The semiconductor chip shortage and other production delays have created a massive used car price jump. Since so many new models are delayed, car lots are running out of new inventory, making used cars a huge commodity. Although nearly all used car prices are rising, five models, in particular, are going gangbusters.
Used Chevrolet Corvettes prices are out of this world
The 2020 C8 Corvette has been in the news often since its debut. Corvette fans were excited to hear that the new generation would be moving to a proper supercar set up with a mid-engine configuration. Although the C8 is one of the best bangs for the buck in the sports car world, the recalls and delays have made getting a good one nearly impossible.
Yes. The launch of the C8 was a bit of a flub, the car is still rad, and buyers apparently still really want one. According to Gear Patrol, used Corvettes have skyrocketed in value. These used cars, on average, cost $68,804. This represents a $17,000 increase and a 34 percent increase.
The Mercedes G Wagen has blown the used car market up
Mercedes G Wagens are like Toyota Camrys in places like LA, California. But, make no mistake about it, these are a bit more expensive than the humble Camry. In fact, the G-Wagen’s prices are so high that it really doesn’t make that much sense given the current trends.
As EVs and hybrids replace thirsty SUVs, the G-class’s average used price of $148,937 is pretty wild. These monster V8 cubes have grown $37,000, which represents a 33 percent increase over the year.
Forget trying to get a good deal on a used pickup truck
This used car price jump isn’t only for the fancy stuff. In fact, the used pickup truck market is blowing up just as much, if not more, than the rest. The Ram 1500, in particular, is blowing up. Unlike the Corvette or Mercedes G-Wagen, the Ram 1500 is a used car price that makes sense to be climbing.
Pickup trucks aren’t just toy cars or something that is super susceptible to fads or trends. These trucks are always needed for work. So, when the chip shortage hit the truck market, the used trucks had to go up in value. In fact, the average used truck price for a Ram 1500 right now is $35,798. This is an increase of over $8,000 and a percentage increase of over 28 percent.
Used truck prices are up across the board but the GMC Sierra is a big one
It took a little while for the chip shortage to become unanimous, but it eventually happened. Just like the Used Ram 1500 prices, used GMC Sierra prices have also blown up.
Used GMC Sierra prices have gone up by a whopping $9,500, making the average price $42,347. That used truck price bump represents a 29 percent growth.
Another Mercedes makes the used car price increase trip to the moon
The used G-Wagens aren’t the only Mercs that are seeing crazy value increases. The Mercedes-Benz S-Class cars are going like a lost balloon, up and up. Gear Patrol says that these luxury sedans are seeing an average price of $74,326. This is a $16,000 price bump for used models and a percentage increase of nearly 28 percent.
From executive-class luxury sedans to blue-collar work trucks, used car prices are getting out of hand.
When will the chip shortage end?
Unfortunately, there is no real end in sight for the semiconductor chip shortage. This, along with other production log jambs, will likely hinder new car production for the foreseeable future. The results will be a booming used car market until the production delays are resolved.