It may become a surprise to everyone when going car shopping, and finding out some cars cost more to buy used than new lately.
The average price of used cars is also gone up in 2021. Some cars now cost more to buy used than new cars.
The average price of a new car, which is $41,263 in 2021, is higher today than ever before. The average low-mileage used vehicle costs just slightly less than its brand-new counterpart. It’s 3.1 percent this year compared to 10.8 percent less back in November 2020. That’s according to an analysis of over 470,000 new and late-model used cars from the 2019 and 2020 model years listed for sale in June 2021.
Here’s the list of the 10 cars that cost more to buy used than new:
Name – Price: New VS Used – % and dollar amount on used cost more than new
- Kia Telluride $44,166 new; $47,730 used; 8.1% or $3564
- GMC Sierra 1500 $54,205 new; $57,671 used; 6.4% or $3466
- Toyota Tacoma $37,902 new; $39,857 used; 5.2% or $1955
- Mercedes-Benz G-Class $182,631 new; $190,078 used; 4.1% or $7477
- Toyota RAV4 Hybrid $34,995 new; $36,352 used; 3.9% or $1357
- Toyota Tundra $49,643 new; $51,474 used; 3.7% or $1831
- Dodge Challenger $39,375 new; $40,764 used; 3.5% or $1388
- Toyota 4Runner $45,382 new; $46,867 used; 3.3% or $1485
- Hyundai Palisade $44,063 new; $45,356 used; 2.9% or $1293
- Tesla Model $44,409 new; $45,677 used; 2.9% or $1268
That could be bad news for those looking to save money by buying a used car. Why do these cars cost more to buy used than new ones in 2021?
In fact, more buyers are turning into the used-car market. Since the new vehicle productions stumble due to various reasons like microchip shortage in 2021. This increasing demand is also combined with a short supply of used vehicles. On the other hand, due to decreasing sales of new models, fewer trade-ins for used cars on the other hand has caused used car prices to skyrocket.
The average used car is now nearly 30 percent more expensive than it was last year right before the lockdowns. If you have an extra car you don’t need, it may be the right time to sell your extra car.
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