It is a weird time to be buying a new car or even a used car. Right now, the average lightly-used used car costs 1.3% more than the latest version. One of the most significant jumps in used car prices is an astonishing 50.4% more for the used version over a brand-new car.
The most overpriced used cars are in California, Hawaii, and Alaska
If you haven’t come across research from iSeeCars before, the company analyzes price data for new and used cars annually. This particular study used the price of more than 1.5 million new and used cars sold in January 2022 to determine how much more expensive one was than the other. According to the U.S. Bureau of Labor and Statistics Consumer Price Index Summary, the prices of goods and services are up 7.5% across the board. This is the highest increase since June 1982.
The highest-priced used vehicle probably won’t even come as a surprise. In California, a used Mercedes-Benz G-Class is 50.4% more expensive than a new G-Class. That makes a used G-Wagon $87,614 more expensive than the latest version for sale right now, which is kind of incredible. The G 550 SUV starts at around $131,75, while the AMG G 63 SUV starts at $156,450. Oh, to see and be seen on the mean streets of Beverly Hills.
Next up are used car prices for the Dodge Charger in Hawaii, which is 28.8% higher than the price for a new one. Buyers can expect to pay an average of $11,283 more for a used charger over the new Charger right now. In Alaska, a used Subaru Crosstrek is 28.3% more than a new Crosstrek. That’s about $8,261 more for a used Subaru than the brand-new version.
Most used car prices landed somewhere in the 20% over new range
The Dodge Charger is pretty popular in Kentucky, with owners paying 24.1% more for a used Charger. While that is a high amount, the Charger isn’t too expensive to start. That makes a new charger about $9,379 cheaper.
Those looking to retire in Florida with a red convertible Chevrolet Corvette can expect to pay 24% more for a used Corvette. These are coming in $19,494 more expensive than a new Corvette right now if you can even find one. Since the Corvette is so costly, 24% makes a pretty big difference in the price.
A variety of cars fall into the 22% range. New Mexico is seeing price spikes on used Kia Sportage SUVs (22.5%), and it is the same story in Pennsylvania with a used Dodge Charger (22.5%). The Toyota RAV4 Hybrid is more expensive used in Oregon (22.3%) and New Jersey (22.2%).
iSeeCars found that SUVs make up the most overpriced vehicles on the list
Overall, the Toyota Tacoma truck is the most expensive used car versus the new version in eight states. Vermont, Oklahoma, Nebraska, and more are big fans of a used Tacoma. The Mercedes-Benz G-Class is by far the most expensive used car on the list, with a 50.4% increase over the price for a new one. In no surprise to anyone, iSeeCars says, “SUVs are the most represented vehicle type accounting for 31 of 50 vehicles.”
iSeeCars says that if you are trying to decide between a used car or a new car, there are a few things to consider. In the past, buying a lightly-used car, truck or SUV used to bring savings right away. That isn’t the case right now. Buyers should look at the used car’s price compared to that of the new vehicle to see where it lands. Try to find a vehicle with a high price increase if you buy a used car.