Certain Cars Cost More Used Than New

doitvoluntarily in #leofinance • 3 years ago

The used car market has been seeing some high prices in recent months.

For some vehicles it might actually mean seeing a higher price for a used car than you might see for a brand new one on the car lot.

According to some recent research into the situation, it looks like there are several cars that are cheaper new than they are used.

Hyundai Accent
GMC Yukon
Kia Rio
Toyota Tacoma
Kia Seltos
Chevrolet Suburban
Toyota Sienna
Toyota Corolla Hybrid
Ford Mustang Mach-E
Toyota Prius Prime
Mercedes Benz G-Class
Chevrolet Corvette
Chevrolet Trailblazer
Toyota RAV4 Hybrid
Porsche Taycan

For those cars listed above they are seeing prices that are between 7-20%+ or more than the new car price.

That is tens of thousands of dollars more in some cases like the Mercedes Benz G Class.

However, it looks like now some of those prices might be coming down from their record highs in some cases. For others you might not see prices dropping just yet even if demand has been lowering.

The worldwide chip shortage is said to have contributed to the problem of seeing the used car prices increase over 40% since 2021.

For some who might be shopping around and trying to find a good deal it could mean looking out of state to try and find it.

Sources:
https://www.silive.com/news/2022/05/these-15-vehicles-currently-cost-more-used-than-they-do-new-study-finds.html
https://www.cnbc.com/2022/05/06/used-car-prices-are-down-from-record-highs-easing-the-impact-of-inflation.html
https://www.foxbusiness.com/markets/used-car-prices-surging-market-nothing-like-weve-seen-before-edmunds
https://www.cnbc.com/2022/04/07/demand-drops-for-used-cars-but-high-prices-arent-budging.html

#market #cars #business #vyb #news #story #usa

3 years ago in #leofinance by doitvoluntarily

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inibless 3 years ago

The Truth about the old cars is the quality of materials used in building. The oldness or newness of a car is not a comparison but what the car is made of, determines the price

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ifarmgirl 3 years ago

That's actually possible especially with rarer or limited models. New ones tend to get replaced every now and then that they kind of lose their appeal.

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doitvoluntarily 3 years ago

yes you are right that is common with limited models and old classics etc, but for some of these on the list I was surprised to see:)

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ifarmgirl 3 years ago

Oh, you are right though. You have a list of those cars, lol! Perhaps the used ones proved to be better than the newly-manufactured ones although of the same model and brand, haha.

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drceeyou 3 years ago

So in essence, a used cars is better than a new one.

A twisted fate.

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belemo 3 years ago

In Nigeria where we don't manufacture cars and have to import, pretty much all the used cars are more expensive than new ones in other countries.

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xplosive 3 years ago

For those cars listed above they are seeing prices that are between 7-20%+ or more than the new car price.

That is tens of thousands of dollars more in some cases like the Mercedes Benz G Class.

How is that even possible? A used car is 7-20% more expensive than the same new car? People are going crazy. Especially those, who pay that much.

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joetunex 3 years ago

I think it is crazy also, the only reasoning for me will be because the used car is limited edition or no longer being manufactured.

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magnacarta 3 years ago

The forced migration from IC vehicles to EVs is also a factor in the insane used car prices. People are being penalized for "owning" "gas guzzlers".

Also factors are supply chain-related shortages first due to pandemic conditions declared in March 2020, then exacerbated by changes in governmental regulations and policies. The famous microchip shortage didn't help matters, either.

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joetunex 3 years ago

I see, am actually not aware of this microchip shortage, I've been engrossed to much in crypto lol. No doubt the pandemic is a contributing factor if looked at.

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magnacarta 3 years ago

The shortage itself is debatable. On one hand, chip makers have had record years making them. On the other hand, vehicle makers may be missing other components which use the chips. To complicate matters, there's a bottleneck in shipping chips since a large number os chips are made in Taiwan or China, and this was before China went mad with "Zero COVID" in recent weeks versus Shanghai (a major port city).

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joetunex 3 years ago

China may foolishly lock its country all for the sake of Covid, I hope other nations a not going to be stupid enough to still impact lockdowns because clearly lockdowns did not work.
Not even sure what wave of Covid we are now, that's how less interested am about the whole nonsense

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magnacarta 3 years ago

"Zero COVID" has been proven to be ineffective, yet certain nations (notably China and New Zealand) continue to follow this policy. Something else is happening which keeps this as official policy. What this is, I can't put my finger on it.

For a while, we've been in the "I don't give a 🤬" stage of the pandemic. It's not the killer it's been advertised to be, and there is much suspicion that the numbers are cooked. Once again, something else is going on to keep us distracted from what is happening behind the scenes; all we get are rumors and suspicions, and that's one reason for the insane "moderation" policies in place at Big Tech social media platforms.

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joetunex 3 years ago

For some of us it never made sense from day one, of course I do agree it's not the killer as exergerated to be, it's the second year without vaccines for me because I refuse to voluntarily go for it and I've not been ill of the pandemic, maybe I have and healed from it I can't tell but the reality it's not worth shorting down economies for putting people into more hardship with job losses.

On the contrary it's really pathetic how some can't use their common brains, the rate at which some believe and panic over Covid I alarming.

There's something being cooked that is being covered from us, time will tell.

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joetunex 3 years ago

I think some limited edition ones also play a role in used cars costing higher than new ones.

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williamtboy 3 years ago

Those cars are costly here in my country. Nothing is cheap here .

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mykos 3 years ago

i'm actually doing better and it's cheaper with car subscription services but it's favorable for me because i don't drive much so i don't have the extra mileage fees but they cover all the maintenance and insurance.. i do have some vintage older vehicles i refuse to get rid of.. an old impala and bmw e39 but for many that i believe is going to end up being a much better alternative. it's actually better for me than leasing was i just think it doesn't make sense to pay for depreciating assets like cars etc.. as much as they cost in todays markets

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dwayne16 3 years ago

For those cars listed above they are seeing prices that are between 7-20%+ or more than the new car price.

That is tens of thousands of dollars more in some cases like the Mercedes Benz G Class.

I believe this and for some people in Europe might find it difficult to believe but we all know cars are more expensive in africa

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zeezee25 3 years ago

90% of cars use in Africa are America or Europe used cars. This contribute to high price in the market.

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