Prices for used cars and new cars remain high compared to before the pandemic. However, the market is starting to return to something resembling normal. The main reason is inventories. Now that dealerships have plenty of inventory, financing incentives have gotten better with rates as low as 1.9%. Unfortunately, the average price of a used car is just over $45,000, which means many people can’t afford one.
Where Are the Best Used Cars?
As daunting as that average price looks, there are plenty of used cars where the prices have gone down drastically. One segment where this has happened is the EV segment. But several year-old models are selling for thousands less than the new models. Some of these models are luxury vehicles like the Mercedes-Benz EQS and Jaguar F-Pace, but there are also some popular models.
One of the best values is the Nissan Leaf. The price for a lightly used model is around $18,756 and is down 45.7% from the price of a new model. Another good value on the used market is the Kia EV6. The EV6 is down 33.3% from new and has a used price of $36,243. A similar vehicle is the Hyundai Ioniq 5 and it’s also down nearly 30% as a used vehicle for a price of $34,303.
Another popular vehicle on the list of used cars that have gone down drastically in price is the Nissan Murano. This roomy crossover is down by 32% from new for a used price of $29,458.
Great Time To Buy Used EVs
If you’ve been thinking about buying an EV but haven’t enjoyed the high prices, now is a good time to get a deal on one. The tax credits and incentives for buying a new EV are plentiful, but used EVs have gone down steeply in price in the last year or so. This is largely due to price cuts by Tesla as well as slow sales overall.
As indicated above, the Nissan Leaf is one of the best values with a steep discount as a used vehicle. With a price under $20,000, it would also be eligible for used EV tax credits in many cases. The only other model selling under $30,000 is the Nissan Murano, which is a good value on the gas engine front.
Most car buyers looking for value tend to shop for used cars instead of new cars. Used cars almost always cost less than new models, but the ones that lose over 25% of their value in only one year give buyers the best of both worlds in almost new car ownership.
Cars Selling Way High
Just like there are some good deals out there for lightly used cars, there are also several models that are selling way over the sticker price. Again, many of these models fall into the luxury segment, like the Porsche crossovers and the BMW X3 M, but there are also a few cars like the Toyota Corolla Cross Hybrid selling for nearly 20% more. The Mini Hardtop is selling for the highest price over new at 25.5%.
For budget-minded consumers, the good news is that deals on used cars are out there, you simply have to shop selectively.
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