NORFOLK, Va. - The demand for cars is so high that some used cars are now selling for more than newer models.
According to an analysis from iSeeCars, a car search website, here are the top five cars that are currently worth more used compared to new.
Executive Analyst for iSeeCars, Karl Brauer, says one of the reasons these cars are worth more now is because there's so much demand for them.
"Even before this whole pandemic started, [the Kia Telluride] was already in high demand. It was hard to find them," Brauer explained. "That initial demand for that car never really got satisfied before all these other challenges came in, and so it just continues to be a high-demand vehicle that has not got enough supply for the consumer out there."
Even for models where new cars are more expensive, the price difference is not nearly as much as it used to be.
According to iSeeCars, for the first half of June 2021, the average lightly used car (about a year or two old) cost 3.1 percent less than a new car.
In November of 2020 the average used car cost 10.8 percent less.
It's all tied to high demand, low supply.
A major computer chip shortage is still limiting new car production, rental car companies are trying to quickly build back their fleets after selling off cars earlier in the pandemic, and people who delayed buying cars last year are now shopping.
Brauer says car buyers should wait until next year if they can.
"It looks like we're going to be in this mode for at least six more months, maybe even six to 12 months," Brauer said. "Maybe in 2022 we'll start to see this rebalance a little bit."
You can see the full report with more of the used cars that made the list by clicking here.
