Everyone knows that car prices are out of control right now, but some SUVs are even more expensive than others right now. Business Insider recently released a list of the used vehicles that are selling for way more than usual, and the Kia Telluride is near the top of that list. What makes used Kia Tellurides sell for so much more that it makes more economical sense to buy a brand new 2022 Kia Telluride?
Used Kia Tellurides are insanely expensive right now
The price of all used vehicles is up right now, yet some models are impacted more than others. A used Kia Telluride will cost you way more than usual. According to Business Insider, you could buy a brand new 2022 Kia Telluride for $46,429. You’d have to find one, first. Since new SUVs are so hard to find right now, you just may turn to a used Kia Telluride. Those are selling for an average of $50,295. That’s an increase of $3,866, or 8.3%.
Perhaps you don’t mind overpaying for your Telluride, but consider this: it’s not just the prices that are unequal. A used Kia Telluride will be coming with miles and wear and tear, while a brand new Telluride is obviously free and clear of any of this. That will impact depreciation. If you decide to sell your Telluride down the road, you’ll have lost even more on a used Telluride than you would on a new SUV.
The Telluride is one of the most popular SUVs
The Kia Telluride price is high, but all SUVs are right now. So what makes the Telluride so much more expensive than other similarly-sized SUVs? It’s the Telluride’s popularity. While the Toyota RAV4 and Tesla Model Y are above the Kia Telluride on the list of most expensive used vehicles, each of these SUVs targets different markets. Tesla shoppers are looking for something electric. Toyota RAV4 shoppers likely want something small and more affordable. The Telluride appeals to families, with its good looks, three rows, and numerous awards.
The 2022 Kia Telluride just won Kelley Blue Book‘s Three-Row Midsize SUV Best Buy of 2022. It’s also an Insurance Institute for Highway Safety Top Safety Pick award winner. These are the types of awards that make SUVs more desirable, and will lead to people being willing to pay extra for them.
Why are used cars so expensive?
There’s been a microchip shortage going on that has wreaked absolute havoc on new car production. Without these microchips, which power so much of what modern vehicles can do, 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, trucks, and cars.
With so many people shopping for used vehicles, dealers don’t exactly have an incentive to lower the price of their SUVs, trucks, and cars, or offer any deals. 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 the high prices because they have little choice otherwise, and affordable models are difficult to find.
If you’ve been shopping for a used Kia Telluride assuming that it will be cheaper than a brand new one, you might want to reconsider. Of course, it’s incredibly difficult to even find a new Kia Telluride right now. Yet the potential savings in depreciation just may make it worth waiting, if you can. Otherwise, try to negotiate the best deal, knowing that right now, dealers don’t have a whole lot of incentive to cooperate.