15 cars that cost more used than new – 24/7 Wall St.
Cars are often seen as bad investments and supposedly begin to lose value the moment they drop out. However, the pandemic has reshaped the used car market, like just about everything else. Many potential car buyers have been forced into the used market due to a shortage of new cars and buying gently used vehicles is the best option. Sellers, of course, have realized that what they have is in high demand.
The shortage of new cars is largely due to the shortage of semiconductor chips. Modern cars are filled with sophisticated electronics that rely on semiconductor chips to function. Automakers have been unable to obtain enough chips to complete their vehicles and have had to suspend or reduce production or remove some features from newer models to reduce chip usage.
And the token shortage has no end in sight. According to TechSpotan executive at chipmaker TSMC even warned that it could be a few years before production catches up to demand.
For consumers, the shortage has meant higher prices for new cars and longer wait times to buy or receive certain cars. While some people choose to continue using their current vehicle, more and more people are turning to the used car market, which has also led to a spike in used car prices. In fact, demand is so high today relative to supply that some used cars cost more than new. (Here are the most durable cars on the road.)
To determine the 15 cars that cost more used than new, 24/7 Wall St. looked at analysis from vehicle search engine iSeeCars, Top 15 cars that cost more used than new, which reviewed the prices of more than 1.5 million 2020 and 2021 model year cars that were sold in January 2022. Cars on this list cost at least 11% more used than new. In dollars, it can range from about $2,000 more to $62,000 more.
Used cars that fetch higher prices than new cars vary widely in type and brand. There are a few economy subcompacts, a line of SUVs, and even a sports car and minivan. Many of the cars that were on this list launched new models or were released for the first time in the past few years. Therefore, there has not been much time to build up a surplus of used cars of these new models, and they remain in high demand and in short supply. (Also see: It’s America’s Most Reliable Car.)
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