Cars are often considered poor investments and supposedly start losing value the moment they roll off the lot. However, the pandemic has reshaped the used car market, like just about everything else. Many prospective car buyers have been forced into the pre-owned market because there is a shortage of new cars and buying lightly used vehicles is the next best option. Sellers, of course, have realized what they have is in high demand.
The new car shortage is largely due to the semiconductor chip shortage. Modern cars are filled with sophisticated electronics that rely on semiconductor chips to function. Automakers have not been able to get enough chips to complete their vehicles and have had to pause or reduce production or remove certain features from the newest models to cut down on chip use.
And the chip shortage has no end in sight. According to TechSpot, an executive at chip maker TSMC even warned that it could be a couple years before production catches up with demand.
For consumers, the shortage has meant higher prices of new cars and extended wait times to buy or receive certain cars. While some people are opting to continue using their current vehicle, more and more are turning to the used car market, which has caused prices of pre-owned cars to spike as well. In fact, demand is so high now compared to supply that some used cars cost more than they do new. (Here are the longest lasting cars on the road.)
To determine the 15 cars that cost more used than new, 24/7 Wall St. reviewed vehicle search engine iSeeCars analysis, Top 15 Cars That Cost More Used Than New, which reviewed the prices for over 1.5 million cars from the model years 2020 and 2021 that were sold in January 2022. The cars on this list cost at least 11% more used than they do new. In dollar terms, this can range from about $2,000 more to as much as $62,000 more.
The used cars that fetch higher prices than new cars range widely in type and make. There are a few budget-friendly subcompacts, a range of SUVs, and even a sports car and minivan. Many of the cars that made this list debuted new models or were released for the first time in the past few years. Therefore, there hasn’t been much time to build up a surplus of used cars of these newer models, and they remain in high demand and short supply. (Check out also: This is the most dependable car in America.)
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