A recent study from iSeeCars shows that used car prices are trending downward compared to a year ago. That’s good news for shoppers, but the study also found demand for some models is still very strong. In fact, it’s strong enough to push values on the used market above the as-new sticker price. And sitting at the top of this list is the Ford Maverick.
Specifically, the study shows the average Ford Maverick sells for $4,038 over new pricing on the used-car market. That equates to a lightly used selling price of $36,777, a 12.3-percent increase versus new. To further clarify, iSeeCars classifies lightly used as a 2021 or 2022 model-year vehicle with mileage within 20 percent of the yearly average, calculated at 13,476 miles.
Percentage-wise, the Maverick is at the top of the list but the Mercedes-Benz G-Class has the largest actual price difference between used at new at $8,633 over MSRP. However, with the average used transaction price being $196,228, that represents only a 4.6 percent difference. It sits in the third spot behind the Toyota Corolla Hybrid, currently selling for 7.9 percent more than new at $27,809.
In fact, Toyotas in general are very hot commodities according to this study. Out of 14 lightly used cars selling for more than new, five are Toyotas and they’re all in the top half of the list. That includes the Toyota Sienna (3.7 percent), RAV4 Prime (3.5 percent) Corolla Cross (2.9 percent), and RAV4 Hybrid (2.4 percent). The Kia Carnival holds 9th spot at 2.2 percent, and the Ford Bronco – still a hot SUV two years after its debut – is in the top 10 with prices 1.7 percent over new.
These outliers notwithstanding, the study concludes that prices for lightly used vehicles are considerably lower versus 2022. Overall, used cars today are 8.1 percent less than new on average, but last year the average was 8.5 percent more than new.
“Inflation and interest rates are among the primary factors impacting consumer spending, as reflected in a substantial drop in used car pricing over the past year,” said iSeeCars.com Executive Analyst Karl Brauer.
The full results of the study are available through the source link below.
