American used car prices followed new prices higher after the start of the pandemic. Supply chain problems cut the number of new vehicles dealers had on their lots. Some lots were nearly empty. The supply problem allowed dealers to overcharge for cars, angering customers. Many people who wanted a better price turned to the used car market, and the demand for those also rose. After almost three years, used car prices have started to come down. (These 15 cars hold their value the longest.)
Generally, the price of a used model of many cars is barely below a new model of the same vehicle. This is particularly true of “lightly used” cars with low mileage. iSeeCars looked at these differences and found that some used cars cost more than their new versions. However, the prices of some used cars have started to fall substantially compared to new car equivalents.
iSeeCars reviewed prices on 8.9 million new and lightly used cars for sale from February to March 2023. New cars included in the analysis were from model years 2022 and 2023. Lightly used cars were based on used vehicles from model years 2021 and 2022 with mileage within 20% of 13,476 miles, the average miles driven per year. The average lightly used car costs $3,701 less than the same car sold new. “Inflation and interest rates are among the primary factors impacting consumer spending, as reflected in a substantial drop in used car pricing over the past year,” said iSeeCars.com Executive Analyst Karl Brauer.
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The lightly used car priced the least against its new car version was the Audi e-tron, the company’s electric crossover. The used version cost 27.8% less than the new one. This translates into a $22,757 discount. The price of the used version with that drop was $59,073.
These are the 20 cars with the largest discount compared to their new car versions:
|Alfa Romeo Stelvio||−26.9%||$39,994|
|Chevrolet Silverado 1500 Limited||−23.1%||$48,134|
|BMW 7 Series||−22.1%||$78,364|
|BMW 2 Series||−22.0%||$35,312|
|Ford Mustang Mach-E||−21.1%||$50,086|
|BMW 5 Series||-20.4%||$53,296|
|Nissan Rogue Sport||−20.4%||$25,325|
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