The automotive market is completely crazy.
Right now, the automotive market is a mess. That's a tremendous understatement, especially in the United States as the global microchip shortage leaves auto dealerships empty with virtually no new inventory. As such, used cars are in serious demand and the result is some kind of bizarro world where rain falls up from the ground, cats and dogs get along, and used cars are worth more than their new counterparts.
We aren't just talking about a few pennies over MSRP, either. According to a new report from iSeeCars, the sixteen vehicles on this list bring an average of $1,155 more in lightly used condition from 2019 and 2020 model years compared to new 2021 versions. Of course, there's a Catch-22 happening here in that finding any of these cars new is extremely difficult, and when you do find one, a hefty dealer markup is likely. As such, even though used prices are higher than new, you're still likely to pay more for a new car because it will almost certainly have a market-adjusted price, just as the used cars do.
save over $3,400 on average off MSRP* on a new Kia Telluride
Speaking of markups, the extremely popular Kia Telluride leads this list by selling for $3,500 more on average in used form. That translates to 8.1 percent over MSRP, but we know there are some hefty new Telluride markups out there because we've seen them. In second place is the GMC Sierra 1500 pickup at an average increase of $3,466, a 6.4-percent hike over new.
The disparity drops from there with the Toyota Tacoma landing third on the list at a $1,955 difference (5.2 percent), and the Toyota RAV4 Hybrid costing $1,357 extra on the used market (3.9 percent). We skipped number four because, at an average new price of $182,631, it's something of an outlier. The Mercedes-Benz G-Class isn't exactly a volume seller, but folks who can't wait for a new one are shelling out $7,447 more to get a used G right now.
SUVs and trucks fill out the top five, but we see a couple of cars in the bottom half. The Toyota Tundra is sixth at $1,831 (3.7 percent) with the old-but-loved Dodge Challenger in seventh at $1,388 (3.5 percent). Another Toyota, this time the 4Runner, lands eighth at $1,485 (3.3 percent) with the Hyundai Palisade and Tesla Model 3 wrapping up the top ten tied at 2.9 percent over new. Despite being completely different genres, both models are just shy of $1,300 more expensive on the used market.
For your convenience, here's a handy chart showing all 16 used vehicles iSeeCars uncovered as being more expensive than new.
|Vehicle||New Price (Avg)||Used Price (Avg)||Percentage Over New||Cost Over New (USD)|
|GMC Sierra 1500||$54,205||$57,671||6.4%||$3,466|
|Toyota RAV4 Hybrid||$34,995||$36,352||3.9%||$1,357|
|Tesla Model 3||$44,409||$45,677||2.9%||$1,268|
When will the bonkers car market settle down? That likely won't happen until new car inventories are back to some semblance of normalcy, and that could be a while. Microchip-related production slowdowns are still affecting pretty much every automaker on the planet, and the shortage could stretch into 2022.