It is no secret that prices for new cars and used cars is through the roof right now. While the market recovers from the semiconductor chip shortage, certain vehicles are subject to intense price hikes. It seems the 2021 Toyota 4Runner is coming to steal the most-marked up new vehicle top spot from the Kia Telluride.
Why are Toyota 4Runners so expensive?
Right now, the 2021 Toyota 4Runner is one of the more popular vehicles on the market. Inventory is fairly low, and dealerships are taking advantage of that. According to Jalopnik, one user on the Toyota 4Runner subreddit found a New York dealership marking up the SUV by quite a bit.
Millennium Toyota in Long Island has about five 2021 4Runners available. While three of the 4Runners have normal prices, some of the TRD Pro options are marked up quite a bit. One user posted photos of an updated sticker price on two 2021 Toyota 4Runners. One of the vehicles, a 2021 Toyota 4Runner TRD Pro, had an initial cost of $52,753. Due to “limited availability,” the dealership added $23,000 to the price, bringing the total to $75,753.
Another 2021 Toyota 4Runner TRD Pro in the Lunar Rock color had an MSRP of $52,569. The note on the window sticker has “+$30,000” due to limited availability bringing the price up to $82,569. On the paper, it notes that these prices are the “dealer’s asking price (not the manufacturer’s suggested retail price).” The Lunar Rock color is fairly popular, but is it $30,000 extra popular?
The Kia Telluride price trajectory
Back in May, one dealership made waves for a similar reason. A dealership in Montana left a hand-written noted on the window of a 2021 Kia Telluride telling buyers not to try and haggle over the SUV. The note on the 2021 Kia Telluride SX SUV, noted that it was the “most sought after vehicle in the world.” It went on to say “We cannot order you one, nor can we dealer trade for one.” And the worst part? It sold.
The Kia was listed on the dealership website for a final price of $78,995. The retail price is listed at $53,505. That’s a markup of over $25,490 without any of the tax or other fees included. But the Kia Telluride is expensive both new and used right now. It topped the list of used SUVs that cost more than new SUVs right now. Buyers are lucky to find one at MSRP right now, if one can be located at all.
While inventory is still struggling to keep up, it is likely the market will see more of these markups before prices level out again.
Prices are up all over, but certain areas are seeing higher spikes
However, this isn’t the case for all dealerships. When looking at local offerings, most of the 2021 Toyota 4Runner TRD Pro models are still in the normal price range of $50,000 to $55,000. Certain cities with higher populations are also seeing higher price spikes.
According to iSeeCars data, places like Atlanta, Georgia, Boston, Massachusets, and Chicago, Illinois are at the top of the list for higher prices. In Atlanta, the GMC Sierra costs almost $5,000 more for a used truck, or 9% over the MSRP. The GMC Sierra actually shows up on the list four times. Prices for a used Sierra are up in Atlanta, Detroit, Minneapolis, and Philadelphia. In Boston, used Toyota Tacoma trucks are up 6%, more than $2,000 over the cost of a new truck.
While the prices of used and new vehicles should level out as the year goes on, that hasn’t happened yet. If you are in the market for a used or new Toyota 4Runner or Kia Telluride, don’t get taken for a ride by greedy dealerships. You can research prices online ahead of time to avoid getting a bad deal.