Which Used Cars Now Cost More Than New Ones - Forbes

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This should come as no surprise to anyone who’s gone car shopping lately. 

With new-vehicle production stutters caused by a variety of factors, including the current microchip shortage, more buyers are turning to the used-car market. The swelling demand combined by a short supply of used vehicles (fewer new models sold means fewer trade-ins) has caused prices to skyrocket to the extent that some pre-owned cars are now commanding higher prices than their factory fresh counterparts.

The average low-mileage used vehicle cost just 3.1 percent less than its brand-new counterpart during the first half of June, compared to 10.8 percent less back in November 2020. That’s according to an analysis of over 470,000 new and late-model used cars from the 2019 and 2020 model years listed for sale in June 2021 conducted by the car-search website iSeeCars.com. 

The used model for which demand apparently exceeds supply the most on used car lots is the Kia Telluride midsize SUV, which the analysis found going for over $3,500 more than a new one. “The Kia Telluride has been a red-hot seller since its debut in the spring of 2019, and dealers have been charging over MSRP because it’s in such high demand,” says iSeeCars Executive Analyst Karl Brauer. “The price hikes have trickled down to the used car market, where used Tellurides aren’t yet abundant and buyers may be willing to overpay for a used version that is likely the only one available.”

Three pickup trucks are represented on the list, with the full-size GMC Sierra, which sells in fewer numbers as a new model than big trucks from Ford, Chevrolet, and Ram, holding down the number 2 spot. “The GMC Sierra 1500 is the most expensive pickup for both new and used cars, so buyers who want this luxury truck may be purchasing a used version because it’s available, and dealers are likely adding a premium on the price as a result,” Brauer explains.

The costliest model on the list—the $182,000 Mercedes-Benz G-Class luxury SUV—also commands the highest markup used over new at nearly $7,500. “The Mercedes-Benz G-Class was the fastest-selling new car in May, so buyers who want this extravagant off-roader likely have better luck finding the vehicle used,” Brauer says. “Additionally, most buyers who can afford this vehicle aren’t concerned with the high price tag.”

Here is the list of the “gently used” models that are currently selling for more money than their new-vehicle equivalents, with average transaction prices noted:

1. Kia Telluride: $44,166 new; $47,730 used
2. GMC Sierra 1500: $54,205 new; $57,671 used
3. Toyota Tacoma: $37,902 new; $39,857 used
4. Mercedes-Benz G-Class: $182,631 new; $190,078 used
5. Toyota RAV4 Hybrid: $34,995 new; $36,352 used
6. Toyota Tundra: $49,643 new; $51,474 used
7. Dodge Challenger: $39,375 new; $40,764 used
8. Toyota 4Runner: $45,382 new; $46,867 used
9. Hyundai Palisade: $44,063 new; $45,356 used
10. Tesla Model 3: $44,409 new; $45,677 used
11. Honda Civic: $26,331 new; $27,058 used
12. Dodge Charger: $38,977 new; $39,874 used
13. Honda Odyssey: $37,612 new; $38,048 used
14. Kia Rio: $17,346 new; $17,472 used
15. Subaru Crosstrek: $29,474 new; $29,642 used
16. Subaru WRX: $34,487 new; $34,568 used

Source: iSeeCars.com.

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