After hitting delirious highs during the pandemic, used car prices in Alabama and across the country are finally starting to settle down. But that doesn’t mean things are back to normal.
In fact, as of last month, there were still some used cars that were more expensive than their new counterparts.
Related: ‘I’ve never seen anything like this’: Prices for used cars soaring in Alabama
According to data from iSeeCars, a search engine for finding cars throughout the United States, there were five lightly used cars more expensive than their new versions in the Birmingham area as of April. You can see the list below.
[Can’t see the list? Click here.]
iSeeCars defines ‘lightly used’ as cars between one and five years old. The company analyzed asking prices for over 1.5 million new and used cars sold in April throughout the country. You can read the full study here.
Three of the five cars that sold more used than new in April in the Magic City were made by Toyota - The RAV4, Corolla and Tacoma took the top three spots on the list. The RAV4 was a whopping 10.1% more valuable lightly used than it was new as of April, or around $3,275, according to iSeeCars data.
Nationwide, April saw used car prices drop slightly, with used cars overall being about 1% less valuable than new cars. Back in January, used cars were actually 1.3% more expensive than new cars.
“Used car prices have improved since January, when the average used car was actually more expensive than its new version,” Karl Brauer, an iSeeCars executive analyst, is quoted as saying in the study. “The average lightly used car is currently just 1.0 percent 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 percent less, you see that used car prices are still well above normal.”
Do you have an idea for a data story about Alabama? Email Ramsey Archibald at rarchibald@al.com, and follow him on Twitter @RamseyArchibald. Read more Alabama data stories here.
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May 19, 2022 at 07:00PM
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