How many times have you heard “the second you drive a new car off the lot, you lose money”? This has been mostly true for a long time, but this is quickly becoming less and less true by the day with the current used car madness. Of course, certain limited or super high-end cars like some Ferrari or Porsche models see immediate value jumps once all the units are sold. However, here are five normal used cars that cost more than they do as new units.
The used car market has boomed in such a way that we have never seen. Due to the chip shortage, new car production is plummeting, and used car prices are skyrocketing.
How much does a used Kia Telluride cost?
The chip shortage, along with high demand, makes finding a new model nearly impossible right now. This means the folks with a Kia Telluride who don’t mind selling can about name their price – and name it they are. The MSRP for a new Telluride is $44,166. The average slightly used price today is up eight percent to $47,730.
How much does a used GMC Sierra 1500 cost?
The pickup truck market has been hit super hard by the chip shortage. The pickup truck market is not only ruled by fleet sales and contracts with corporate fleets, but trucks are also extremely popular in the states with individuals.
Gear Patrol found that a lightly used GMC Sierra can sell for as much as $57,671. The MSRP on a new one is only $54,205. That represents an increase of 6.4 percent.
How much does a used Toyota Tacoma cost?
The Toyota Tacoma needs no shortage to have a gnarly resale value. A 20-year-old Tacoma with over 100k miles still runs for close to $15,000. As desirable as the old used Tacomas are, we have never seen anything like this.
A brand-new Toyota Tacoma goes for $37,902. A slightly used one right now is going for an average asking price of $39,875, representing a 5.2 percent increase over the new ones.
How much does a used Mercedes G-Class cost?
The 2021 Mercedes G-Class just surpassed the C8 Corvette as the fastest-selling car in America. These fancy 4x4s take only an average of nine days to sell. Considering that these boxy off-roaders have an MSRP of $182,631, that is pretty impressive.
However exorbitant that MSRP is, the used prices are now even more uptown. The current average used car price of a slightly used Mercedes G-Class is four percent higher than new at $190,078.
How much does a used Toyota Rav4 hybrid cost?
The crossover segment has been dominating the car market for years now. Every automaker in the game has scrambled to make their own offering.
The better they get at making hybrid SUVs and crossovers, the more desirable the segment becomes. The Toyota Rav4 is not only one of the first crossovers; it’s also one of the best. The reliability and toughness of Toyota mixed with the practicality of hybrid power is quite the combo.
This is why slightly used Toyota Rav4 hybrids now cost nearly four percent more than new ones. The average used Rav4 is going for $36,352. MSRP for a new Rav4 is only $34,995.
When is a good time to buy a used car?
The state of the car market right now is a hot mess. Buying a used car from a dealership will continue to be inflated and insanely expensive until these production delays are settled. The best course forward is to maintain your car well and hang on to it for as long as possible. We all have to hang on and ride this thing out. Change that oil. Do that maintenance check-up. Put some money into your car and keep it happy.