3 SUVs That Cost More Used Than New
Some SUVs age like fine wine. While many SUV models depreciate quickly with time, some retain their value well, and others even gain value over time. Some Toyota vehicles are worth more used than new because of limited supply and increased demand. Used vehicle prices have skyrocketed during the global pandemic. Here are three SUVs that are worth more used than new.
The Toyota RAV4 is overpriced as a used SUV
The Toyota RAV4 is America’s most popular compact SUV. The RAV4 is so popular because it’s affordable, fuel-efficient, and practical. Plenty of Americans buy used RAV4 models because the SUVs tend to last for at least 200,000 miles.
According to Business Insider, lightly used 2021 Toyota RAV4 models can sell for $5,900 more than 2022 Toyota RAV4s. The 2022 Toyota RAV4 starts at $26,975. That means that used 2021 RAV4 models can sell for over $30,000. The RAV4 is a great used SUV, but base models should never cost over $30K.
While the Toyota RAV4 is extremely popular, there haven’t been many reports of RAV4 shortages. Consumers could pay more for used models through private sales to expedite the buying process.
The story by Business Insider found that RAV4 models had the biggest price gap between used and new vehicles. The RAV4 is far from the only SUV that costs more as a used model than as a new model.
The Honda CR-V costs more used than new
The Honda CR-V regularly competes with the Toyota RAV4 for the top spot. The CR-V is one of the few SUV nameplates that can stand against the RAV4. Consumers love it because of its driving dynamics and roomy cargo area and cabin.
Business Insider claims that some used CR-V models cost $3,800 more than brand-new CR-V models. The 2022 Honda CR-V starts at $26,800. Used models could sell for over $31K. Even if lightly used, consumers shouldn’t spend more money on a used CR-V than on a new one. The 2023 Honda CR-V starts at $32,355. It includes plenty of updates and great new standard features. The used vehicle market could cause Americans to overspend on used vehicles in an attempt to secure a nameplate that’s in high demand.
Should you buy a Nissan Rogue used SUV?
Some used Nissan Rogue models are sold for as much as $3,100 more than new Rogue models. The 2022 Nissan Rogue starts at $27,150. Buyers could spend over $30,200 on a slightly used model.
Edmunds praises the Rogue for its long list of standard features, comfy seats, and smooth ride quality. The 2022 Rogue has better fuel economy and a more powerful engine, so consumers shouldn’t be quick to spend more money on a used model.
Used SUV prices are getting out of control. If you’re looking for a fair price on a used SUV, use resources like Kelley Blue Book to find fair prices on model years based on mileage and options. If a vehicle’s used price is more than the MSRP of the latest model year, it could be a huge red flag.
Read more about the latest Honda CR-V model year, the 2023 Honda CR-V, in the next article below.