• October 21, 2021
 Report: Some used car prices now exceed new car prices

Report: Some used car prices now exceed new car prices

Restricted new car supply from the microchip shortage has led to a surge in used car prices, all around the country and here in El  Paso.

iSeeCars researchers have identified cars with used car prices that are more expensive than their new car prices. In El Paso, a lightly used Chevrolet Silverado 1500 costs 18.0% more than its new version, amounting to $7,881.

According to iSeeCars.com’s latest analysis of over 470,000 new and lightly used cars from the 2019 and 2020 model years listed for sale in June 2021, the price gap between new and slightly used cars has drastically narrowed, and some used cars have even become more expensive than their new versions.

In the first half of June, the average lightly used car cost 3.1 percent less than its new version, compared to the first half of November 2020, when they cost 10.8 percent 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.”

According to iSeeCars.com’s latest analysis, the price gap between new and slightly used cars has narrowed, and some used cars have even become more expensive than their new versions.

Here is the national list:

10 Cars That Cost More Used Than New

Rank

Vehicle

% Used More than New

$ Used More than New

1

Kia Telluride

8.1%

$3,564

2

GMC Sierra 1500

6.4%

$3,466

3

Toyota Tacoma

5.2%

$1,955

4

Mercedes-Benz G-Class

4.1%

$7,447

5

Toyota RAV4 Hybrid

3.9%

$1,357

6

Toyota Tundra

3.7%

$1,831

7

Dodge Challenger

3.5%

$1,388

8

Toyota 4Runner

3.3%

$1,485

9

Hyundai Palisade

2.9%

$1,293

10

Tesla Model 3

2.9%

$1,268

iSeeCars.com analyzed over 470,000 new cars and used cars listed for sale between June 1st and 14th, 2021. New cars were from model years 2020-2021, while lightly-used cars were defined as used vehicles from model years 2019-2020 with mileage within 20 percent of 13,476, the average annual miles traveled in the US, according to the Department of Transportation.

Low-volume models were excluded from the analysis, as were models discontinued prior to the 2021 model year. The average asking prices of the lightly-used cars were compared to those of new cars from the same model.

Click here to read the full report.

Staff Report

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