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Some used cars and pickups now cost more than new versions

Shortages send used car prices soaring
A bargain hunter’s guide to used car shopping
Posted at 2:22 PM, Jul 21, 2021
and last updated 2021-07-21 14:22:43-04

Savvy shoppers have always purchased used cars and trucks instead of new ones to save thousands of dollars. But in this crazy year, some used cars now cost more than a new version.

The price of used cars has gone up in 2021 because of soaring demand and the computer chip shortage that has been keeping many new vehicles parked.

The result: Some 1- to 2-year-old used vehicles can now cost you more than the sticker price on that vehicle brand new, according to iSeeCars.com. These vehicles are among them:

  • Kia Telluride SUV: $3,000 more for a used version
  • GMC Sierra pickup: $3,000 more used
  • Toyota Tacoma pickup: $3,000 more used

Many others, including Toyota 4 Runners, the Hyundai Palisade, and more, are selling for a $1,000 premium used, the report says.

See the full list of 16 used vehicles costing more than new here.

If you can find a new one, that's the better deal, but unfortunately, you need to find a new one first.

Hardest to find vehicle of all

And from the doesn't that stink file, the holy grail of cars you can't find: The new full-size Ford Bronco.

Used ones really don't exist, and many dealers are now asking a premium for the few they are getting in.

One New York dealer is charging $30,000 over sticker for new Broncos, according to Motor Trend.

Doesn't that stink?

It's crazy, but the good news is that, like all bubbles, it won't last forever.

Dealers are hoping that used car prices start coming back down to earth in September when sales typically slow down.

In addition, they are starting to see light at the end of the tunnel when it comes to the computer chip shortage that has stopped production on many pickups and SUVs.

When those start showing up at dealerships, used car prices will come back to earth.

Until then, don't waste your money.

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