Denver (KDVR) – A supply chain crisis coupled with a worldwide microchip shortage has left those working in the used car market in a bit of a desperate state when compared to years passed, and consumers here in the metro are feeling the situation’s fallout in their pocketbooks.
According to the latest study by car search engine iSeeCars.com, the average one-year-old lightly-used car costs 1.3 percent more than its new version. However, some lightly-used vehicles have price increases far greater than this average.
The average one-year-old lightly-used car costs 1.3% more than its newer version. However, some lightly-used vehicles have price increases far greater than this average.
iSeeCars.com analyzed prices of over 1.5 million new and used cars sold in January 2022 to identify the lightly-used cars that have the highest price increases compared to their new versions.
Here are the used cars that cost the most over their new version in each state:
| Top Used Cars That Cost More Than New By State – iSeeCars | |||
| State | Vehicle | % Used Price More than New | $ Used Price More than New |
| Alabama | Toyota Tacoma | 15.0% | $5,701 |
| Alaska | Subaru Crosstrek | 28.3% | $8,261 |
| Arizona | Chevrolet TrailBlazer | 18.8% | $5,004 |
| Arkansas | Toyota Tacoma | 16.3% | $6,122 |
| California | Mercedes-Benz G-Class | 50.4% | $87,614 |
| Colorado | Toyota 4Runner | 11.1% | $5,180 |
| Connecticut | Toyota Tacoma | 16.1% | $6,200 |
| Delaware | Toyota RAV4 | 6.7% | $2,127 |
| Florida | Chevrolet Corvette | 24.0% | $19,494 |
| Georgia | Kia Seltos | 19.1% | $5,112 |
| Hawaii | Dodge Charger | 28.8% | $11,283 |
| Idaho | GMC Yukon | 11.9% | $8,748 |
| Illinois | Toyota Sienna | 17.4% | $7,952 |
| Indiana | Ford Bronco Sport | 18.5% | $6,160 |
| Iowa | GMC Yukon | 11.9% | $8,748 |
| Kansas | Dodge Charger | 20.5% | $8,098 |
| Kentucky | Dodge Charger | 24.1% | $9,379 |
| Louisiana | GMC Yukon | 17.0% | $11,736 |
| Maine | Subaru Forester | 13.2% | $4,120 |
| Maryland | Dodge Charger | 17.7% | $6,750 |
| Massachusetts | Toyota Tacoma | 14.6% | $5,413 |
| Michigan | Kia Telluride | 19.8% | $8,922 |
| Minnesota | Toyota 4Runner | 14.4% | $6,747 |
| Mississippi | Toyota Tacoma | 18.7% | $6,706 |
| Missouri | Dodge Charger | 18.0% | $6,929 |
| Montana | Ford Bronco Sport | 20.5% | $7,070 |
| Nebraska | Toyota Tacoma | 11.9% | $4,488 |
| Nevada | Kia Soul | 18.2% | $3,858 |
| New Hampshire | Subaru Crosstrek | 13.8% | $3,984 |
| New Jersey | Toyota RAV4 Hybrid | 22.2% | $7,780 |
| New Mexico | Kia Sportage | 22.5% | $6,534 |
| New York | Ford Bronco Sport | 19.7% | $6,631 |
| North Carolina | Toyota RAV4 Hybrid | 18.0% | $6,570 |
| North Dakota | Chevrolet Tahoe | 14.3% | $9,798 |
| Ohio | Dodge Charger | 18.9% | $7,753 |
| Oklahoma | Toyota Tacoma | 18.8% | $7,102 |
| Oregon | Toyota RAV4 Hybrid | 22.3% | $7,840 |
| Pennsylvania | Dodge Charger | 22.5% | $8,658 |
| Rhode Island | Toyota Corolla | 9.7% | $2,233 |
| South Carolina | GMC Yukon | 16.7% | $12,442 |
| South Dakota | Subaru Outback | 6.34% | $2,261 |
| Tennessee | Kia Telluride | 14.7% | $6,594 |
| Texas | Toyota RAV4 Hybrid | 19.4% | $6,833 |
| Utah | Toyota RAV4 | 12.5% | $4,171 |
| Vermont | Toyota Tacoma | 9.2% | $3,447 |
| Virginia | Ford Bronco Sport | 14.1% | $4,863 |
| Washington | Toyota RAV4 Hybrid | 20.2% | $7,060 |
| West Virginia | Chevrolet TrailBlazer | 21.4% | $6,080 |
| Wisconsin | Chevrolet TrailBlazer | 14.9% | $3,974 |
| Wyoming | Jeep Grand Cherokee | 12.2% | $5,826 |
- The vehicle Coloradans are most likely to overpay for is the Toyato 4Runner, which on average will cost the Colorado consumer an average of 11.1% more than the average new vehicle costs in the state, which comes out to $5,180.
- The Toyota Tacoma pickup is the used car that is the most expensive compared to its new version in the most states with 8.
- The used vehicle that costs the most compared to its new version is the Mercedes-Benz G-Class in California with a 50.4 percent price increase.
- SUVs are the most represented vehicle type accounting for 31 of 50 vehicles.
What Does This Mean for Consumers?
When deciding between a new and a lightly-used version of the same vehicle, there are important things to consider. While buying a lightly-used car typically provides upfront cost savings compared to buying a new one, this is no longer the norm in today’s market. Shoppers looking for lightly-used cars should always compare the prices to new cars, and buyers who are unable to find the new car they are looking for should avoid models with the highest price increases if they decide to go used instead.
Methodology
iSeeCars.com analyzed over 1.5 million cars sold between January 1, 2022 and January 31, 2022. New cars included in the analysis were from model years 2021 and 2022, while lightly-used cars were defined as used vehicles from model years 2020 and 2021. Low-volume models were excluded from the analysis, as were cars with outlier mileages and models discontinued as of the 2021 model year. 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.
About iSeeCars.com
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $325 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.
This article, The Most Overpriced Used Car in Each State, originally appeared on iSeeCars.com.