Tuesday, June 18, 2024
NewsMicrochip Shortage Drives Up Some Used Car Pricing Above New

Microchip Shortage Drives Up Some Used Car Pricing Above New

SUVs and trucks dominate in the top 10 thanks to the incessant demand that has driven up their used value

  • Continued strong demand and non-existent inventory have made some late-model used vehicles more valuable than when they were new.

  • One used vehicle is worth 8.1% more now than a new one.

  • Overall, 16 vehicles have been identified as costing more used than when new.

Shopping for a new vehicle has become something of a challenge so far this year. Although some reports indicate that the global microchip shortage will begin easing sooner rather than later, the fact remains that new vehicles inventories are low. Demand for some vehicles, SUVs, and trucks, in particular, means that used examples are now worth more than they cost when new.

iSeeCars has analyzed hundreds of thousands of new and used car transactions and has discovered the price gap between them has narrowed considerably. Back in November of 2020, the average price difference between 2019 and 2020 used vehicles and new 2021 was 10.8%. In the first half of June 2021, that figure had dropped to only 3.1%.

Of all the vehicles, 16 have actually seen their used-status value surpass that of the price when new. Consider too that this means many used vehicles have not depreciated or very little in the recent past.

The Kia Telluride is the current winner of this “contest.” Already a hot-ticket item well ahead of the pandemic, demand for the large 3-row midsize SUV was already outstripping availability. And now, if you’re done with your 2-year old Telluride, you might actually make money selling it.

Here are the 16 cars that cost more used than new:

16 Cars That Cost More Used Than New
RankVehicleNew Car PriceUsed Car Price% Used More than New$ Used More than New
1Kia Telluride$44,166$47,7308.1%$3,564
2GMC Sierra 1500$54,205$57,6716.4%$3,466
3Toyota Tacoma$37,902$39,8575.2%$1,955
4Mercedes-Benz G-Class$182,631$190,0784.1%$7,447
5Toyota RAV4 Hybrid$34,995$36,3523.9%$1,357
6Toyota Tundra$49,643$51,4743.7%$1,831
7Dodge Challenger$39,375$40,7643.5%$1,388
8Toyota 4Runner$45,382$46,8673.3%$1,485
9Hyundai Palisade$44,063$45,3562.9%$1,293
10Tesla Model 3$44,409$45,6772.9%$1,268
11Honda Civic$26,331$27,0582.8%$727
12Dodge Charger$38,977$39,8742.3%$897
13Honda Odyssey$37,612$38,0481.2%$435
14Kia Rio$17,346$17,4720.7%$127
15Subaru Crosstrek$29,474$29,6420.6%$168
16Subaru WRX$34,487$34,5680.2%$81
Overall Average$37,831$36,676-3.1%-$1,155


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Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai


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