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Used car and truck prices continue to skyrocket via chip woes

The automotive industry’s struggles in the wake of the microchip shortage continues to skew prices of new and used cars and trucks. Fewer available new vehicles translates into wildly increased prices for used machines.

iSeeCars.com, the online automotive search engine and research website, has released the results of its extensive study for a 30-day period between Jan. 1 and Jan. 31, 2022. The average price of a lightly-used car is 1.3 percent higher than its new version.

The Toyota Tacoma is among the used cars and trucks that cost more than a new Toyota Tacoma.
The Toyota Tacoma is among the used cars and trucks that cost more than a new Toyota Tacoma.

But many used vehicles, including trucks, SUVs and vehicles towed by RV owners, have skyrocketed in price.

A slightly used Toyota Tacoma costs 12.2 percent ($4,530) more than its new sibling. A slightly use entry level Kia Rio cost 11.7 percent ($2,090) more than a new Kia Rio.

iSeeCars.com analyzed asking prices from more than 1.5 million new and used cars.

“While choosing a lightly-used car has traditionally been a cost-saving measure for car shoppers, that is no longer true in today’s market as the effects of plant shutdowns and resulting pent-up demand continue,” said iSeeCars Executive Analyst Karl Brauer.

“The used vehicles that are commanding the highest increases over their new versions include a mix of two extremes: expensive gas-guzzling SUVs and more economical small cars and hybrids, which shows that even practical and budget-minded consumers are being forced to spend more for their vehicles.”

Here’s the list of the top-15 vehicles and the percentage and dollar amount of their slightly used models versus new models:

1. Mercedes-Benz G-Class, (35.6 percent), $62,705
2. Chevrolet Corvette (20.2), $16,645
3. Tesla Model 3 (17.8), $8,300
4. Ford Bronco Sport (16.4), $5,766
5. Chevrolet Trailblazer (15.6), $4,270
6. Toyota RAV4 Hybrid (14.8), $5,298
7. Chevrolet Suburban (12.9), $9,106
8. Toyota Tacoma (12.2), $4,530
9. Toyota C-HR (12.2), $3,230
10. Kia Telluride (12.1), $5,552
11. Kia Rio (11.7), $2,090
12. Subaru Crosstrek (11.7), $3,524
13. GMC Yukon (11.3), $8,258
14. Toyota Sienna (11.2), $5,074
15. Hyundai Accent (11.2), $2,010

Overall Average (1.3) $553

James Raia, a syndicated columnist in Sacramento, California, publishes a free weekly automotive podcast and electronic newsletter. Sign-ups are available on his website, www.theweeklydriver.com. He can be reached via email: james@jamesraia.com.

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Bob M
7 months ago

We looked at some Hyundai Tucson hybrids and the two dealers wanted $6000. over sticker price. I contacted Hyundai and they said they have no control over dealer pricing. I looked at a F150 hybrid at one dealer and he wanted to keep the $2500. savings from two option packages. I left. I found another dealer thats selling me a similar F150 hybrid for the sticker price. Waiting for it to come in. We need to boycott dealers and manufactures upcharging consumers for their vehicles.

Thomas D
8 months ago

And here we have it folks,
A BRAND NEW, IN THE BOX 2021 Ford F250.
BUT it has the newest,most advanced 2023chips
And only $8000 above dealer suggested list.

Tom B
8 months ago

Just say no to any new or used car or truck if you can. The dealer will admit that their selling price is high,but will try to convince you that you will make it up on the higher trade-in. Probably not true. It is not a wash. You will pay more in the end. Wait a year for things to get back to normal.

The Lazy Q
8 months ago

Was looking at a new RAV4, dealer has an automatic $5000 markup due to so called chip shortage. Why?

John Macatee
8 months ago
Reply to  The Lazy Q

Because they can

Juls
8 months ago
Reply to  The Lazy Q

We found two dealers that were doing that but a third was only adding $500 dealer markup. $5,000 vs $500 for same truck order….but people are still ordering from these dealers!

KellyR
7 months ago
Reply to  Juls

They keep ordering them because they don’t care how much they cost – just how much the monthly payment is. No one wants to ever own anything anymore.