Monday, July 15, 2024
NewsSome Used Vehicles Still Cost More to Purchase than New

Some Used Vehicles Still Cost More to Purchase than New

The used vs. new vehicle pricing balance has returned to normal though some used models are still worth more with extra mileage


  • A year ago, an average lightly used car was 8.5%, or $3,574, more expensive than when new.

  • Today, an average used vehicle costs 8.1%, or $3,701, below the new vehicle asking price.


The pandemic ravaged the auto industry in almost every considerable way. Much of it has returned to what is now the “new normal” and that includes used vehicle pricing. Only a year ago, many pre-owned models commanded a considerable premium over what they cost when purchased new.

2022 Toyota Sienna LE | Photo: Matt St-Pierre

In fact, on average in the US, a typical gently used car, SUV, or truck was 8.5%, or $3,574, more expensive than when it was new. Fast forward 12 months to the spring of 2023 and the tables have turned considerably. Now, the average used vehicle costs 8.1%, or $3,701, below the new vehicle asking price. This represents a 16.6% total shift in pricing. In other words, your then two-year-old 2020 Toyota Camry would potentially have cost more than $7,000 less this year. Probably not…

Speaking of Toyota models, they are Kings and Queens of bucking the return of the pendulum, so to speak. iSeeCars has compiled a list of used vehicles that still command a premium and of the top 10, exactly five sport a Toyota logo.

Of the five, four are hybrids while the other is the crossover version of the ultra-popular Corolla. Interestingly, 20% of the top 10 are minivans. Not surprisingly, the top spot belongs to a pickup, the impressive Ford Maverick.

If you are shopping for a used vehicle, you might want to wait a little longer if your choice is on this list.

Top 10 Cars More Expensive Lightly Used vs. New – iSeeCars Study

Rank (by Percentage)

Model

% Difference Used Over New

$ Difference Used Over New

Used Price

1

Ford Maverick

12.3%

$4,038

$36,777

2

Toyota Corolla Hybrid

7.9%

$2,038

$27,809

3

Mercedes-Benz G-Class

4.6%

$8,633

$196,228

4

Toyota Sienna

3.7%

$1,806

$50,978

5

Toyota RAV4 Prime

3.5%

$1,726

$51,298

6

Toyota Corolla Cross

2.9%

$853

$30,636

7

Toyota RAV4 Hybrid

2.4%

$953

$40,045

8

Kia Carnival

2.2%

$916

$42,025

9

Ford Bronco

1.7%

$901

$55,372

10

Honda Civic (hatchback)

1.0%

$297

$29,683

Overall Average

-8.1%

-$3,701

$41,812

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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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