These five vehicles cost more used than new in the Sacramento-Modesto area
Some used cars have become more expensive than their new versions, a new study has found, and in the Sacramento region the Toyota Tacoma tops the list by costing 10 percent more when bought slightly used.
The price gap between new and slightly used cars has narrowed because a global microchip shortage has restricted new car supply, which has led to a record surge in used car prices, according to the iseecars.com study that analyzed more than 470,000 new and lightly used cars from the 2019 and 2020 model years that were listed for sale in June 2021.
“Used car prices have risen overall, and prices have dramatically increased for certain in-demand models that may be harder to find on new car lots,” said Ken Brauer, iSeeCars executive analyst, in a news release.
“Dealers may think used car buyers are willing to pay more for the instant gratification of a lightly-used vehicle they can drive right off the lot rather than waiting for a new one.”
For example, an older Toyota Tacoma cost $3,995 more than a new model in the Sacramento-Stockton-Modesto metropolitan area. A Ford F-150 was second on the list, costing 9.5%, or $4,985, more than an older version.
See the video above for the rest of the top 5 in the region.
The turnaround happened fast. In the first half of June, the average lightly used car cost 3.1 percent less than its new version. In the first half of November 2020, they cost 10.8 percent less, the study found.
iSeeCars identified 16 cars with used car prices that are more expensive than their new car prices. Nationally, the Kia Telluride topped the ranking, costing 8.1 percent more for a lightly-used version compared to its new version.
“The Kia Telluride has been a red-hot seller since its debut in the spring of 2019, and dealers have been charging over MSRP because it’s in such high demand,” Brauer said. “The price hikes have trickled down to the used car market, where used Tellurides aren’t yet abundant and buyers may be willing to overpay for a used version that is likely the only one available.”
