The Kia Telluride is one of the most popular models on sale today. However, used values have outpaced those of new ones. According to a recent study by iSeeCars, the values of used Kia Telluride models are skyrocketing. This comes as no surprise, given the model’s incredible popularity. That, combined with strong consumer ratings and low dealer inventory, has created a true seller’s market for the vehicle.
Used Kia Telluride values are spiking
The base price of a new 2021 Kia Telluride SUV is right around $44,000 before any options. Given the current auto market circumstances, it isn’t uncommon to see these new models leave the showroom with a price tag north of $50,000. However, because of those used and new auto market circumstances, customers are left waiting empty-handed by dealerships. Inventory is low, and because of that, customers are turning to used Kia Tellurides for solace.
This is what is creating the spike in values. With no hope of relief from the semiconductor shortage in sight, consumers would rather buy a gently used model than wait. This created an 8.1% spike in used values. A used model will sell for almost $4,000 more than a new one on average. This has of course, created a massive seller’s market for every car, not just the Korean SUV.
Should you sell?
This unique set of circumstances we’re seeing right now puts you in a very good place as a seller. As a buyer, not so much. Owners of newer used Kia Telluride SUVs can expect their vehicles to fetch a premium. It may not be such a bad idea to sell now if you’re so inclined. Should you be so inclined, it may not be the worst idea to look into selling at an auction and letting the high market have its way with your gently used Kia Telluride.
As a buyer, it’s best to weather the current storm. Sellers will be expecting a premium for their vehicles, dealer, or private party. The best thing you as a buyer can do right now is to wait. One of the many driving forces of this market we’re seeing is the semiconductor shortage. All shortages, like good things, must come to an end. With that will come a return to the norm for used and new car values as the supply chain for both vehicles and the market as a whole begins to stabilize.
This may be the tail end of the used market spike
Speaking of an end to the current market insanity, the end may be in sight sooner than some think. The recovery of the post-pandemic economy, especially in the United States, will help stabilize the market. So, in short: Sellers had best sell now, and buyers had best wait. Expect to see the return of dealer incentives and inventory on a larger scale as soon as supply becomes more abundant.