A supply crunch has sent used-car prices soaring. These 16 models are now worth more used than new.
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Car dealers are facing a supply crunch that’s sent used-car prices through the roof.
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Some 2019 and 2020 cars are now cheaper to buy new, an analysis from iSeeCars found.
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The Kia Telluride costs $3,564 more to buy used than new, the analysis found.
Skipping a brand-new car for one that’s lightly used has always been the most wallet-friendly way to buy a car. Not anymore.
In the strange and sometimes utterly backward-seeming times we’re living in, it’s actually cheaper to buy some cars new rather than secondhand. A recent analysis from the automotive-research site iSeeCars.com identified 16 such vehicles, some of which cost thousands more to buy used.
The pandemic has led to a diminished supply of cars and outsized demand for them, sending used-vehicle prices through the roof. Amid financial uncertainty, people have been hanging on to their cars longer, choking a key pipeline of used cars to dealers. Meanwhile, a shortage of microchips has hampered car production globally and slashed the supply of new models.
iSeeCars.com’s analysis of some 470,000 2019- and 2020-model-year cars listed for sale in June found that the gap between used- and new-car prices had shrunk considerably in recent months. In early November, the average lightly used car cost nearly 11% less than its new counterpart. In June, that gap was just over 3%.
Some especially popular models – ones that are hard to find new right now – cost thousands more on the secondhand market. See the list of 16 vehicles below.
1. Kia Telluride
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Average price new: $44,166
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Average price used: $47,730
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Difference: $3,564, 8.1%
2. GMC Sierra 1500
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Average price new: $54,205
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Average price used: $57,671
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Difference: $3,466, 6.4%
3. Toyota Tacoma
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Average price new: $37,902
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Average price used: $39,857
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Difference: $1,955, 5.2%
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4. Mercedes-Benz G-Class
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Average price new: $182,631
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Average price used: $190,078
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Difference: $7,447, 4.1%
5. Toyota RAV4 Hybrid
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Average price new: $34,995
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Average price used: $36,352
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Difference: $1,357, 3.9%
6. Toyota Tundra
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Average price new: $49,643
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Average price used: $51,474
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Difference: $1,831, 3.7%
7. Dodge Challenger
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Average price new: $39,375
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Average price used: $40,764
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Difference: $1,388, 3.5%
8. Toyota 4Runner
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Average price new: $45,382
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Average price used: $46,867
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Difference: $1,485, 3.3%
9. Hyundai Palisade
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Average price new: $44,063
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Average price used: $45,356
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Difference: $1,293, 2.9%
10. Tesla Model 3
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Average price new: $44,409
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Average price used: $45,677
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Difference: $1,268, 2.9%
11. Honda Civic
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Average price new: $26,331
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Average price used: $27,058
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Difference: $727, 2.8%
12. Dodge Charger
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Average price new: $38,977
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Average price used: $39,874
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Difference: $897, 2.3%
13. Honda Odyssey
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Average price new: $37,612
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Average price used: $38,048
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Difference: $435, 1.2%
14. Kia Rio
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Average price new: $17,346
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Average price used: $17,472
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Difference: $127, 0.7%
15. Subaru Crosstrek
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Average price new: $29,474
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Average price used: $29,642
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Difference: $168, 0.6%
16. Subaru WRX
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Average price new: $34,487
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Average price used: $34,568
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Difference: $81, 0.2%
Read the original article on Business Insider