Five Toyotas and three Hondas are among the 14 models with average used selling prices trending above new prices.
April 5, 2023 at 5:14 p.m. ET
A recent study by iSeeCars shows that used car prices are trending down compared to a year ago. That’s good news for buyers, but the study also found that demand for some models is still very strong. In fact, it’s strong enough to drive up values on the second-hand market on top sticker price as new. And at the top of that list is the Ford Maverick.
Specifically, the study shows that the average Ford Maverick sells for $4,038 over new prices in the used car market. That equates to a lightly used retail price of $36,777, a 12.3 percent increase over new. To clarify, iSeeCars ranks little used as a 2021 or 2022 model year vehicle with mileage within 20 percent of the annual average, calculated at 13,476 miles.
Gallery: 2023 Ford Maverick Tremor: First Drive
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Percentage-wise, the Maverick tops the list, but the Mercedes-Benz G-Class has the biggest actual price difference between used new at $8,633 over MSRP. However, with the average transaction price used being $196,228, this represents only a 4.6 percent difference. It sits in third place behind the Toyota Corolla Hybrid, which currently sells for 7.9 percent more than new at $27,809.
In fact, Toyotas in general are very hot commodities according to this study. Of the 14 lightly used cars selling for more than new, five are Toyotas and all are in the top half of the list. This includes the Toyota Sienna (3.7%), the RAV4 Prime (3.5%), the Corolla Cross (2.9%) and the RAV4 Hybrid (2.4%). The Kia Carnival ranks 9th at 2.2 percent, and the Ford Bronco, still a hot SUV two years after its debut, rounds out the top 10 with prices up 1.7 percent from new .
Despite these outliers, the study concludes that prices for lightly used vehicles are considerably lower than they were in 2022. Overall, used cars today are 8.1 percent less than new cars on average, but last year the average was 8.5 percent. month what new
“Inflation and interest rates are among the main factors affecting consumer spending, as reflected in a substantial drop in used car prices over the past year,” he said. iSeeCars.com Executive Analyst Karl Brauer.
Full study results are available via the source link below.
