Used cars and trucks are getting cheaper than new ones again, but a few models are hanging on to their inflated prices.
A new study from iSeeCars that looked at 8.9 million sales found that used vehicles from the 2021 and 2022 model years are now selling at an average of $3,701, or 8.1% below the cost of a new one.
That’s almost perfectly flipped from a year ago when used vehicles were going for a $3,574 premium.
“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,” iSeeCars.com executive analyst Karl Brauer said.
USED TESLA MODEL 3 PRICES ARE COLLAPSING ALONG WITH OTHER EVS
The Ford Maverick is available in a hybrid model that gets 37 mpg combined. (Ford)
There are a few used models that are still in high demand, however, and hanging on to their value, including one that’s the cheapest car sold by its automaker.
The Ford Maverick compact pickup sells new for prices ranging from $24,190 to $35,165 before options, but used examples have an average $36,777, which is 12.3% higher than their list price average.
The fuel efficient Toyota Corolla Hybrid had the second-highest premium at 7.9%, while the Mercedes-Benz G-Class ultra luxury SUV was third at 4.6%.
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The Toyota Sienna minivan, Toyota Rav4 Prime, Toyota Corolla Cross, Toyota Rav4 Hybrid and Kia Carnival minivan were next on the list, all of which have had tight inventories.
The Ford Bronco remains in high demand. (Ford)
The Ford Bronco, Honda Civic hatchback, Honda Accord Hybrid, Chevrolet Corvette, Kia Rio and Honda Accord were the other models above the break even point.
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The high fuel efficiency and relatively low cost of several of these reflect “the ongoing consumer interest in saving money on fuel costs as gasoline prices remain high,” according to the iSeeCars report.