(iSeeCars) — Used car prices have undergone a dramatic shift over the past year. Prices have been consistently falling, and the latest iSeeCars.com study shows that lightly used cars are, on average, 8.1 percent cheaper than their new car equivalent. This is a 16.6 percentage point shift from one year ago, when the average lightly used vehicle was 8.5 percent above the average new car price.
- The average lightly used car costs $3,701 less than its new version
- Last year, lightly used cars averaged 8.5 percent, or $3,574, above their new counterparts
- Used vehicles currently priced above new include hybrids like the Ford Maverick, two minivans, and three premium/special interest models
- There are 20 lightly used models priced at least 20 percent below the same new model, made up almost entirely of premium/luxury vehicles and representing an opportunity for used car shoppers
2022 Average Used Car Prices and Year-over-Year Differences
|Price Differences Between Lightly Used Cars and New Cars (2022 vs. 2023) – iSeeCars Study|
|Year||% Difference Used Over New||$ Difference Used Over New||Used Car Price|
iSeeCars.com analyzed over 8.9 million new and slightly used cars to identify the 14 lightly used models with the highest price above their new car equivalents. The study also shows which 20 models are priced the lowest compared to their new car prices.
“Inflation and interest rates are among the primary factors impacting consumer spending, as reflected in a substantial drop in used car pricing over the past year,” said iSeeCars.com Executive Analyst Karl Brauer.
Best Cars to Buy New: Used Cars with the Highest Increases Over New Versions
iSeeCars identified the 14 used cars that are more expensive than their new car equivalent. Models that represent excellent value in the new car space are holding up well in the used car market.
The Ford Maverick, Kia Rio, and Toyota Corolla Hybrid are all low-priced models offering strong functionality and high fuel efficiency at a relatively low cost. Several additional hybrids make the list, reflecting the ongoing consumer interest in saving money on fuel costs as gasoline prices remain high. Consumers that want a new version of these cars and can find a good deal should consider buying them.
|Top 14 Cars More Expensive Lightly Used vs. New – iSeeCars Study|
|Rank (by Percentage)||Model||% Difference Used Over New||$ Difference Used Over New||Used Price|
|2||Toyota Corolla Hybrid||7.9%||$2,038||$27,809|
|5||Toyota RAV4 Prime||3.5%||$1,726||$51,298|
|6||Toyota Corolla Cross||2.9%||$853||$30,636|
|7||Toyota RAV4 Hybrid||2.4%||$953||$40,045|
|10||Honda Civic (hatchback)||1.0%||$297||$29,683|
|11||Honda Accord Hybrid||0.4%||$152||$34,704|
Beyond the hybrid and mainstream models that dominate this list, three special interest vehicles, the Mercedes-Benz G-Class, Ford Bronco, and Chevrolet Corvette, also continue to be in high demand and short supply, keeping their used prices above their new prices.
It’s worth noting that although these used cars are still priced above their new car equivalent in today’s declining market, they comprise only 14 models now, with a range between 0.1 percent and 12.3 percent above the new car price. Last year in April the top 15 slightly used models were priced 7.9 percent to 21.5 percent above their new car prices.
Top 20 Lightly Used Models with the Biggest Savings Over New
The list of cars offering the greatest savings when purchased used over new represents mostly luxury models, reflecting the drop-off in value typically seen for premium vehicles when they transition from new to used.
“Of the 20 lightly used models priced the lowest when compared to their new car equivalent, 13 are luxury cars,” noted Brauer. “And the non-luxury cars are mostly older models, late in their redesign cycle and in need of an update. If any of these models can serve a given consumer’s needs, they represent an opportunity to save serious money over buying the new version.”
|Top 20 Cars More Expensive New vs. Lightly Used – iSeeCars Study|
|Rank (by Percentage)||Model||% Difference Used Over New||$ Difference Used Over New||Used Car Price|
|2||Alfa Romeo Stelvio||-26.9%||-$14,698||$39,994|
|6||Chevrolet Silverado 1500 Limited||-23.1%||-$14,438||$48,134|
|12||BMW 7 Series||-22.1%||-$22,190||$78,364|
|14||BMW 2 Series||-22.0%||-$9,956||$35,312|
|16||Ford Mustang Mach-E||-21.1%||-$13,430||$50,086|
|17||BMW 5 Series||-20.4%||-$13,699||$53,296|
|20||Nissan Rogue Sport||-20.4%||-$6,494||$25,325|
Unlike the cars that are more expensive when slightly used, most of these models are not known for their fuel efficiency, though three electric vehicles, the Audi e-tron, Ford Mustang Mach-E, and Volkswagen ID.4, are also priced more than 20 percent below their new car prices. “All of these models have been on the market for over 2 years, and are facing a growing list of newer EVs that offer improved features or longer ranges,” said Brauer.
Used car prices have consistently moved lower over the past year, representing a growing opportunity for shoppers who have been waiting for values to drop. While average used car prices remain well above pre-pandemic levels, some models have declined far enough to represent a solid value and excellent buying opportunities.
Most Expensive Cars to Buy Lightly Used and to Buy New by City
iSeeCars also analyzed the data from the 50 most populous metro areas to find the most expensive car to buy lightly used vs. new, as well as the most expensive car to buy new vs. lightly used.
|Top Cars Most Expensive Lightly Used vs. New and New vs. Lightly Used in 50 Largest Metro Areas – iSeeCars Study|
|Metro Area||Top Car Most Expensive Lightly Used vs. New||Top Car Most Expensive New vs. Lightly Used|
|Model||% Difference Used Over New||$ Difference Used Over New||Model||% Difference Used Over New||$ Difference Used Over New|
|Las Vegas, NV||Dodge Charger||35.0%||$13,324||Mercedes-Benz GLE||-27.1%||-$25,228|
|Phoenix, AZ||Ford Maverick||31.5%||$9,386||INFINITI QX80||-33.8%||-$28,481|
|Minneapolis-St. Paul, MN||Dodge Charger||29.7%||$12,818||Nissan Murano||-30.1%||-$14,229|
|Houston, TX||Ford Maverick||29.3%||$7,928||Nissan Titan||-29.5%||-$17,896|
|New York, NY||Kia Carnival||28.0%||$10,718||Alfa Romeo Stelvio||-34.9%||-$20,028|
|Greenville-Spartanburg, SC||Ford Bronco||24.9%||$12,149||Dodge Charger||-22.6%||-$10,362|
|Columbus, OH||Kia Rio||23.4%||$4,339||Ford F-150||-26.5%||-$20,737|
|Louisville, KY||Chevrolet Colorado||23.3%||$7,275||Toyota Tundra||-22.8%||-$14,181|
|Birmingham, AL||Dodge Charger||18.4%||$8,159||Honda Pilot||-27.2%||-$14,449|
|Charlotte, NC||Toyota Sienna||18.1%||$8,551||Nissan Murano||-29.9%||-$12,973|
|Grand Rapids-Kalamazoo, MI||Hyundai Palisade||18.0%||$9,345||Ford Escape||-21.7%||-$7,765|
|Washington, DC (Hagerstown, MD)||Dodge Durango||17.7%||$9,621||Dodge Challenger||-34.1%||-$21,263|
|Detroit, MI||Ford Bronco||17.6%||$8,164||Jeep Grand Cherokee||-28.5%||-$15,215|
|Sacramento-Stockton-Modesto, CA||Toyota RAV4 Prime||17.2%||$8,559||Chevrolet Silverado 1500||-34.0%||-$19,314|
|Los Angeles, CA||Ford Maverick||16.9%||$5,118||Nissan Titan||-31.0%||-$17,426|
|St. Louis, MO||Ford Bronco||15.8%||$7,803||Nissan Altima||-24.5%||-$8,256|
|Austin, TX||Toyota RAV4 Hybrid||15.4%||$5,748||Nissan Frontier||-22.7%||-$9,264|
|Cleveland-Akron (Canton), OH||Ford Maverick||15.3%||$4,885||Nissan Murano||-29.9%||-$13,829|
|Indianapolis, IN||Ford Maverick||15.2%||$4,702||Dodge Challenger||-28.6%||-$16,244|
|Portland, OR||Toyota Sienna||14.6%||$6,807||Chevrolet Silverado 1500||-39.5%||-$22,407|
|Miami-Ft. Lauderdale, FL||Mercedes-Benz GLS||14.6%||$13,546||Toyota Tundra||-34.0%||-$22,193|
|Kansas City, MO||Ford Bronco||14.3%||$7,062||Mercedes-Benz GLE||-32.1%||-$31,605|
|Greensboro-Winston Salem, NC||Toyota Camry||14.0%||$4,109||Ram 1500||-29.8%||-$19,580|
|Harrisburg-Lancaster-York, PA||Toyota Tacoma||14.0%||$5,011||Dodge Challenger||-28.7%||-$18,259|
|Tampa-St Petersburg (Sarasota), FL||Ford Maverick||13.8%||$4,225||Alfa Romeo Stelvio||-30.2%||-$16,002|
|Dallas-Ft. Worth, TX||Ford Maverick||13.3%||$4,430||Mercedes-Benz GLC||-30.1%||-$20,710|
|Oklahoma City, OK||Dodge Challenger||12.5%||$6,084||Nissan Murano||-22.5%||-$9,537|
|Hartford & New Haven, CT||Ford Bronco||12.4%||$6,258||Nissan Murano||-33.0%||-$15,587|
|Cincinnati, OH||Ford Bronco||11.6%||$5,888||GMC Sierra 1500||-26.2%||-$18,432|
|Atlanta, GA||Ford Maverick||11.5%||$3,727||Mercedes-Benz C-Class||-26.7%||-$14,855|
|San Antonio, TX||Ford Maverick||11.3%||$3,687||Mercedes-Benz GLC||-26.7%||-$16,326|
|Raleigh-Durham (Fayetteville), NC||Toyota Sienna||11.1%||$5,442||INFINITI Q50||-28.0%||-$15,812|
|Jacksonville, FL||Ford Bronco||11.0%||$5,448||BMW 3 Series||-32.0%||-$18,963|
|Seattle-Tacoma, WA||Toyota RAV4 Hybrid||10.6%||$4,091||Dodge Challenger||-41.6%||-$28,282|
|Philadelphia, PA||Toyota Corolla Hybrid||9.7%||$2,527||Dodge Charger||-34.8%||-$18,919|
|San Diego, CA||Ram 1500||9.0%||$5,521||Porsche Macan||-26.5%||-$20,989|
|Orlando-Daytona Beach, FL||Ford Maverick||8.7%||$2,991||Genesis G70||-31.9%||-$15,619|
|Chicago, IL||Honda Accord Hybrid||8.3%||$2,814||Chevrolet Camaro||-33.1%||-$17,593|
|Boston, MA-Manchester, NH||Toyota RAV4 Prime||6.9%||$3,278||Mercedes-Benz GLC||-29.4%||-$19,609|
|Pittsburgh, PA||Chevrolet Blazer||6.5%||$2,332||GMC Sierra 1500||-24.7%||-$16,478|
|San Francisco-Oakland-San Jose, CA||Ford Bronco||6.3%||$3,826||Mercedes-Benz GLC||-31.9%||-$19,998|
|Denver, CO||Toyota Camry||6.2%||$1,927||Mercedes-Benz C-Class||-32.4%||-$19,014|
|Salt Lake City, UT||Chevrolet Colorado||5.9%||$2,552||Jeep Compass||-35.9%||-$12,871|
|Albuquerque-Santa Fe, NM||Chevrolet Tahoe||5.5%||$3,875||Ford Mustang||-26.0%||-$11,404|
|Nashville, TN||Ford Bronco||4.0%||$2,224||Jeep Grand Cherokee||-27.9%||-$15,856|
|Baltimore, MD||Toyota Highlander||3.7%||$1,672||Mercedes-Benz GLC||-26.9%||-$17,022|
|West Palm Beach-Ft. Pierce, FL||Ford Bronco||3.7%||$2,261||Honda Pilot||-29.8%||-$15,920|
|Fresno-Visalia, CA||Honda Accord||-0.3%||-$89||Porsche Macan||-29.0%||-$22,466|
|Milwaukee, WI||Nissan Sentra||-0.5%||-$113||GMC Sierra 1500||-26.4%||-$17,906|
|Norfolk-Portsmouth-Newport News,VA||Nissan Sentra||-1.6%||-$385||Honda Pilot||-23.2%||-$12,098|
The Ford Bronco and the Ford Maverick are tied at 10 metro areas each for being the car most expensive to buy lightly used compared to new. In contrast, there is much more variation in the top cars that are more expensive to buy new, led by the Mercedes-Benz GLC and Nissan Murano as the top car in five metro areas each.
iSeeCars.com analyzed over 8.9 million new and lightly used cars listed for sale from February to March 2023. New cars included in the analysis were from model years 2022 and 2023, while lightly-used cars were defined as used vehicles from model years 2021 and 2022 with mileage within 20 percent of 13,476 miles, the average miles driven per year. Low-volume models and models discontinued as of the 2022 model year were excluded from further analysis. The average asking prices of the lightly used cars were compared to those of new cars from the same model. The difference in price for each car was expressed as a percentage of the new average prices and ranked by this difference.
iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings . iSeeCars.com has saved users over $377 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.