If you're not sure whether to buy new or used, here's some info that could help you make your decision. It's the latest data from iSeeCars.com. It shows that while used car prices are stabilizing, many used vehicles remain pricier than their new counterparts. Especially when it comes to gas guzzling expensive SUVS and economical smaller cars. The most expensive used vehicle out there compared to new? The Mercedes G-Class.
In its latest study, iSeeCars.com analyzed asking prices from over 1.5 million new and used cars sold in April 2022. Researchers found the average 1- to 5-year-old used car costs just 1.0 percent less than its new version.
“Used car prices have improved since January, when the average used car was actually more expensive than its new version,” said iSeeCars Executive Analyst Karl Brauer. “The average lightly used car is currently just 1.0 percent or $454 less than its new version, and when you compare that to prices before the microchip shortage when the average lightly-used car cost 17 percent less, you see that used car prices are still well above normal.
Used car prices have been on the rise since April 2021 due to the microchip shortage. Looking at things a year later, the average price of a 1-5-year-old used car was $34,392 in April, up 23.9 percent over 2021. It's down from $34,449 in March, which was a 30.4 percent increase year-over-year.
Best Cars to Buy New: Used Cars with The Highest Increases Over New Versions:
If you are trying to save money buying used, you'll want to rethink that strategy if you considering vehicles on this list. iSeeCars says these 15 vehicles are more expensive than their new car equivalent.
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Top 15 Used Cars More Expensive than New - iSeeCars |
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Rank (By Percentage) |
Model |
% Used Price More than New |
$ Used Price More than New |
|
1 |
Mercedes Benz G-Class |
21.5% |
$40,958 |
|
2 |
Chevrolet Corvette |
16.4% |
$13,594 |
|
3 |
Chevrolet Trailblazer |
14.4% |
$3,856 |
|
4 |
Toyota RAV4 Hybrid |
13.5% |
$5,002 |
|
5 |
Porsche Taycan |
11.2% |
$14,009 |
|
6 |
Chevrolet Suburban |
11.2% |
$7,881 |
|
7 |
Hyundai Accent |
10.3% |
$1,886 |
|
8 |
GMC Yukon |
10.0% |
$7,233 |
|
9 |
Kia Rio |
9.7% |
$1,824 |
|
10 |
Toyota Tacoma |
9.3% |
$3,405 |
|
11 |
Kia Seltos |
9.2% |
$2,441 |
|
12 |
Toyota Sienna |
8.9% |
$4,065 |
|
13 |
Toyota Corolla Hybrid |
8.0% |
$2,138 |
|
14 |
Ford Mustang Mach-E |
8.0% |
$4,292 |
|
15 |
Toyota Prius Prime |
7.9% |
$2,508 |
|
Overall Average |
-1.0% |
-$454 |
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Top 15 New Cars More Expensive Than Used
Now for the list of used cars that offers the greatest savings when purchased used over new. But, keep in mind the savings won't be as much as they were pre-pandemic. iSeeCars analyst Karl Brauer said: “Used car shoppers can still save money buying a lightly-used car instead of a new car, but the savings are 25 to 30 percent lower than what we saw pre-pandemic.”
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iSeeCars Top 15 New Cars More Expensive Than Used |
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Rank (By Percentage) |
Model |
% Savings Used Over New |
$ Savings Used Over New |
|
1 |
INFINITI QX60 |
23.7% |
$12,979 |
|
2 |
Acura MDX |
23.0% |
$13,075 |
|
3 |
Mitsubishi Outlander |
20.7% |
$6,853 |
|
4 |
Nissan Pathfinder |
20.3% |
$8,735 |
|
5 |
Ford Mustang |
20.2% |
$10,160 |
|
6 |
BMW 7 Series |
18.9% |
$19,883 |
|
7 |
Jeep Cherokee |
18.3% |
$7,038 |
|
8 |
Alfa Romeo Giulia |
18.2% |
$9,139 |
|
9 |
INFINITI Q50 |
16.0% |
$8,050 |
|
10 |
Nissan Maxima |
15.3% |
$6,648 |
|
11 |
Lincoln Navigator L |
15.1% |
$15,636 |
|
12 |
Nissan Murano |
14.9% |
$6,238 |
|
13 |
Jeep Compass |
14.7% |
$5,104 |
|
14 |
Audi A6 |
14.4% |
$9,471 |
|
15 |
Hyundai Tucson |
14.2% |
$4,723 |
|
Overall Average |
1.0% |
$454 |
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To read the complete iSeeCars study click here.
Photo Credit: Mercedes-Benz.