These 10 Worst Used Cars Aren’t Worth Shortcutting the 2021 Microchip Shortage
If you’ve looked at used vehicle values recently, then you’ll know that even older high-mileage examples currently sell for silly money. As a result, there are plenty of well-liked models you’ll want to avoid for the time being. While these are not bad cars by any means, the recent price inflation makes them terrible value. That’s why today, we’ll look at the top 10 worst used cars you’ll want to avoid in 2021.
The information for today’s list comes directly from a study conducted by iSeeCars. As part of this extensive study, iSeeCars evaluated the sale of over 1.2 million used vehicles in April.
Why are these the worst used cars to buy right now?
While this recent pricing surge seems quite ridiculous if you’re looking at buying a vehicle, there’s a very good reason behind it. According to Automotive News, an ongoing global microchip shortage has severely affected the production of brand-new vehicles.
In short, most automakers don’t have all of the necessary components to produce their normal output. Given how advanced brand-new cars can be, automakers need a considerable amount of microchips to produce them. Some automakers have gone as far as removing features from brand-new models to keep up with production.
The result is a massive shortage of new cars arriving at dealership lots across the nation. Since buyers can’t buy that shiny new car, they’re left to turn to the used car market. Given the scale of the problem, used car prices have seemingly shot up in recent times. Thanks to their new valuations, these excellent vehicles are now some of the worst used options money can buy.
Here are the 10 contenders you’ll want to avoid
When looking at this iSeeCars list of the worst used cars to buy right now, a couple of things stand out. For starters, the average used car has increased by 16.8 percent, says iSeeCars. This marks a significant increase of $3,926 in just one year. This means that folks are paying top dollar for even older models with higher mileage.
Out of the 10 options listed above, four of them are pickup trucks, ranging from $35,000 to $42,000. What makes this especially interesting is the fact that most of these models carry significantly lower MSRP’s than that. As a result, these models are likely trading quite close to their original list price.
The most unsurprising spot on this list goes to the Chevrolet Corvette with a 33.9 percent price increase in one year. While this is significant for a sports car, you have to remember that production of the new mid-engined model has been extremely slow. As a result, anyone that gets their hands on a brand-new one flips it for over its list price.
These might be the worst used cars to buy, but they’re the best to sell
While it might be a horrible time to buy any of these used cars, it’s a fantastic time to sell one if you own any of these models. If you were on the fence about trading any of these new vehicles to upgrade, now is the time to do it. This is because once the shortage clears and production ramps back up, people will likely begin to dump their high-mileage machines in exchange for some brand-new metal.