What’s the most overpriced used car in Florida? (2024)

by: iSeeCars, Nexstar Media Wire

Posted: Feb 21, 2022 / 02:54 PM EST

Updated: Feb 21, 2022 / 02:55 PM EST

(iSeeCars) – Used car prices are at record highs in the wake of the microchip shortage. According to the latest study by car search engine iSeeCars.com, the average one-year-old lightly-used car costs 1.3 percent more than its new version. However, some lightly-used vehicles have price increases far greater than this average.

iSeeCars.com analyzed prices of over 1.5 million new and used cars sold in January 2022 to identify the lightly-used cars that have the highest price increases compared to their new versions.

Here are the used cars that cost the most over their new version in each state:

• The Toyota Tacoma pickup is the used car that is the most expensive compared to its new version in the most states with 8.
• The used vehicle that costs the most compared to its new version is the Mercedes-Benz G-Class in California with a 50.4 percent price increase.
• SUVs are the most represented vehicle type accounting for 31 of 50 vehicles.

What Does This Mean for Consumers?

When deciding between a new and a lightly-used version of the same vehicle, there are important things to consider. While buying a lightly-used car typically provides upfront cost savings compared to buying a new one, this is no longer the norm in today’s market. Shoppers looking for lightly-used cars should always compare the prices to new cars, and buyers who are unable to find the new car they are looking for should avoid models with the highest price increases if they decide to go used instead.

More from iSeeCars.com:

• Best Used Cars to Buy for 2022
• New Vs. Used Car Buying
• What Does Certified Pre-Owned Mean?

Methodology

iSeeCars.com analyzed over 1.5 million cars sold between January 1, 2022 and January 31, 2022. New cars included in the analysis were from model years 2021 and 2022, while lightly-used cars were defined as used vehicles from model years 2020 and 2021. Low-volume models were excluded from the analysis, as were cars with outlier mileages and models discontinued as of the 2021 model year. The average asking prices of the lightly-used cars were compared to those of new cars from the same model. The difference in price for each car was expressed as a percentage of the new average prices and ranked by this difference.

About iSeeCars.com

iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $325 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.

This article, The Most Overpriced Used Car in Each State, originally appeared on iSeeCars.com.