CarInsurance.org found that the Toyota RAV4 Hybrid and the Chevrolet Corvette Stingray were the biggest gainers last month, topping the list of used cars with prices above new-car MSRP.
Using different metrics, iSeeCars recently found that the Kia Telluride, GMC Sierra 1500, and Toyota Tacoma were the top three used cars that cost more than new versions.
New and used vehicle prices are not following the traditional rules these days. The average new-car price hit $41,044 in July, a jump of 17 percent over the year before and, more important, the highest average ever recorded, according to data from J.D. Power and LMC Automotive Forecast. Meanwhile, the confluence of COVID-19, semiconductor chip shortages, and the resulting manufacturing delays has meant that you can’t necessarily find the new car you want when you want it. So demand for used cars has become so great that sellers can practically write their own prices—and they’re doing just that.
Take the 2020 Toyota RAV4 Hybrid in base LE trim, for example. The popular and fuel-efficient small SUV had an official starting MSRP of $29,470, including Toyota’s $1120 delivery fee. But if you were to look at the used listings on Edmunds.com for a 2020 RAV4 Hybrid, you will not find any that are listed below that price. Every one of the 38 used 2020 RAV4 Hybrids currently for sale cost more than the vehicle did when it was new, with many of them featuring an asking price well above $35,000. The price of a new 2021 RAV4 starts at $30,115, including the $1215 delivery fee.
CarInsurance.org took a look at Edmunds data to find the vehicles with the biggest delta between their 2020 MSRP and their current highest used car asking prices. The group found that the 10 most popular used cars had a price that was, on average, $7557 higher compared to their new purchase price. Percentage-wise, the RAV4 Hybrid had the largest price increase at $10,493, representing a jump of 37 percent, the group said. The second-highest increase was found in the Chevrolet Corvette Stingray, which jumped up 28 percent, or $22,865.
Chevrolet kept the official MSRP for the brand’s first ever production mid-engine Corvette the same for the 2021 model year as it was for 2020, which means the Stingray costs $60,995 for the coupe and $68,495 for the convertible, including Chevy’s $1095 destination fees. Looking at the actual prices for vehicles available today, there are more than 500 of the 2020 Stingray available on Edmunds, and the lowest-priced one costs $87,500. Sure, that particular example comes with the $1195 Performance Exhaust option, but that doesn’t begin to explain the almost $20,000 price difference.
Whatever the exact price increases are for a model you might be interested in, used cars that cost more than new versions are becoming a bit of a trend. Last month, iSeeCars looked at the differences between prices of 2019–2020 model used cars and 2020–2021 model new cars. After analyzing 470,000 listings, the difference between the two groups was just 3.1 percent, down from a 10.8 percent difference in November 2020. iSeeCars found 16 models that cost more used than new, with the Kia Telluride, GMC Sierra 1500, and Toyota Tacoma leading the pack.
You Might Also Like