Toyota RAV4 Hybrid, Corvette Stingray may cost more than new

  • CarInsurance.org found that the Toyota RAV4 Hybrid and Chevrolet Corvette Stingray were among the top gainers last month, with new cars topping the list for older cars with prices above MSRP.
  • Using various metrics, iSeeCars recently found that the Kia Telluride, GMC Sierra 1500, and Toyota Tacoma were the top three used cars that cost more than newer versions.
  • The2020 Toyota RAV4 Hybrid had a starting MSRP of $29,470, but every example available right now at Edmunds costs more than that, with some daring the $35,000-plus asking price for the base model.

    The prices of new and used vehicles are not following the traditional norms these days. According to data from J.D. Power and LMC Automotive Forecast, the average new car price reached $41,044 in July, a 17 percent jump from a year earlier and, more important, the highest average ever recorded. Meanwhile, the confluence of COVID-19, semiconductor chip shortages, and resultant manufacturing delays means you can’t get a new car when you want it. So the demand for used cars has become so high that sellers can practically write their own prices—and they’re doing just that.

    Take for instance the 2020 Toyota RAV4 Hybrid in the base LE trim. The popular and fuel-efficient small SUV had an official starting MSRP of $29,470, which also included Toyota’s $1,120 delivery fee. But if you look at the used listings on Edmunds.com for the 2020 RAV4 Hybrid, you won’t find any listings below that price. Each of the 38 used RAV4 hybrids currently for sale cost the vehicle more than when it was new, many of them costing more than $35,000. Prices for the new 2021 RAV4 start at $30,115, which includes a $1215 delivery fee.

    CarInsurance.org took a look at Edmunds data to find the vehicles with the largest deltas between their 2020 MSRP and their current highest used car prices. The group found that the 10 most popular used cars cost an average of $7557 more than their new purchase price. Percentage-wise, the RAV4 hybrid saw the most increase in price at $10,493, a jump of 37 percent, the group said. The second biggest increase was found in the Chevrolet Corvette Stingray, which jumped 28 percent, or $22,865.

    2020 Chevrolet Corvette Stingray

    2020 Chevrolet Corvette Stingray.

    Chevrolet

    Chevrolet kept the official MSRP for the brand’s first production mid-engine Corvette the same for the 2021 model year as it was for 2020, meaning the Stingray costs $60,995 for the coupe and $68,495 for the convertible, That includes Chevy’s $1095 destination fee. Looking at the actual prices of the vehicles available today, there are over 500 Stingrays available at Edmunds for 2020, and the lowest one costs $87,500. Sure, that particular example comes with a $1195 performance exit option, but that doesn’t begin to explain the nearly $20,000 price difference.

    Whatever the exact price hike for the model you might be interested in, used cars that cost more than newer versions are becoming a trend. Last month, iSeeCars looked at the difference between the prices of 2019–2020 model used cars and 2020–2021 model new cars. After analyzing 470,000 listings, the difference between the two groups was just 3.1 percent, down from the 10.8 percent difference in November 2020. iSeeCars got 16 models that were priced higher than the new ones, with Kia Telluride, GMC Sierra 1500 and Toyota Tacoma being the flagships. Pack.

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