It’s no surprise that new SUV prices are out of control right now. It’s practically impossible to get a good deal on a new vehicle. That’s if you can even find one. However, that makes finding used vehicles even more difficult and drives up the price. There are some new and used vehicles impacted more than others. The 2022 GMC Yukon is one of those SUVs. Right now a used GMC Yukon is worth way more than a brand new 2022 GMC Yukon.
Is a 2022 GMC Yukon expensive?
The price of a brand new 2022 GMC Yukon is fairly expensive, at $56,295. That’s for the base model Yukon, the SLE. However, it’s far from the average selling price of a new Yukon, which is $72,870. Is that a pricey amount for an SUV? Sure, but the Yukon is a three-row SUV loaded with features. It’s like a more upscale version of the Chevy Tahoe.
The average price of a used GMC Yukon is $78,352. That’s a difference of $5,483, or 7.5%. Clearly, the average price of a new GMC Yukon is less than that of a used one, but it isn’t going to be easy to find either. Until supply chain issues remedy themselves, it’s likely that this trend will continue for the foreseeable future.
Why are used car prices so high right now?
One of the biggest reasons for the insane used car prices is an ongoing microchip shortage. These microchips power so much of modern vehicles that car manufacturers have been forced to slow down or even cancel their models’ production. That leads to fewer new vehicles being available and sends shoppers looking for used SUVs.
With so many people shopping for used vehicles, dealers aren’t negotiating the price of used vehicles. In fact, they’ve been able to successfully raise the prices of these vehicles so high that they’re out-pricing brand new models. People are paying high prices because they have little choice otherwise, and affordable models are difficult to find.
When will car prices go back down?
Those in the market for a new SUV may be wondering when – and if – car prices will go down. Unfortunately, there’s no definitive answer. While the increase in car prices has been slowing down recently, no one knows when or whether they’ll stop climbing. Still, there’s a chance that the market could steady sometime early in 2022.
Sometimes you can’t wait to buy a new vehicle. If you find yourself in desperate need of a new vehicle, you might have no choice. And if you know you want or need something big like the 2022 GMC Yukon, then you may really be in a tight spot. There are fewer Yukons available than other vehicles, and it doesn’t help that they’re popular.
If you have the option to wait to buy a new SUV or truck, it may be a good idea. Car prices are insanely high right now, and if things return to the way they were, that could mean a major depreciation for your Yukon. If you overpay for the GMC Yukon now, you may lose money on it if you have to sell it down the road.