STATEN ISLAND, N.Y. -- Though used car prices are slowly beginning to trend downward, limited availability of many new vehicles has resulted in certain models selling for a higher price used than new.
Automotive research firm iSeeCars.com recently released a new report analyzing 1.5 million new and used car sale records from April 2022, finding that the average lightly used car, defined as used vehicles between 1 and 5 years old, is currently selling for just 1% less than its new version.
In April, the average price of a lightly used car was $34,392, which is 23.9% higher than it was this time last year, but down slightly from March, when the average lightly used car was $34,449, a 30.4% increase from the year prior.
“Used car prices have improved since January, when the average used car was actually more expensive than its new version,” said iSeeCars Executive Analyst Karl Brauer. “The average lightly used car is currently just 1%, or $454, less than its new version, and when you compare that to prices before the microchip shortage when the average lightly used car cost 17% less, you see that used car prices are still well above normal.”
While the average lightly used car is currently selling for slightly less than its new counterpart, some vehicles, which have experienced severely limit availability on their new models, are selling for much more used than they are new.
For example, data shows that the Mercedes Benz G-Class and Chevrolet Corvette are currently selling used for 21.5% and 16.4% above their new prices, respectively.
“The Mercedes-Benz G-Class opulent off-roader is a status symbol that had record sales numbers in 2021,” said Brauer. “Its success led to a shortage of new versions, with wait times exceeding a year, forcing dealers to halt orders in January and leading well-funded buyers to the used car marketplace.”
“The mid-engine 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,” Brauer added. “Dealers have a backlog of orders for the 2022 model, and long waitlists have formed for the high-performance Z06 version coming for the 2023 model year, elevating demand for lightly-used versions.”
Here’s a look at the 15 models that currently have the highest percentage difference between their used and new prices.
- 21.5% more than new price
- $40,958 more than new price
- 16.4% more than new price
- $13,594 more than new price
- 14.4% more than new price
- $3,856 more than new price
- 13.5% more than new price
- $5,002 more than new price
- 11.2% more than new price
- $14,009 more than new price
- 11.2% more than new price
- $7,881 more than new price
- 10.3% more than new price
- $1,886 more than new price
8) GMC Yukon
- 10.0% more than new price
- $7,233 more than new price
9) Kia Rio
- 9.7% more than new price
- $1,824 more than new price
10) Toyota Tacoma
- 9.3% more than new price
- $3,405 more than new price
11) Kia Seltos
- 9.2% more than new price
- $2,441 more than new price
12) Toyota Sienna
- 8.9% more than new price
- $4,065 more than new price
- 8.0% more than new price
- $2,138 more than new price
- 8.0% more than new price
- $4,292 more than new price
- 7.9% more than new price
- $2,508 more than new price
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May 15, 2022 at 06:00PM
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These 15 vehicles currently cost more used than they do new, study finds - SILive.com
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