Pre-owned vehicle prices started to decline at the beginning of this year, however, experts expect that another wild price increase could be on the way.
Key Details
- From June 2020 to June 2021, used-car prices climbed 45% but fell by 8.8% in 2022, Forbes reports.
- While shoppers may have some relief from high prices, that relief may not last long. Wholesale prices have increased 8.6%, which will likely cause used-vehicle prices to jump.
- Cox Automotive has revised its predictions for this year to indicate that the used-car market will have a 1.6% price increase by the end of the year. It had previously predicted a 4% decrease.
Why it’s news
Shoppers in the market for a used vehicle may want to keep these predictions in mind. While car prices are higher than pre-pandemic levels, they will likely get higher. Those looking to sell or trade-in a vehicle should also consider how the price change may affect their decision.
However, in this ever-changing car market, some of the most popular vehicle models can still bring in a higher price than the current brand-new versions. Often, a used vehicle is about $3,701 less than the brand-new equivalent. However, some cars like the Ford Maverick compact pickup trucks are selling for over 12% more than brand new models, Forbes reports.
This seeming contradiction is largely attributed to the high demand for popular models like the Ford Maverick. Shoppers looking for this model may not be able to find it brand-new at the dealership, making them more willing to pay a high price for the available used model.
Many of the most popular used models are those known for excellent gas mileage, a feature made even more appealing by rising gas prices.
Here are some of the vehicles that may cost more as pre-owned cars rather than new …
- Ford Maverick: +$4,038
- Toyota Corolla Hybrid: +$2,038
- Mercedes-Benz G-Class: +8,633
- Toyota Sienna: +$1,806
- Toyota RAV4 Prime: +$1,726
- Toyota Corolla Cross: +$853
- Toyota RAV4 Hybrid: +$953
- Kia Carnival: +$916
- Ford Bronco: +$901
- Honda Civic Hatchback: +$297
- Honda Accord Hybrid: +$252
- Chevrolet Corvette: +$324
- Kia Rio: +$27
- Honda Accord: +$16
