If you have been shopping for a new or used car this year, then there’s a good chance that you have noticed significant price hike for used cars. You can blame the global chip shortage for that since there are fewer new cars to go around and the demand for used cars has skyrocketed. Some used cars in the market have even surpassed their original prices of when they were new.
ISeeCars recently conducted a study that shows 15 different vehicles that carry elevated prices on the used car market. As such, here are five most notable sedans and two SUVs from that list that cost more used than when they were new.
Five notable sedans with astronomical used car prices
1. Dodge Charger – $42,375 (Used), $38,587 (New)
If you’re looking for a family sedan with more muscle than a Honda Accord or Toyota Camry, then the Dodge Charger is a great choice. With four different engines to choose from, including a 707-hp supercharged V8, there’s no denying that the Charger can get you and your family to your destination with speed and style.
For now, that speed will come at a price as the average price for a Dodge Charger is $42,375 on the used market, which is 9.8% more than its original new price of $42,375.
2. Honda Civic Sedan – $25,499 (Used), $24,223 (New)
Those looking for a compact sedan will naturally gravitate toward the venerable Honda Civic. And why not? It’s fuel-efficient, reliable, and best of all, it’s cheap. Not anymore. The average price of a used Civic is currently around $25,499, which is 5.3% higher than its new sticker price of $24,223.
3. Toyota Corolla – $24,776 (Used), $23,677 (New)
If the Honda Civic sounds too pricey for you, then you can surely find a Toyota Corolla for a reasonable price, right? Wrong. ISeeCars reported that the average price for a used Corolla is $24,776, which is 4.6% higher than its original MSRP of $23,677. It looks like practicality and fuel efficiency now come at a much higher cost.
4. Subaru WRX – $36,029 (Used), $34,166 (New)
There’s nothing like driving a practical sedan with a 268-hp, turbocharged engine and an all-wheel-drivetrain. That’s the kind of fun that you would get out of a Subaru WRX, although that capability comes at a price. ISeeCars reports that a used WRX will set you back around $36,029, which is 5.5% more than what it cost when it was new.
5. Tesla Model 3 – $54,215 (Used), $49,652 (New)
You would think that an electric car like the Tesla Model 3 would surely cost less on the used market, considering there are some tax credits available on the new model. However, it’s 2021, so that’s not the case. A used Model 3 currently costs an average of $54,215, which is a whopping 9.2% more than its new car price.
Here are a couple of SUV standouts from the list
1.Kia Telluride — $50,295 (Used), $46,429 (New)
What can we say about the Kia Telluride that hasn’t already been said? Not much, other than it’s no surprise that there’s a price hike associated it. Although it’s too bad that the price hike has to do with the fact that it costs around $50,295 for a used model, which is 8.3% more than when it was new.
2. Tesla Model Y – $64,930 (Used), $56,685 (New)
The Tesla Model Y has been a hot seller in the past year or so. However, we wouldn’t be surprised if the sales of used models slow down in the next year as the Model Y takes the cake for having the highest used car price compared to when it was new. ISeeCars reports that a Model Y currently sits at around $64,930 on the used market, which is a jaw-dropping 14.5% more than what it cost when it was new.
Used sedans and SUVs now come at a high price
Gone are the days of buying a used vehicle to save some money over buying a new one. The aforementioned sedans and SUVs aren’t the only vehicles to fall victim to the ever-changing market. If you would like to check out the other vehicles including the ISeeCars list, here is the list: