New cars lose value right after they’re driven off the lot, making buying used a wise choice in the eyes of most personal-finance gurus. But the pandemic has upended its fair share of conventional wisdom, and lingering supply issues mean that used cars are selling for more — and in some cases, even more than their new counterparts. An iSeeCars analysis of sales data from November found that in 15 cases, lightly used cars from model years 2020-2021 sold for more than their brand-new versions. Here’s a list of models where buying used may not provide the usual budgetary boost.
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Toyota Corolla
New: $23,677
Used: $24,776 (4.6% more)
Pandemic or no pandemic, Toyotas rarely gather dust on dealers’ lots, and the Corolla remains in demand for buyers who want a small sedan with bulletproof reliability. But Toyota was forced to whittle production in 2021 thanks to both the chip shortage and COVID-19, which meant its popular vehicles have been even more in demand.Related: Reliable Cars You Can Drive Into the Ground
Hyundai Palisade
New: $46,706
Used: $49,038 (5% more)
The practical Palisade appears to be a victim of its relative newness, immense popularity, and relative value compared with others in the crowded midsize SUV segment. “The new-for-2020 Palisade is relatively scarce in the used car marketplace and has sustained its popularity since its debut,” says Karl Brauer, executive analyst with iSeeCars.
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Honda Civic (Sedan)
New: $24,223
Used: $25,499 (5.3% more)
The Honda Civic has been a bestseller for decades, and plenty of buyers are still drawn to this no-nonsense compact with legendary reliability. But it was among the vehicles affected by a production shutdown in the U.S. and Canada in early 2021 that Honda blamed on several factors, including severe weather and crowded shipping ports.
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Subaru WRX
New: $34,166
Used: $36,029 (5.5% more)
If you’re a Subaru lover, beware: The automaker has been hit hard by a global microchip shortage that has slowed the production of new vehicles. The WRX is among the models most reliant on those chips, according to TorqueNews.
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Chevrolet Tahoe
New: $65,518
Used: $69,277 (5.7% more)
The Tahoe got a redesign for 2021, and Chevy made production of this full-size SUV a priority — but it just wasn’t enough, Brauer says. “Inventory has still remained tight.”
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Subaru Crosstrek
New: $30,039
Used: $31,785 (5.8% more)
The Subaru Crosstrek, a popular subcompact SUV that Car and Driver says “epitomizes the Japanese automaker’s personality in a neatly sized and thoughtful package,” is also a victim of the chip shortage. The vehicle is in shorter supply thanks to chip-related factory shutdowns in Japan.
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GMC Yukon
New: $72,870
Used: $78,352 (7.5% more)
Like the Tahoe, the Yukon got priority treatment from Chevy amid the year’s production woes, but it still commands a hefty chunk of change, even used. “Buyers are willing to pay a premium for these vehicles in the used marketplace, especially amid reports that 2022 versions will be losing features like heated seats and steering wheels,” Brauer says.
Kia Telluride
New: $46,429
Used: $50,295 (8.3% more)
If you’ve heard good things about the family-friendly Kia Telluride, a vehicle Car and Driver lauds as “comprehensively excellent,” you aren’t the only one — and that’s the problem. “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 says. “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.”
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Toyota RAV4
New: $31,492
Used: $34,373 (9.1% more)
The RAV4 retains its popularity as a practical pick for compact-SUV buyers. Together with the Corolla, “demand for these popular models has outpaced supply” thanks to Toyota’s plant shutdowns, Brauer says.Tesla Model 3
New: $49,652
Used: $54,215 (9.2% more)
The Tesla Model 3 has maintained its appeal thanks to its combination of technology and affordability. But it has also endured several recent price hikes thanks to the chip shortage, and buying new still involves a decent amount of waiting — which means impatient buyers may pay more for a readily available used model.
Related: Luxury Cars Under $50K That Are Totally Worth OwningHonda Civic (Hatchback)
New: $27,089
Used: $29,735 (9.8% more)
The Civic is on this list not once but twice, which doesn’t surprise Brauer. “Honda’s October sales were down 23.5% compared to last year due to limited new car inventory,” he says. “Demand for the popular Civic has outpaced supply in both the new and used market, which has led to elevated used car prices.”
Dodge Charger
New: $38,587
Used: $42,375 (9.8% more)
Beefy muscle cars such as the Charger have a devoted following, and fans are left paying more for used vehicles in this niche, Brauer says. “Trade-in values for popular sports cars have soared given the shortage of new inventory and the popularity of the segment amid the pandemic.”
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Toyota Tundra
New: $47,322
Used: $52,850 (11.7% more)
It’s rough out there for would-be owners of Toyota pickups. “Toyota has halted incentives on its new trucks due to lowered supply, and buyers interested in a redesigned 2022 Tundra will have to join a nine- to 18-month waitlist,” Brauer says.
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Toyota Tacoma
New: $37,339
Used: $41,905 (12.2% more)
The midsize Toyota Tacoma, though smaller than its sibling, the Tundra, is beset by the same supply issues that are driving up the price of used models.
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Tesla Model Y
New: $56,685
Used: $64,930 (14.5% more)
The Tesla Model Y suffers from long delivery times just like the ones that have driven up the price of used Model 3s. “Waitlists for new versions of both vehicles have grown,” Brauer says. “Interested buyers would rather pay a premium for lightly used versions than wait for the delivery times of new versions, which are currently mid-to-late 2022 depending on the model.”
