Avoid These 4 Used Vehicle Markups
Used car prices have skyrocketed in 2021. Chip shortages have made certain vehicles extremely rare because of supply issues. Some used vehicles actually cost more than their new price because the lack of supply has caused them to go up in value. Here are four vehicles you should avoid if you are looking for a deal on a used car.
Chevrolet Corvette used car prices are ridiculous
The beauty of the Chevrolet Corvette is that it is an American sports car that is usually reasonable compared to many of its high-performance peers. A 2021 Chevrolet Corvette starts at $59,900. According to a study conducted by iSeeCars, average used Chevrolet Corvette prices were $68,804 this April. This is a 33.9% increase in used Corvette prices in April 2020. Prices have gone up by $17,432.
Used Corvettes are now more expensive than brand new Corvettes because of this outrageous price hike. If you are in the market for a Corvette, steer clear of used models because the dealership will be the only one happy after the transaction.
The Mercedes-Benz G-Class has an insane resell value
Mercedes-Benz G-Class models are known to go up in value over time. The luxury wagons are built extremely well and are practical for all sorts of terrain. The G-Class may be a luxury vehicle, but it actually performs well off-roading. It is the perfect vehicle to tackle trails and dunes in style. It means business on the inside, but its unique off-roading capabilities also make it ready to party.
Mercedes-Benz G- Class models usually have high resell prices, but 2021 is another story entirely. The average used G-Class price has increased by 33.2% since April of last year. Prices have risen by $37,161 to an insane $148,937 average used G-Class price. If a used G-Class wasn’t affordable before this crazy price hike, then it definitely isn’t now.
Stay away from used Ram 1500s
The Ram 1500 has proven itself to be a great full-sized pickup truck. It competes with legendary trucks like the Ford F-150. Ram 1500s are popular, and the chip shortages are making them even rarer. A used Ram 1500 will end up costing over $2,000 more than a brand new base model on average.
The Ram 1500’s average used price has increased by 28%. This April, its average used price was $35,798. This is over an $8,000 increase from last year’s average used Ram 1500 price. The Ram 1500 is a great pickup truck, and if you are in the market for one, you should definitely just go for a new model instead of paying thousands more because of supply issues.
The GMC Sierra 1500 is much cheaper brand new
GMC’s Sierra 1500 is far from the best pickup truck on the market, but it does have its perks. It may not provide as smooth of a ride as its competitors. It definitely doesn’t provide as luxurious a cabin as pickups from automakers. One of the highlights of the GMC Sierra 1500 is its affordability. Skyrocketing used car prices have thrown that affordability out the window.
A brand new 2021 base model GMC Sierra 1500 starts at $30,100. The average price of a used GMC Sierra 1500 this April was $42,347. This average price increased by 28.6% from last year’s price. The total difference is $9,418.
Supply and demand are the main dictators of automobile pricing. Chip shortages have caused used vehicle prices to rise at unprecedented rates from almost all automakers. Now isn’t a great time to buy a used car. If you do choose to buy a used car at this time, make sure you are aware of how much average prices for your vehicle of interest have increased.