There are some signs of hope that this bonkers used car market is slowly improving in the interest of buyers. While some segments are presenting some strong values, other areas are maintaining some serious premiums. To help buyers navigate the still complicated times of purchasing a car, iSeeCars released a study sharing where you can get the best value for pre-owned models this spring.
In case you missed it:
- All 12 Gran Turismo Games Ranked From Worst to Best
- The Cars That You Think Would Be Better Topless
- 2024 Mercedes GLS Adds a Bit of Power and a Controversial Steering Wheel
If you were shopping for a used car in 2022, it’s likely you saw prices that were very close to the original MSRP and in many cases over sticker for popular models. The most recent iSeeCars data says that the average used car was about $3,500 over the original MSRP whereas in 2023 the average savings is about $3,700 below MSRP. A savings of less than $4,000 versus the new price doesn’t sound all that compelling but it’s a sign that pricing is improving for buyers.
The list of best used car values, for the most part, recommends luxury sedans and crossovers, and some mainstream cars like the Jeep Compass and Nissan Rogue Sport — aging models that are often passed over for more competitive offerings.
The surprising entries are the EVs like the Audi e-Tron, Volkswagen ID.4 and Ford Mustang Mach-E. Now that most electric cars no longer qualify for the Federal Tax credit due to the new Inflation Reduction Act, this could be a sign of a market correction for some electric vehicles.
Of course, there are some used cars that are still selling for inflated prices, and the running theme is that any car that is difficult to get brand new at MSRP prices, is naturally going to command a big premium in the pre-owned market.
Vehicles like the Ford Maverick, Ford Bronco, Toyota RAV4 Prime, and Toyota Sienna have really long lead times if orders are placed, and folks that don’t have the luxury of waiting upwards of a year or more, are willing to pay top dollar to get one now.
For those of you in the market for a pre-owned model, overall, the luxury segment is where you will find your best value for the dollar especially if you can forgo the crossover and aim for a sedan.
Tom McParland is a contributing writer for Jalopnik and runs AutomatchConsulting.com. He takes the hassle out of buying or leasing a car. Got a car buying question? Send it to Tom@AutomatchConsulting.com