Price Gap Widens Between New, Used Cars Featured

By Staff Writer September 11, 2019

A new Edmunds report spotlights the benefits of buying used over new vehicles. According to the latest Used Vehicle Report released by Edmunds, the price gap between a three-year-old vehicle and its new model was the highest ever recorded for the second quarter.

Buyers could have saved $14,443 on average if they purchased a 3-year-old used vehicle instead of its new equivalent. Edmunds analysts attribute this in part to new car shoppers opting for higher trim levels and more options on larger vehicles. Ten years ago, the average sticker price of a new vehicle was $6,500 above the base vehicle price; in the second quarter of 2019, the average sticker price was $10,042 above the base vehicle price.

Edmunds experts said car shoppers aren't paying the same premium for those features in the used market. Edmunds’ report reveals that in many instances, a trim level might cost $10,000 over the base model when new but command less than half of that premium on the used market. For example, in 2014 a new Honda Accord at the highest trim level cost $10,278 more than the base model. Today, a used 2014 Honda Accord at the highest trim level only costs $4,402 more than the base model.

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Last modified on Wednesday, 18 September 2019 14:50

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