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These Cars Are Worth More Used Than New

These Cars Are Worth More Used Than New

These Cars Are Worth More Used Than New

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Older versions of cars are usually preferred as they are expected to cost less, but that is not always the case. Indeed, the current car market, affected by many factors, has caused some used cars to become more expensive than brand-new ones. 

A Shrinking Market

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One of the biggest reasons some used cars now cost more than their new counterparts is changing consumer habits influenced by economic uncertainty and a decreased desire for travel in the face of global general insecurity. 

As a result, new models of some cars created in recent years have fallen in price and supply while their used counterparts are selling at a higher premium. Some other crucial factors that have led to this are listed below. 

Factors That Affect Car Prices

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Various factors can make a used car sell at a higher price compared to the original cost of a new one. They include: 

  • Less microchips in circulation: We have the COVID-related factory shut-downs to thank for this. They effectively reduced the number of microchips manufacturers could obtain, and without them, making even the average car is impossible. 
  • Problems with supply: Factories that manage to get enough parts hit a wall when it is time to supply the vehicles to dealerships that need them because there are now fewer delivery drivers.
  • Low supply of new and old vehicles: If new cars of a particular model are not getting distributed, prices for their used counterparts tend to increase. On the other hand, some cars don’t have their old, used counterparts on the market anymore because manufacturers had to slow down production between 2009 and 2011, meaning that many cars that should be affordable and well-maintained are simply not available. This leaves those interested in owning cars no other option but to look to new or late-model vehicles.
  • Dealers desperate for trade-ins: In an attempt to stock up, some dealerships resorted to paying more for used vehicles, which led to increased demand and a rise in sales prices. Reports claim the average trade-in price for used vehicles rose by more than 75 percent compared to June 2020. Below is a list of cars that will cost you more money to buy second-hand than new.

2021 Toyota Tacoma TRD Sport

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Used versions of this pickup truck cost $42,998, while the new one costs $41,862. Thanks to the popularity of pickups nowadays, especially the Tacoma, some people have resorted to buying new ones, putting some mileage on them, and then putting them on the market as used at a slightly higher price. 

ALSO READ: Tesla Slashes Prices of Some of Its Most Popular Models, Costing Less Than the Average Car 

2021 Tesla Model 3 Standard Range Plus

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The price disparity between this car’s old and new versions is quite considerable, almost ten grand in difference. This is not a surprise, as Tesla is a hot brand, but it is made even more appealing because it is electric.

It also has a waiting list you need to register on to get a new one, which naturally means it will have a solid secondary market for people who don’t want to wait.

2021 Toyota RAV4 Hybrid XSE

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With the new model priced at $38,781 and the used model costing $44,998, the 2021 Toyota RAV4 Hybrid XSE is the second Toyota on this list with a significant disparity. Research has revealed that disparity can be as high as $5,000, sometimes even more, depending on the location, mileage, and quality. 

2020 Honda Civic Si

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The sexy-looking Honda Civic, released in 2016, has also seen a considerable hike in the price of its used stock. It is one of the latest generations of Civic and is among America’s best-selling cars. Used versions of this car sell for about $7000 more than a new model in Ohio, and that disparity is similar in other places. 

2020 Kia Rio

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A new 2020 Kia Rio costs $16,566, while the old ones have been selling for as high as $20,590. The normally pocket-friendly vehicle features a redesigned engine and transmission, is very fuel efficient (41 mpg highway), and has an impressive five-year, 60,000-mile warranty.

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2021 Kia Telluride SX

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This is another vehicle with a considerable disparity in resale price. Reports put the cost of an old one at almost $900 higher than the manufacturer’s suggested retail price (MSRP), but in some areas, like Seattle, the second-hand models are selling at nearly $4000 higher than the new ones regardless of the mileage. 

2020 Honda Odyssey EX

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It is a family vehicle, but in Pennsylvania, the 2020 Honda Odyssey sells at a $3,600 premium over a new one, which costs a manageable $33,944. It boasts durability and a V6 engine, and the fact that the disparity is not too great makes it a well-sought-after vehicle on the secondary market.

2020 Dodge Challenger SXT

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An old 2020 Dodge Challenger SXT sells for $32,999, about $5000 higher than the new ones, which cost  $27,869. The value of the disparity between the used and new models varies, but they are high everywhere you look in the country. 

2020 Chevrolet Corvette Stingray Coupe

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The 2020 Chevrolet Corvette Stingray Coupe is a high-end car, so few are available. Like Tesla cars, this can mean long wait lists for new ones, which has driven prices of second-hand models up on the secondary market. New ones sell for $81,425, while used ones cost $98,135.

ALSO READ: University of North Carolina Scraps DEI Programs, Allocates Millions to Campus Police 

2021 Subaru Forester Sport

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This dependable crossover SUV has been in production for decades and has earned an excellent reputation. The new one is priced at $32,987, but used ones sell for $34,649. Research has shown that the disparity between those prices increases in Colorado and Michigan, areas known for their off-road trails and heavy snowfall.

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