Cars are often considered poor investments and supposedly start losing value the moment they roll off the lot. However, the pandemic has reshaped the used car market, like just about everything else. Many prospective car buyers have been forced into the pre-owned market because there is a shortage of new cars and buying lightly used vehicles is the next best option. Sellers, of course, have realized what they have is in high demand.
The new car shortage is largely due to the semiconductor chip shortage. Modern cars are filled with sophisticated electronics that rely on semiconductor chips to function. Automakers have not been able to get enough chips to complete their vehicles and have had to pause or reduce production or remove certain features from the newest models to cut down on chip use.
And the chip shortage has no end in sight. According to TechSpot, an executive at chip maker TSMC even warned that it could be a couple years before production catches up with demand.
For consumers, the shortage has meant higher prices of new cars and extended wait times to buy or receive certain cars. While some people are opting to continue using their current vehicle, more and more are turning to the used car market, which has caused prices of pre-owned cars to spike as well. In fact, demand is so high now compared to supply that some used cars cost more than they do new. (Here are the longest lasting cars on the road.)
To determine the 15 cars that cost more used than new, 24/7 Wall St. reviewed vehicle search engine iSeeCars analysis, Top 15 Cars That Cost More Used Than New, which reviewed the prices for over 1.5 million cars from the model years 2020 and 2021 that were sold in January 2022. The cars on this list cost at least 11% more used than they do new. In dollar terms, this can range from about $2,000 more to as much as $62,000 more.
The used cars that fetch higher prices than new cars range widely in type and make. There are a few budget-friendly subcompacts, a range of SUVs, and even a sports car and minivan. Many of the cars that made this list debuted new models or were released for the first time in the past few years. Therefore, there hasn’t been much time to build up a surplus of used cars of these newer models, and they remain in high demand and short supply. (Check out also: This is the most dependable car in America.)
Click here to see 15 cars that cost more used than new
15. Hyundai Accent
> Pct. price difference between new and used: 11.2%
> Total price difference between new and used: $2,010
The Hyundai Accent is one of two subcompacts to make this list and one of the most affordable cars out there. The Accent is made to get the job done without a lot of extra features and luxuries. However, it does have a small touch screen counsel and other electronic components that use semiconductor chips. The Accent is regularly touted for its price tag and reliability and retails for around $15,000
[in-text-ad]
14. Toyota Sienna
> Pct. price difference between new and used: 11.2%
> Total price difference between new and used: $5,074
The Toyota Sienna was completely redesigned for 2021 and is now only sold as a hybrid vehicle. It was the top-selling minivan in the U.S. in 2021 with 57,642 units sold. The Sienna was first introduced in the 1998 model year and now retails for $36,000.
13. GMC Yukon
> Pct. price difference between new and used: 11.3%
> Total price difference between new and used: $8,258
The Yukon is a full-sized SUV and the first of two on this list. GMC eliminated features like a heated steering wheel on the 2022 model due to the chip shortage, further driving up demand for the 2021 Yukon. The Yukon was fully redesigned in 2021 and is priced at around $56,000 new.
12. Subaru Crosstrek
> Pct. price difference between new and used: 11.7%
> Total price difference between new and used: $3,524
The Crosstrek is a versatile small SUV that has room for five passengers. Subaru has experienced declining sales in past months due to supply problems, but demand for the Crosstrek remains high. The base vehicle retails for $25,000.
[in-text-ad-2]
11. Kia Rio
> Pct. price difference between new and used: 11.7%
> Total price difference between new and used: $2,090
The Rio is another subcompact that has been in high demand. According to Car and Driver, the 2021 Rio sedan and hatchback “exceed the expectations that most people have for subcompact cars,” and apparently people are willing to pay extra for what is often seen as a budget vehicle. Normally, the Rio retails for $17,000 new.
10. Kia Telluride
> Pct. price difference between new and used: 12.1%
> Total price difference between new and used: $5,552
The Telluride debuted in 2019 and has been in high demand ever since. Depending on the version, the Telluride costs between $36,000 and $47,000. The midsize SUV is full of features, including space to comfortably fit eight people. The vehicle also features Kia’s redesigned logo and high-quality interior materials.
[in-text-ad]
9. Toyota C-HR
> Pct. price difference between new and used: 12.2%
> Total price difference between new and used: $3,230
The C-HR is a subcompact crossover that theoretically goes for $25,000 new. The vehicle is highlighted for its safety features and good fuel economy. However, it is a bit limited on cargo space and is surprisingly noisy in the interior. Nonetheless, some people are paying over 12% above sticker price for lightly-used versions.
24/7 Wall St.
8. Toyota Tacoma
> Pct. price difference between new and used: 12.2%
> Total price difference between new and used: $4,530
The Tacoma is one of the top-selling midsize pickup trucks in the country. Tacomas are often purchased to be upgraded and used by off-roading enthusiasts. The new models are part of the third generation of Tacomas introduced in 2016, and the most popular version retails for $34,000.
7. Chevrolet Suburban
> Pct. price difference between new and used: 12.9%
> Total price difference between new and used: $9,106
The Chevy Suburban is one of the largest SUVs out there and was redesigned in 2021 for its 12th generation. Chevy is not shy about one of its target markets, appealing to suburban parents with throngs of children to transport from place to place. The Suburban can seat nine passengers and rides on the same platform as the Silverado 1500 truck. It normally retails for $53,000.
[in-text-ad-2]
6. Toyota RAV4 Hybrid
> Pct. price difference between new and used: 14.8%
> Total price difference between new and used: $5,298
The hybrid edition of the RAV4 gets an extra 10 mpg compared to the entirely gasoline-fueled version. The compact SUV has had extra problems keeping up with demand due to issues with battery supply chains on top of the supply chain issues facing all types of vehicles. RAV4 Hybrids normally go for around $32,000 at a dealership but good luck finding one.
5. Chevrolet Trailblazer
> Pct. price difference between new and used: 15.6%
> Total price difference between new and used: $4,270
The subcompact crossover SUV was launched for the 2021 model year and remains in high demand. It is another vehicle whose production has been limited by a mid-pandemic debut. The name may sound familiar because Chevy sold a midsize Trailblazer between 2001 and 2008. The new version retails for $25,000.
[in-text-ad]
4. Ford Bronco Sport
> Pct. price difference between new and used: 16.4%
> Total price difference between new and used: $5,766
The sixth generation of the Ford Bronco Sport is another subcompact crossover SUV that debuted in 2021 and has struggled to keep up with demand. The last time a Bronco was sold by Ford was 1996, and the return of the vehicle has been met with a lot of demand and not a lot of supply. The Bronco Sport was introduced along with a larger Bronco. The base Sport model retails for $29,000.
3. Tesla Model 3
> Pct. price difference between new and used: 17.8%
> Total price difference between new and used: $8,300
New deliveries of Model 3s are not expected until June 2022, and some people are willing to pay to get their hands on them as soon as possible. Teslas have not always been easy to acquire during the best of times, and supply chain issues have hit production as hard as anyone. The smallest and most affordable vehicle from Tesla, the Model 3 sedan, retails for $46,000 and was upgraded in 2021 with an improved interior and increased battery range on a full charge.
2. Chevrolet Corvette
> Pct. price difference between new and used: 20.2%
> Total price difference between new and used: $16,645
The current mid-engine version of the Corvette was launched for the 2020 model year to much fanfare. The high performance Z06 version is coming in 2023, and currently the vehicle is still in high demand despite plenty of supply problems. The eighth generation Corvette retails for nearly $70,000.
[in-text-ad-2]
1. Mercedes-Benz G-Class
> Pct. price difference between new and used: 35.6%
> Total price difference between new and used: $62,705
The Mercedes “G-Wagon” has become a status symbol of sorts, driven by the likes of musicians, athletes, and actors. Some consumers are willing to pay 35.6% over sticker price to get their hands on a used G-Class, an SUV that normally costs around $133,000 for the base model. Mercedes had record sales of the luxury vehicles in 2021, leading to ongoing backorders.
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
