Top 15 Cars That Cost More Used Than New As Used Car Prices Stabilize

Highlights:

• The average lightly-used car is 1.0 percent less expensive than its new version
• Mercedes-Benz G-Class as a used vehicle is the most expensive over its new version
• The list of vehicles that are more expensive used than new is a mix of two extremes: gas-guzzling expensive SUVs and economical small cars
• Nissan is the most represented automaker for lightly-used cars that provide the greatest savings over their new versions

iSeeCars.com analyzed asking prices from over 1.5 million new and used cars sold in April 2022 and found the average 1- to 5-year-old used car costs just 1.0 percent less than its new version. It identified the top 15 lightly-used cars that have the greatest price difference compared to their new versions, as well as the new cars that are more expensive than their used versions. 

“Used car prices have improved since January, when the average used car was actually more expensive than its new version,” said iSeeCars Executive Analyst Karl Brauer. “The average lightly used car is currently just 1.0 percent or $454 less than its new version, and when you compare that to prices before the microchip shortage when the average lightly-used car cost 17 percent less, you see that used car prices are still well above normal.”

The average price of a 1-5-year-old used car was $34,392 in April, which is a 23.9 percent increase over the previous year. This is down from $34,449 in March, which was a 30.4 percent increase year-over-year. “Used car prices began to rise in April 2021 due to the microchip shortage,” said Brauer, adding, “so as the year-over-year elevation in price is dropping, we see used car prices stabilizing at these record highs, with only a tiny drop in recent months.”

Best Cars to Buy New: Used Cars with The Highest Increases Over New Versions 

Two electric vehicles, the Porsche Taycan luxury electric sedan and the Ford Mustang Mach-E also make the list. “The in-demand Taycan commands a six-month waiting list for its new versions, and with an average used car price of $138,714, well-heeled buyers are willing to pay more than they would for a new version,” said Brauer. “The new for 2021 Ford Mustang Mach-E has also been a hot seller since its debut, with Ford shutting down new orders and the current wait time for a new model exceeding 32 weeks.” 

The Chevrolet Corvette ranks fourth, with lightly-used versions costing an average of 16.4 percent more than its new version. “The mid-engine 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 have a backlog of orders for the 2022 model, and long waitlists have formed for the high-performance Z06 version coming for the 2023 model year, elevating demand for lightly-used versions.”

Two new-for-2021 subcompact SUVs make the list: the Chevrolet Trailblazer and the Kia Seltos. “The Chevrolet Trailblazer has been in high demand since its debut, and had a 65.6 percent decrease in new car sales in the first quarter of 2022 due to supply constraints,” said Brauer. “Similarly, the Kia Seltos decreased in sales by 33.8 percent over the same period, meaning a lack of inventory combined with a surge in gas prices has boosted demand for used versions of these small SUVs.”

Five Toyotas make the list including the Toyota RAV4 Hybrid compact SUV, the Toyota Tacoma midsize pickup truck, the Toyota Sienna minivan, the Toyota Corolla Hybrid, and the Toyota Prius Prime plug-in hybrid. “Toyota is one of the automakers with the lowest inventories, and demand for the RAV4 Hybrid, Corolla Hybrid, the hybrid Sienna minivan, and Toyota Prius Prime plug-in hybrid exceeds supply, especially amid high gas prices,” said Brauer. “The Toyota Tacoma continues to dominate the midsize pickup truck market as used versions command a premium amid inventory constraints.”

Two full-size SUVs from General Motors also make the list: the Chevrolet Suburban and the GMC Yukon. “Demand for full-size SUVs continues to grow as both of these vehicles saw increases in sales for the first quarter of 2022 over 2021,” said Brauer. “With the low inventory of these popular models, buyers are willing to pay extra for lightly-used models.”

Two subcompact cars round out the list: the Kia Rio and the Hyundai Accent. “These vehicles are among the most affordable cars on the market, and the surge in used car prices have made economical cars like these the only affordable options for many consumers,” said Brauer. “It’s likely buyers see their used car price tags of under $20,000 and don’t comparison shop against new prices for the same models, which cost about $2,000 less – assuming you can find one on a dealer lot.”

Top 15 New Cars More Expensive Than Used

“Used cars are not seeing the dramatic drop in prices they have historically due to the unique market conditions we're experiencing related to new car shortages,” said Brauer.  “Used car shoppers can still save money buying a lightly-used car instead of a new car, but the savings are 25 to 30 percent lower than what we saw pre-pandemic.”

Three additional luxury sedans join the INFINITI Q50 to make the list, including the BMW 7 Series, the Alfa Romeo Giulia, and the Audi A6. Buyers who opt for a one-year-old version of these sedans can enjoy significant savings, ranging from $9,139 for the Alfa Romeo Giulia to $19,883 for the BMW 7 Series. “These price drops reflect the declining popularity of sedans, especially among luxury buyers that have switched to SUVs in recent years,” said Brauer. 

The Acura MDX midsize luxury SUV ranks second. “The popular Acura MDX was completely redesigned for 2022 after taking a production hiatus for the 2021 model year, reducing the appeal of lightly used models,” said Brauer. 

The convertible version of the popular sports car, the Ford Mustang, ranks fifth. “The Ford Mustang saw price increases across all trims in 2021 and the debut of the Mach-1 trim that replaced the less-expensive Bullitt trim,” said Brauer. “Appearance packages were also added to the 2022 model, which could lead to savings on lightly-used versions coupled with the fact that performance cars are in less demand due to high gas price.”

Four non-luxury compact SUVs make the list including the Mitsubishi Outlander, the Jeep Cherokee, the Jeep Compass, and the Hyundai Tucson. “Similar to the Acura MDX, the Mitsubishi Outlander skipped production for the 2021 model year, with the exception of plug-in hybrid models, and was completely redesigned for 2022,” said Brauer. “The Jeep Cherokee and the Jeep Compass are off-road capable crossover SUVs that don’t match the competition’s refinement, and the Hyundai Tucson was redesigned for 2022.”

Top Used Cars More Expensive Than New By City:

When deciding between a new and a lightly-used version of the same vehicle, there are important things to consider. “While buying lightly-used typically provides upfront cost savings compared to buying new, this is no longer the norm in today’s market,” said Brauer. “Shoppers looking for lightly-used cars should always compare the prices to new cars, and buyers who are unable to find the new car they want should avoid vehicles with the highest used-car price increases if they decide to go used instead.

More from iSeeCars.com:

• How to Buy a Used Car?
• Best Midsize SUVs
• New Vs. Used Car Buying

iSeeCars.com analyzed over 1.5 million cars sold between April 1, 2022 and April 30, 2022.  New cars included in the analysis were from model years 2021 and 2022, while lightly-used cars were defined as used vehicles from model years 2020 and 2021. Low-volume models were excluded from the analysis, as were cars with outlier mileages and models discontinued as of the 2021 model year. The average asking prices of the lightly-used cars were compared to those of new cars from the same model. The difference in price for each car was expressed as a percentage of the new average prices and ranked by this difference.

About iSeeCars.com

iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $337 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.