If you drive a car — and need to fill it up regularly — you’re one of the people most affected by soaring inflation across the country. Indeed, the cost of buying and using a vehicle has increased more than in many other categories of everyday life.
A new study by used car prices powerfully demonstrates how historical market conditions are affecting the automotive sector. According to the latest auto search engine study iSeeCars.coma lot of gently used cars are now actually Lake more expensive to buy than their new versions (if you can find one).
The platform analyzed the asking prices of more than 1.5 million new and used cars sold in April 2022. It found that the average used car from one to five years old costs just one percent less than its new version.
This actually represents a slight improvement in the market for potential used car buyers in 2022. But it also shows how difficult it still is. “Used car prices have improved since January, when the average used car was actually Lake more expensive than the new version,” noted, Karl Brauer, iSeeCars’ executive analyst, in a press release. “The average light-used car is currently just one percent or $454 less than its new version, and if you compare that to pre-microchip prices when the average light-used car costs 17 percent less, you can see that used car prices are still way above normal.”
This data represents a significant departure from normal market conditions, when it is known that just driving a new car significantly reduces its value. “Used cars are not seeing the dramatic price drop they have historically due to the unique market conditions we are experiencing regarding new car shortages,” explains Brauer. “Users of used cars can still save money by buying a lightly used car instead of a new one, but the savings are 25 to 30 percent lower than what we saw before the pandemic.”
Scroll through to discover the top 10 lightly used cars that are more expensive than new according to the data.
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“The Toyota Tacoma continues to dominate the mid-size pickup truck market as used versions carry a premium amid inventory constraints,” Brauer said in the report. Lightly used versions cost an average of 9.3 percent or $3,305 more than new.
“The surge in used car prices has made fuel-efficient cars like these the only affordable option for many consumers,” explains Brauer. “It’s likely that buyers will see the price tags of their used car under $20,000 and not compare it to new prices for the same models, which cost about $2,000 less — assuming you can find one on a dealer lot.”
These vehicles are in high demand compared to the supply. Expect lightly used versions to cost about 10 percent, or $7,233, more than their new counterparts.
Lightly used versions of the Accent sell for about 10.3 percent or $1,886 more than their new versions.
Despite rising gas prices, the average cost of a lightly used Suburban is about 11.2 percent, or $7,881, more than a new version of the large vehicle.
“The in-demand Taycan has a six-month waiting list for its new versions, and with an average used car price of $138,714, affluent buyers are willing to pay more than they would for a new version,” Brauer said.
The average cost of a lightly used Rav4 Hybrid is about 13.5 percent or $5,002 more than a new version.
“Since its debut, the Chevrolet Trailblazer has been in high demand and in the first quarter of 2022, new car sales fell 65.6 percent due to supply constraints,” Brauer said in the report.
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Lightly used versions of the Chevrolet Corvette cost an average of 16.4 percent more than the new version. “The mid-engined 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,” said Brauer. “Dealers are backlog in orders for the 2022 model and long waiting lists have formed for the high-performance Z06 version coming for the 2023 model year, increasing demand for lightly used versions.”
The lightly used vehicle with the biggest price difference compared to its new version is the Mercedes-Benz G-Class, with an average increase of 21.5 percent, which equates to a whopping $40,958. “The luxurious off-roader of the Mercedes-Benz G-Class is a status symbol with record sales in 2021,” said Brauer. “The success led to a shortage of new versions, with wait times of more than a year, forcing dealers to cancel their orders in January and driving well-funded buyers into the used car market.”
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