Auto consumers turn to the used market for obvious reasons. First, you can get major discounts on expensive models without going back too many years. In a 2017 study, iSeeCars.com found several BMW and Mercedes-Benz vehicles selling for half their sticker price after just three years.
However, not every car depreciates so quickly. In fact, consumers may have run into sticker shock while shopping for pre-owned models in the last few years. According to a report by Edmunds, used car prices hit an all-time high in 2016. Pricey SUVs and late model trade-ins helped drive this trend.
If you’re about to look for a vehicle on the secondhand market, be aware which models remain pricey because of quality and which simply cost too much. Here are the most overpriced used cars you’ll find on the U.S. market.
1. Toyota Tacoma
Starting at $25,000 new ($32,000 for TRD models), we would argue that the Toyota Tacoma is overpriced for a new truck. However, you won’t gain much by turning to the used market for your midsize pickup fix. A look at CarGurus revealed many TRD owners selling one-year-old models at higher than the sticker price. Meanwhile, a 2016 double-cab model listed for $36,000. Folks, just buy one new if the used market looks like the Tacoma’s.
2. Jeep Wrangler
When they say “the market makes the price,” they’re referring to the way Jeep Wrangler Unlimited holds onto its value. In a 2016 iSeeCars.com study on depreciation, Wrangler only lost 8% of its value after a year in a new owner’s hands. It also remains one of the models that keeps its value after five years. Since the Wrangler often ranks among the least reliable vehicles, we can’t quite figure out why, but you don’t win buying one used.
3. Hummer H2
You might wish you never saw a Hummer again, but they’re still around and commanding high prices on the used market. In a nationwide search conducted in December 2017, we found 24 models listed above $50,000 and dozens more running more than $40,000. How is this possible for a vehicle GM stopped producing in 2009? Whatever is happening, we suggest avoiding it entirely.
4. Honda Fit
It’s not only trucks and SUVs getting customers to pony up on the used market. According to a report by Market Express, compact cars jumped 6.6% in auction value in October 2017 compared to the previous year. That trailed SUV gains by only a few percentage points, and models like Honda Fit prove why. In the iSeeCars study from 2016, buyers only saw price reductions of $1,495 when they picked up a Fit secondhand. Buying new just makes more sense.
5. GMC Canyon
Since GM’s midsize pickups came back on the market, both have held curiously strong resale value. In the case of GMC Canyon, you could argue the used market has lost its mind. As of December 2017, Cars.com listed 649 used base or SLE Canyons for sale from models years 2015-16. Despite the fact we didn’t search for range-topping SLT or Denali models, 167 of those Canyons were listed above $30,000.
6. Tesla Model X
You can definitely argue that the Tesla Model X market is limited. Only about 35,000 models have been delivered in the U.S., and many came with a price tag near six figures. However, even with repeated low reliability ratings, the Model X market remains rock-solid. A look at availability nationwide revealed 34 models ranging from $76,500 to $160,000, with 21 listed above $90,000.
7. Subaru Crosstrek XV
In recent years, when used car shoppers waited a year to get a deal on a Subaru Crosstrek, they found themselves getting a discount of just $2,393 off the sticker price. That isn’t much for a small crossover that isn’t known for being the king of any road. You can look at it two ways, really: On the one hand, Crosstrek holds its value well, which serves as an endorsement. On the other hand, you have to think owners are overpricing them a ton.
8. Ram 1500 Ecodiesel
After nearly eight months investigations into possible emissions violations of Ram diesel trucks, Fiat-Chrysler hoped to settle the matter by spring 2018, Automotive News reported. Meanwhile, while some Ecodiesel owners have opted to sue the automaker, others are selling used models from 2014-15. You can’t find one for less than $22,000, and that’s for a model with 150,000 miles on it already.
Check out The Cheat Sheet on Facebook!