While overall prices continue to decline, iSeeCars.com has compiled a list of 14 used cars which continue to sell for more than newer versions.
Between February and March of 2023, iSeeCars.com referenced listings for 8.9 million new and lightly used cars, while focusing on model years 2022 and 2023. In this timeframe, used Ford Maverick pickups sold for 12.3% more than their fresh-off-the-line counterparts, the highest premium in the used market. Stock Mavericks retailed between $24,190 and $35,165, while preowned options cost $36,777 on average. With a 7.9% or $2,038 difference between new and used versions, the Toyota Corolla Hybrid arrived in second place, with an average price tag of $27,809. Other used car models which continue to retail for more than their unused counterparts include the Mercedes-Benz G-Class ultra Luxury SUV at 4.6%, Toyota Sienna minivan at 3.7% and the Toyota RAV 4 Prime at 3.5%.
Used car prices have steadily declined since early 2022, suffering under a revitalized auto industry and shifts in demand. However, while more supply also tends to force new car prices down, few affordable options currently appear on the market. According to an Edmunds study, average auto prices have only grown since 2018, hitting $47,713 in March of 2023. As a result, the research firm believes demand will shift from new back to used: “Although used pricing has fallen from its peak, demand for used vehicles should continue to be strong as new vehicles have simply grown out of reach for many Americans.” Unless automakers address the lack of affordability, the list of preowned vehicles retailing at higher prices than newer options is likely to expand in the coming months.
