On average, a new car, sport utility vehicle or pickup costs about 26.8% more than a one-year-old version of the same vehicle. Like all averages, there are vehicles that fall below that number and others that perform better. Spread out over a 72-month auto loan, buyers could pay just $35 a month more for a new car instead of a used one.
Automotive research firm iSeeCars.com has analyzed more than 7 million new and used car sales from August 2018 to January 2019 and compared the prices of new vehicles to prices of their one-year-old versions to identify those with the smallest price differences.
iSeeCars CEO Phong Ly noted:
While buying lightly used may appear to save you money, a new car’s warranty and incentives might make it a more economical option while offering the peace of mind of a new vehicle. It’s important to understand that it is a good financial decision to purchase some models new, while there are others that should be purchased used.”
Here’s a list of the 10 vehicles car buyers may want to purchase new instead of used. They are ranked based on the percentage difference between a new car and a one-year-old version. We’ve included the actual dollar difference as well.
|Model||% Difference||$ Difference|
Of the 10 vehicles listed, seven are SUVs, two are passenger cars (the Civic and the Impreza) and one (the Tacoma) is a pickup. Because U.S. consumers want compact and subcompact SUVs and crossovers, used versions of these vehicles hold their value better. Strong demand, coupled with fewer consumer choices for passenger cars, keeps prices high on used versions of the Civic and the Impreza.
Among SUVs, the average percentage difference in price for a new vehicle is 21.5% over a used vehicle. In addition to the seven SUVs that made the first list, eight more beat that average, including the Nissan Rogue Sport, the Chevy Traverse, the GMC Terrain and the Subaru Outback.
A total of six pickups offer a better value for buyers when purchased new rather than used. In addition to the Tacoma, the other five are the Chevy Colorado, Toyota Tundra, Nissan Frontier, Ford F-150 and Chevy Silverado 1500. The average difference is 24.4% for a new versus used pickup.
For more details and the full methodology, visit the iSeeCars website.