The automotive market is beginning to return to normal. New car inventories have increased to the point that financing incentives are as low as 1.9%. At the same time, used car prices continue to retreat.
But prices of both new and used cars remain well above their pre-pandemic levels. The average price of a used car is now $45,106, meaning many consumers can’t afford one.
But that’s just the average. Prices of some used cars – primarily electric vehicles (EV) – have come down a lot. In fact, there are 10 one-year-old used vehicles that are selling for thousands of dollars less than their new counterparts.
Automotive publisher iSeeCars.com has crunched the numbers and ranks the one-year-old vehicles selling at the biggest discount to the current models.
Top 10 Cars To Buy Lightly Used vs. New | ||||
Rank | Model | % Difference Used Over New | $ Difference Used Over New | Used Price |
1 | Mercedes-Benz EQS | -47.8% | -$65,143 | $71,231 |
2 | Nissan LEAF | -45.7% | -$15,786 | $18,756 |
3 | Jaguar F-PACE | -35.4% | -$28,555 | $52,010 |
4 | Alfa Romeo Giulia | -33.4% | -$16,297 | $32,467 |
5 | Kia EV6 | -33.3% | -$18,081 | $36,243 |
6 | Hyundai IONIQ 5 | -32.9% | -$16,805 | $34,303 |
7 | Volkswagen ID.4 | -32.9% | -$15,609 | $31,870 |
8 | Alfa Romeo Stelvio | -32.3% | -$17,495 | $36,630 |
9 | NIssan Murano | -32.0% | -$13,842 | $29,458 |
10 | Mercedes-Benz S-Class | -31.5% | -$45,781 | $99,598 |
Overall Average | -12.8% | -$5,778 | $39,328 | |
Most are EVs
It's worth noting that the list is dominated by EVs, whose prices have been steadily declining over the last year, due to Tesla's price cuts and slow EV sales.
The Nissan Leaf has the most affordable price, $18,756. That's a more than 45% discount to the price of a 2024 model.
The Nissan Murano is the only other model selling for less than $30,000. It's also a gasoline-powered SUV that delivers an EPA highway mileage rating of 28 MPG.
“Car buyers seeking the best value often shop used models instead of new,” said Karl Brauer, iSeeCars executive analyst.“While a used car almost always costs less than it did new, some models lose more than 25 percent of their value after just one year, giving buyers a near-new ownership experience at a substantial savings.”
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-03-28 11:25:08
