Kristen Lee/Business Insider
- Car dealers are facing a supply crunch that's caused used car prices to go through the roof.
- Some 2019 and 2020 cars are cheaper to buy new right now, according to a study from iSeeCars.
- The Kia Telluride now costs $3,564 more to buy used than new.
- See more stories on Insider's business page.
Skipping a brand-new car for one that's lightly used has always been the most wallet-friendly way of going about things. Not anymore.
In the strange and sometimes utterly backward-seeming times we're living in, it's actually cheaper to buy some cars new rather than second hand. A recent study from automotive research site iSeeCars.com identified 16 such vehicles, some of which cost thousands more to buy used.
The pandemic has led to a diminished supply of cars and an outsize demand for them, the result being that used vehicle prices are through the roof. Amid financial uncertainty, people have been hanging onto their cars longer, choking one of the key pipelines of used cars to dealers. Meanwhile, an ongoing shortage of microchips has hampered car production globally and slashed the supply of new models.
The result, according to iSeeCars.com's analysis of some 470,000 2019- and 2020-model-year cars listed for sale in June, is that the gap between used- and new-car prices have shrunk considerably in recent months. In early November, the average lightly used car cost nearly 11% less than its new counterpart. In June, that gap closed to just over 3%.
Some especially popular models - ones that are hard to find new right now - cost thousands more than their MSRP on the second-hand market. See the list of 16 vehicles below:
1. Kia Telluride
Kristen Lee/Business Insider
- Average price new: $44,166
- Average price used: $47,730
- Difference: 8.1%; $3,564
2. GMC Sierra 1500
GM
- Average price new: $54,205
- Average price used: $57,671
- Difference: 6.4%; $3,466
3. Toyota Tacoma
Toyota
- Average price new: $37,902
- Average price used: $39,857
- Difference: 5.2%; $1,955
4. Mercedes-Benz G-Class
Mercedes-Benz
- Average price new: $182,631
- Average price used: $190,078
- Difference: 4.1%; $7,447
5. Toyota Rav4 Hybrid
- Average price new: $34,995
- Average price used: $36,352
- Difference: 3.9%; $1,357
6. Toyota Tundra
Toyota
- Average price new: $49,643
- Average price used: $51,474
- Difference: 3.7%; $1,831
7. Dodge Challenger
Dodge
- Average price new: $39,375
- Average price used: $40,764
- Difference: 3.5%; $1,388
8. Toyota 4Runner
Toyota
- Average price new: $45,382
- Average price used: $46,867
- Difference: 3.3%; $1,485
9. Hyundai Palisade
Hyundai
- Average price new: $44,063
- Average price used: $45,356
- Difference: 2.9%; $1,293
10. Tesla Model 3
AP Photo/David Zalubowski, File
- Average price new: $44,409
- Average price used: $45,677
- Difference: 2.9%; $1,268
11. Honda Civic
- Average price new: $26,331
- Average price used: $27,058
- Difference: 2.8%; $727
12. Dodge Charger
FCA North America
- Average price new: $38,977
- Average price used: $39,874
- Difference: 2.3%; $897
13. Honda Odyssey
Honda
- Average price new: $37,612
- Average price used: $38,048
- Difference: 1.2%; $435
14. Kia Rio
Kia
- Average price new: $17,346
- Average price used: $17,472
- Difference: 0.7%; $127
15. Subaru Crosstrek
Subaru
- Average price new: $29,474
- Average price used: $29,642
- Difference: 0.6%; $168
16. Subaru WRX
Subaru
- Average price new: $34,487
- Average price used: $34,568
- Difference: 0.2%; $81
from Business Insider https://ift.tt/3yBxB8l
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