Used Cars That Cost More Than When They Were New
We covered this earlier this month, but used car prices are getting ridiculous. How ridiculous? On average, lightly used cars are fetching more money than what they cost when new.
That’s right, according to a study conducted by iSeeCars.com, right now the average used car sold in the United States is selling for a 1.3% higher price than when new. These findings were discovered after iSeeCars.com compared the transaction price of new 2021 and 2022 model year vehicles against the used car transaction price of 2020 and 2021 model year vehicles. The main cause for this reversal in pricing is the world-wide microchip shortage that has seen new car inventory dry up.
SEE ALSO: The Top 10 Cars That Hold Their ValueThis has lead to a dramatic increase in used car interest, turning the market into a seller’s paradise as shoppers are willing to overpay for a slightly used vehicle they can acquire now instead of waiting for a new to be built. For certain in demand vehicles, the amount consumers are willing to overpay has become shocking. To see which models are garnering the biggest used car premium, iSeeCars.com has released a list of the top 15 used cars that cost more now than when they were new. They are in order below from smallest increase to largest.
15. Hyundai Accent
Starting off the list is the subcompact Hyundai Accent. Garnering an extra $2,010 on average, it may not sound like a big increase, but that puts slightly used Accents at an 11.2% increase over the average sale price of a brand new car off the showroom floor.
Price percentage increase over new: 11.2%
14. Toyota Sienna
The Toyota Sienna ties the Accent’s price increase of 11.2% for lightly used vehicles over new ones. But with the Sienna being a more expensive model, that difference in price works out to a $5,074 increase on average.
Price percentage increase over new: 11.2%
13. GMC Yukon
GMC‘s big body-on-frame truck is grabbing an average premium of $8,258 on the used car market compared to new models, or an increase of 11.3%.
Price percentage increase over new: 11.3%
12. Subaru Crosstrek
The Crosstrek is one of Subaru‘s most popular models and the brand is having a hard time producing enough models. This has lead to slightly used vehicles selling for 11.7% more on average, or roughly $3,524.
SEE ALSO: 2021 Subaru Crosstrek Review: First DrivePrice percentage increase over new: 11.7%
11. Kia Rio
Like its corporate sibling the Hyundai Accent, Kia‘s subcompact Rio cannot keep up with demand and the average slightly used car price is going for $2,080 more on average for a 11.7% increase.
Price percentage increase over new: 11.7%
10. Kia Telluride
At the other end of the Kia size scale is the big three-row Telluride SUV. Selling for an average of 12.1% over new models, lightly used Tellurides can sell for an extra $5,552.
Price percentage increase over new: 12.1%
9. Toyota C-HR
Toyota has quite a few vehicles that are affected enough by the chip shortage to be featured on this list, including the CH-R. Lightly used versions of the subcompact crossover are on average selling for a $3,230 premium, or 12.2%, more than a brand new version.
Price percentage increase over new: 12.2%
8. Toyota Tacoma
Yet another Toyota, we’re a bit surprised the Tacoma isn’t higher on this list. With a very devote customer base, the Tacoma ties the CH-R with lightly used models selling for a 12.2% increase over new models. But with the Tacoma being a more expensive vehicle, that works out to $4,530.
SEE ALSO: 2021 Toyota Tacoma Trail Review: Simplicity Is KeyPrice percentage increase over new: 12.2%
7. Chevrolet Suburban
Like the GMC Yukon, the big Chevrolet Suburban can’t keep up with demand and is pulling in an extra 12.9%, or $9,106, for a slightly used version compared to a hard to find new version.
Price percentage increase over new: 12.9%
6. Toyota RAV4 Hybrid
The final Toyota to make the list, the efficient RAV4 Hybrid can acquire a 14.8% price premium for a lightly used vehicle compared to one fresh from the factory. That works out to $5,298 per vehicle.
Price percentage increase over new: 14.8%
5. Chevrolet Trailblazer
There seems to be a theme on this list of subcompact cars and crossovers being in high demand and limited supply. The Chevrolet Trailblazer is seeing price increases of 15.6% ($4,270) on average for slightly used vehicles compared to new ones.
Price percentage increase over new: 15.6%
4. Ford Bronco Sport
The Ford Bronco Sport is one of the newer vehicles on this list, and many want to be among the first to own it. To jump the queue, some customers are paying a premium on average of $5,766, or 16.4%, for lightly used examples compared to waiting for a new one to be built.
Price percentage increase over new: 16.4%
3. Tesla Model 3
Even a smaller manufacturer like Tesla is getting hit hard by the chip shortage, and the brand’s compact car is selling at an increase of $8,300 (17.8%) for barely used EVs compared to new cars.
Price percentage increase over new: 17.8%
2. Chevrolet Corvette
The mid-engine Corvette finally arrived and is high demand. So much so, that customers are willing to pay, on average, an extra $16,645 for a slightly used version compared to a brand new one. That’s an increase of 20.2%.
Price percentage increase over new: 20.2%
1. Mercedes-Benz G-Class
But nothing comes close to the Mercedes-Benz G-Class. Always a niche vehicle, the expensive G Wagen gets even more pricey if one is not willing to wait for a new SUV to be built. Lightly used versions are going for an incredible premium of $62,705 over new vehicles which works out to an increase of 35.6%.
Price percentage increase over new: 35.6%
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A 20+ year industry veteran, Mike rejoins the AutoGuide team as the Managing Editor. He started his career at a young age working at dealerships, car rentals, and used car advertisers. He then found his true passion, automotive writing. After contributing to multiple websites for several years, he spent the next six years working at the head office of an automotive OEM, before returning back to the field he loves. He is a member of the Automobile Journalists Association of Canada (AJAC), and Midwest Automotive Media Association (MAMA). He's the recipient of a feature writing of the year award and multiple video of the year awards.
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