According to research firm J.D. Power, the average price of a used car in April was $25,463. That’s $2,800 more than last year! Not only that but it was the first time the cost of a used car has ever been more than $25,000.
So, why are we seeing an increase in cost? Well, there’s a global shortage of microchips, which has caused many cars to disappear. And, as supply decreases, prices increase.
This also means that consumers are now getting more for their trade-ins. In fact, the average value of a trade-in reached a record $1,780 in March — $3,000 more than last year.
Continue reading to find out which 10 cars have increasing resale values and if your car is included on the list.
10. Chevrolet Corvette
According to a recent analysis from the online automotive search engine and research website iSeeCars.com, the average used Chevrolet Corvette selling price in April was $68,804. That’s an increase of 33.9%.
Additionally, Chevrolet is one of 11 brands in data compiled by CarGurus that have seen their used car prices increase more than 30%, year over year. The manufacturer’s used cars have seen an increase of 37.3%.
“The Corvette has been in particularly high demand in the past year as interest in the new mid-engine C8 Corvette compounded with lower production output at the Bowling Green Assembly plant,” GM Authority said on its website.
“GM stopped taking new sold orders for the 2021 model-year Corvette in March and will switch to production of the 2022 model-year car later this summer.”
9. Mercedes-Benz G-Class
Data from iSeeCars shows that the average selling price for a used Mercedes-Benz G-Class in April was $148,937 — an increase of 33.2%.
But, the G-Class isn’t the only Mercedes-Benz model that’s seeing its resale value skyrocket. The used Mercedes-Benz S-Class also saw an increase. Its average selling price in April went up 27.9% to $74,326.
The used Mercedes-Benz GLC also saw an increase, although it was a modest one. It went up just 2% to $35,393.
8. Toyota Tundra
The Toyota Tundra is just one of four pickup trucks that made iSeeCars’ list. According to the website, there’s a shortage of new trucks due to their rise in popularity in recent years.
This explains why we’re seeing a rise in their cost. And, the people who need trucks don’t mind paying top dollar for them, iSeeCars executive analyst Karl Brauer told Money Talks News.
That being said, the average selling price for a used Toyota Tundra in April was $40,470 — a 26% increase.
7. GMC Sierra 1500
A recent analysis from automotive search engine and research website iSeeCars.com revealed that the average used GMC Sierra 1500 selling price in April was $42,347 — an increase of 28.6%.
Additionally, according to data from CarGurus, GMC is one of 11 brands that have seen their used car prices go up by more than 30%. GMC used car prices increased 37.9%.
FUN FACT: Edmunds recently released a list of the 2018 vehicles with the best trade-in value. GMC Sierra 1500’s big brother, the GMC Sierra 2500 Heavy Duty, was in the top three on that list. It, along with the other two, averaged 80% of their original price after three years.
6. Ram 1500
The Ram 1500 is one of four pickup trucks that made iSeeCars’ list and one of 11 brands on CarGurus’ list of brands that have seen their used car prices increase more than 30%.
In fact, the Ram brand came in at number one on CarGurus’ list, with an increase of 40.5%. Meanwhile, the average selling price for a used Ram 1500 went up 28.8% in April to $35,798.
FUN FACT: The Ram 1500 is only sold in the United States, Canada, Mexico, and the Middle East.
5. Suzuki Jimny
It isn’t just used cars here in the U.S. that have seen their resale value skyrocket lately. Even the used car market in the UK is experiencing a boom right now. For example, the average price for a used 2018, 2019 and 2020 Suzuki Jimny increased 50%.
FYI: The Jimny isn’t sold in the U.S. In fact, it isn’t sold anywhere in North America. That’s because Suzuki pulled out of the North American market in 2013, after years of declining sales that came about as a direct result of a less-than-stellar performance review from Consumer Reports. In the 1988 review, it was mentioned that the Suzuki Samurai had a massive rollover risk.
4. Chevrolet Silverado 1500
In April, the average price for a used Chevrolet Silverado 1500 went up 27.1% to $37,324. Even last year the Chevrolet Silverado 1500 was one of five used trucks with the highest resale value. The truck had an impressive predicted 5-year resale value of 52.7%.
The Chevy Silverado 1500 is a good investment, especially if you prefer American-made pickup trucks, Oklahoma City CBS affiliate KWTV News 9 wrote in an article published on its website in February 2020.
3. Chevrolet Camaro
The average selling price for a used Chevrolet Camaro in April was $31,220 — up 26.7%. Sports cars like the Camaro have become increasingly popular among consumers as they look for ways to cope with the pandemic, iSeeCars executive analyst Karl Brauer told GM Authority.
“These sports cars are aspirational cars for many consumers, and they surged in popularity during the pandemic as drivers sought fun cars to combat boredom,” Brauer said.
“Sports cars aren’t practical purchases, so drivers are likely more willing to pay a premium for them, especially because they aren’t as common in the used car marketplace.”
2. Mitsubishi Mirage
The average selling price for a used Mitsubishi Mirage in April went up 25.9% to $11,242. And, as AutoBlog.com puts it, “the biggest head-scratcher has to be the sudden interest in the Mitsubishi Mirage.”
Why is that? Well, a quick search on Google will show you that many people have had a negative perception of this vehicle over the years.
For example, back in 2014, a writer for Automotive News referred to it as “the maligned Mitsubishi Mirage” and said it was one of the strangest cars they’d ever driven. In summary, the writer said the car’s suspension needed stiffening up.
1. Land Rover Range Rover Sport
Data compiled by automotive search engine and research website iSeeCars shows that the average selling price in April for a used Land Rover Range Rover Sport was $59,579 — an increase of 25.1%.
Interestingly enough, a Virginia customer who bought a Range Rover in 2020 for $26,000 sold it for the same net price in 2021 (can you say free car?).
Michael Bor, co-founder and CEO of CarLotz, a Virginia-based national used car consignment network, told the Chicago Tribune that the customer had received another vehicle from a family member and decided to sell the Range Rover because they didn’t need it anymore.
“If you have an extra vehicle that you’re not using, now’s a great time to sell it,” Bor said.
Wait for the right time to buy!
Are you in the market for a used vehicle? You should know that prices will likely remain elevated for the foreseeable future.
As a result, iSeeCars executive analyst Karl Brauer recommends holding off on purchasing used vehicles for a while — at least until their value decreases a bit.
But, if you absolutely have to purchase one now, you can always look for one that is only slightly increasing or even falling in value. On the other hand, if you have an old vehicle you’re not using, now would be a good time to sell it.