iSeeCars identified 16 cars with used car prices more expensive than their new car prices with the Kia Telluride topping the list with a new car price of $44,166 and a $47,730 used car price-- 8.1% increase. Image via iSeeCars.com.
Written by The Business Journal Staff
Normally, one looking for a used car would expect to pay lower prices, but the Covid-19 pandemic has turned things upside down.
Because of new car supply restrictions caused by microchip shortages, prices for used cars have surged.
According to a study from iSeeCars.com, an online automotive search engine and vehicle research website, the price gap between new and slightly used cars has narrowed, with some used cars even becoming more expensive than their new versions.
In Fresno a lightly used Ford F-150 costs about 11% more than its new version, a $5,297 price differential.
The report states that in the first half of June 2021, the average lightly used car cost 3.1% less than its new version. Compare this with the first half of November 2020 when they cost 10.8% less.
“Used car prices have risen overall, and prices have dramatically increased for certain in-demand models that may be harder to find on new car lots,” said iSeeCars Executive Analyst Karl Brauer. “Dealers may think used car buyers are willing to pay more for the instant gratification of a lightly-used vehicle they can drive right off the lot rather than waiting for a new one.”
iSeeCars identified 16 cars with used car prices more expensive than their new car prices with the Kia Telluride topping the list with a new car price of $44,166 and a $47,730 used car price– 8.1% increase.
The GMC Sierra 1500 ranked second with a $54,205 new car price and a $57,671 used car price—a 6.4% increase.
The Toyota Tacoma ranked third with a $37,902 new car price and a $39,857 used car price—a 5.2% increase.