place is the GMC Sierra 1500 full-size pickup truck. “The low production numbers coupled with high demand for the GMC Sierra 1500 have resulted in a shortage of new models,” Breuer said. “The GMC Sierra 1500 is the most expensive pickup for both new and used cars, so buyers who want this luxury truck can buy a used version as it is available and dealers are likely to add a premium to the price as a result. “
Two additional pickup trucks from Toyota make the list: the third-ranking midsize Tacoma and the sixth-ranking full-size Toyota Tundra. “Toyota has stopped incentives on its new trucks due to short supply, and buyers who want these highly in-demand trucks can only find used versions,” Breuer said. The trucks are joined by two Toyota SUVs: the fifth-ranked RAV4 Hybrid and the eighth-ranked 4Runner. “Toyota has the lowest inventory among all automakers, and demand for the popular 4-Runner off-road SUV has exceeded supply on the new car, sending many potential new car buyers to the used model.” ,” Breuer said. “The RAV4 hybrid was notoriously rare as both a new and used car even before the microchip shortage, and used car buyers may be willing to pay more for this vehicle as gas prices rise. “
In fourth place is the Mercedes-Benz G-Series, which earns $190,078 as a lightweight vehicle, which is 4.1 percent more than the price of its new car. “The Mercedes-Benz G-Class was the fastest selling new car in May, so buyers who want this exceptional off-roader have better luck finding a used vehicle,” Breuer said. “Additionally, most buyers who can afford this vehicle are not concerned with the high price tag.”
The list of two Dodge sports cars includes the seventh-ranked Dodge Challenger sports car and the twelfth-ranked Dodge Charger muscle car. “The trade-in value for popular sports cars has increased due to a lack of new inventory and the popularity of the segment amid the pandemic,” Breuer said.
The Tesla Model 3 ranks tenth on the list. “The Tesla Model 3 debuted in 2018 and resale value remains strong, thanks to its impressive technology and performance, as well as its relative affordability compared to Tesla’s earlier vehicles,” Breuer said. “Buyers are also prepared to purchase a lightly used Tesla Model 3 rather than wait weeks for delivery of a new vehicle.”
Two Subaru vehicles round out the list, including the Subaru Crosstrek subcompact SUV and the Subaru WRX sports car. “Subaru was one of the automakers most affected by the microchip shortage, which led to a shortage of new vehicles,” Breuer said.
“Car buyers who are in the market for a vehicle may find it difficult to find the most in-demand model, and while used versions may be available now, they may also cost more than new versions of the vehicle, Breuer said. “Those looking to save money on a used car in today’s market should consider the less popular models, which probably won’t get the same price hike as the best sellers.”
More from iSeeCars:
iSeeCars.com analyzed over 470,000 new cars and used cars listed for sale between June 1 and June 14, 2021. New cars were from model year 2020-2021, while light-use cars were defined as used vehicles with mileage from model year 2019-2020. According to the Department of Transportation, the average annual miles traveled in the US is within 20 percent of 13,476. Low-volume models were excluded from the analysis, as models were discontinued before the 2021 model year. The average asking prices for less used cars were compared to newer cars of the same model.
iSeeCars.com is a car search engine that helps buyers find the best car deals by providing key insights and valuable resources, such as the iSeeCars free VIN check report. iSeeCars.com has so far earned users over $294 million by applying Big Data Analytics powered by 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars. Saved more.
this article, 16 Used Cars That Cost More Than New, originally appeared on iSeeCars.com.