A recent Consumer Reports article indicated that used car prices have been falling as of mid-2024. In April, the average price for a used vehicle was $28,550, which was 10% lower than in April 2023. The decrease in used car prices is a positive — as we move farther and farther from the pandemic — but they are currently roughly 36% higher than in 2019, per Cars.com. Some vehicles are still considered overpriced, which is partially explained by the used car shortage.
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Unfortunately, interest rates remain high, which is creating a particular issue for potential buyers who wish to finance. The senior director of Consumer Reports’ Auto Test Center stated that “used cars are not the great deal they once were, particularly as higher interest rates make them more expensive for those who have to finance them.” An expert at CoPilot added that manufacturers have been showing a greater focus on expensive new models, compared to previous years, which adds to the hikes in used car pricing.
According to iSeeCars, hybrid models have high demand, which accounts for them being overpriced. Based on the trending data, instances where the same used model costs more than new are diminishing slowly. Here are those overpriced cars to avoid buying, based on used prices provided by Car and Driver. In some cases, a used model is more expensive than a new, recent version.
Ford Maverick
The 2024 Ford Maverick has a base price of $25,515. Used 2022 and 2023 models range $27,000 to $29,000.
Mercedes-Benz G-Class
A 2024 Mercedes-Benz G-Class starts at $144,150. A used 2022 model ranges from $171,000 to $193,000.
Toyota Sienna Hybrid
The 2024 Toyota Sienna Hybrid starts at $39,080. A 2022 model can go for $45,000 to $49,000. A 2021 model ranges from $39,500 to $41,000.
Toyota Corolla
The 2024 Toyota Corolla starts at $23,145. A 2022 model doesn’t offer much of a discount, at around $19,000 to $20,000.
Toyota Corolla Cross
The 2024 Toyota Corolla Cross retails for $25,210. A used 2022 model doesn’t offer a great discount and, in some cases, is more expensive. It ranges from $23,000 to nearly $29,000.
Toyota RAV4 Hybrid
The starting price for the 2024 Toyota RAV4 Hybrid is $33,075. A used 2021 model ranges from $28,500 to $37,000.
Toyota RAV4
A 2024 Toyota RAV4 has a base price of $30,025. Used 2022-2023 models sell for $27,500 to $30,000.
Kia Carnival
The 2024 Kia Carnival starts at $34,995. The 2022 Kia Carnival sells for $30,000 to $33,500.
Ford Bronco
The 2024 Ford Bronco begins at $41,525. The 2021 Bronco can easily exceed this, ranging from $43,000 to $47,000.
Honda Civic
A 2024 Honda Civic has a base price of $25,045. Used models from 2022 go for nearly the same price.
Honda Accord
The 2024 Accord starts at $27,895. A used 2022 Accord can go for the same price, or slightly more.
2024 Chevrolet Corvette
A 2024 Chevrolet Corvette starts at $69,995. Used models from 2021-2023 can cost $75,000 to $82,000.
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This article originally appeared on GOBankingRates.com: 12 Overpriced Used Cars To Avoid Buying
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