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, iSeeCarsreleased a study sharing where you can get the best value for pre-owned models this spring.
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.