These SUVs Are More Affordable Today Than 6 Months Ago
The cost of used cars, trucks, and SUVs is down about 8.7% over the last year. While used car costs have been all over the place in the previous few years due to complications from the semiconductor chip shortage, some sport utility vehicles saw even more significant drops. Three SUVs that are more affordable today come from Toyota and Jaguar, but there are plenty of cheaper cars on the market today than one year ago.
Toyota’s RAV4 SUV is more affordable today
iSeeCars says that the cost of some used SUVs is far more affordable today than six months ago. A recent study looked at 1.8 million five-year-old used car sales in February 2022 and 2023 to compare average listing prices. The average cost of a used car in February of this year was $31,815, down from $32,052 in January. The Toyota RAV4 is a popular SUV with many configurations for drivers, which also means more options on the road.
iSeeCars found that the average cost of a used RAV4 in February 2023 was around $27,612, down $3,537 from the same month in 2022. That’s a change of 11.4%, significant enough to make the Toyota SUV affordable again.
While it isn’t an SUV, the Tesla Model 3 topped the list of SUVs that are more affordable today. A Tesla Model 3 had an average price of $41,337 last month, down $11,302 from last year.
The Jaguar E-PACE SUV is more affordable today
When it comes down to it, iSeeCars’ executive analyst Karl Brauer says, “The used car market has fragmented over the past year. While prices are still higher than before the pandemic, they have consistently dropped over the past year and at an accelerated rate in the past six months.”
The Jaguar E-PACE is the brand’s compact performance SUV that starts at $48,000 brand new. Average costs for a used E-PACE last month were around $33,836, down $4,437 from September 2022. This luxury vehicle actually made the list of SUVs that are more affordable today than last year, showing a $7,377 decrease from the same time in 2022.
The used vehicles with the most significant reduction in cost over the last year are the Infiniti QX80 and Nissan Armada (mechanical twins). Both of these large SUVs saw a 20% decrease between the previous year and now. The Armada is one of the only non-luxury models on the list.
Even though the Toyota C-HR is discontinued, it remains more affordable
As far as SUVs that are more affordable today than previously, the subcompact Toyota C-HR saw an 11.9% decrease over six months. It could be because Toyota discontinued the C-HR after 2022 instead of more versatile options, like the new Corolla Cross SUV. Either way, the cost of a used version has been down quite a bit over the last six months.
Since fuel costs have fallen since the significant spikes last year, many hybrid vehicles still hold value. iSeeCars found that hybrid cars are only down 2.1% over last year, with an average cost of $702. Electric vehicles have seen the most dramatic changes in cost, falling 13.9% compared to a year ago.
The Infiniti QX80 saw the most significant change out of any vehicle, dropping 22.3% in just one year. That brings the average cost down $11,780, for a total of $41,094. After a tumultuous couple of years, seeing cars, trucks, and SUVs that are more affordable is a positive sign for the automotive market.