Is your used vehicle more expensive than a new car? Learn what vehicles are worth more used & the factors that led to the increase in resale.
Transcript
Is your used car worth more than your neighbor’s new car?
Aren’t you clever?
Hi, I’m Nancy at Kneble’s Auto Service Center.
We are living in unusual times, wouldn’t you say, when you discover that your used car in your driveway can sell for more than a new car?
Before giving you some examples of used cars costing more than new vehicles, do not miss any of my latest videos by subscribing, liking, and following our newsletter, Facebook, Instagram, and YouTube. Choose your preference of choice for viewing.
There’s no rhyme or reason for this list. The variety of vehicles ranging from the Kia Telluride to the Mercedes Benz G class to even a Tesla Model 3. How about a Dodge Charger. Honda Civic. Or Toyota Tacoma, just to name a few.
The Kia takes the cake by being worth more than 8%. That equates to about $3,500 versus the average loss of $1,200. Well, that’s wild.
Check out below full breakdown.
| Vehicle | Used Vehicle Price | New Vehicle Price | Price Increase | Percent Increase |
|---|---|---|---|---|
| Kia Telluride | $47,730 | $44,166 | $3,564 | 8.07% |
| GMC Sierra 1500 | $57,671 | $54,205 | $3,466 | 6.39% |
| Toyota Tacoma | $39,857 | $37,902 | $1,955 | 5.16% |
| Mercedes-Benz G-Class | $190,078 | $182,631 | $7,447 | 4.08% |
| Toyota RAV4 Hybrid | $36,352 | $34,995 | $1,357 | 3.88% |
| Toyota Tundra | $51,474 | $49,643 | $1,831 | 3.69% |
| Dodge Challenger | $40,764 | $39,375 | $1,389 | 3.53% |
| Toyota 4Runner | $46,867 | $45,358 | $1,509 | 3.33% |
| Hyundai Palisade | $45,356 | $44,043 | $1,313 | 2.98% |
| Tesla Model 3 | $45,677 | $44,409 | $1,268 | 2.86% |
| Honda Civic | $27,058 | $26,331 | $727 | 2.76% |
| Dodge Charger | $39,874 | $38,977 | $897 | 2.30% |
| Honda Odyssey | $38,048 | $37,612 | $436 | 1.16% |
| Kia Rio | $17,472 | $17,346 | $126 | 0.73% |
| Subaru Crosstrek | $29,642 | $29,474 | $168 | 0.57% |
| Subaru WRX | $34,568 | $34,487 | $81 | 0.23% |
With the pandemic came a shortage of production for many components for the new cars, such as computer parts, semiconductors that are used in electronic devices.
With the winter storm in Texas came the halt of the oil refinery production. These issues in turn put a rest on foam production, which is used in the seats.
The reasons add up very quickly.
This is based on ’20 and ’21 new cars versus used cars from 2019 to 2020. So the data’s limited, but still very fascinating.
Thank you for watching and check out our other videos such as Don’t Make this Mistake when Transferring a Used Car Title at the DMV.
That’s a doozy.
Remember, feel free to schedule an appointment online with us or call us at (609) 625-3286.
We are located here at 5473 Somers Point Road in Mays Landing. Of course, next to Freddy J’s Bar & Kitchen with there they have delicious food.
Remember to watch our new videos every Wednesday at 12:30.
See you here.
Thank you.
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