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.
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: firstname.lastname@example.org.