Prices for used EVs and some popular compact utility vehicles are growing faster than the prices for same vehicles when they are brand new and sitting on dealer lots with their manufacturers suggested retail price window stickers.

The analysis conducted by GetJerry.com found among the 10 best-selling vehicles in the U.S., seven lightly used 2021 models are worth more than the sticker prices on new 2022 models. These results come even after experts believe used car prices will begin dropping with the Labor Day holiday.

The type of used vehicles with the largest price increases following recent trends in the market as the popularity of compact utility vehicles and electric vehicles have grown, according to analysts at Cox Automotive.

Used compact vehicles popular

The used 2021 Toyota RAV4, Toyota’s best-selling model, costs $5,900 more than a new 2022 model. The 2021 Honda Civic costs $5300 more than a new 2022 Civic and the used Honda CR-V cost $3,800 more than a new CR-V even after price hikes the automaker approved for the 2022 model year.

The used Toyota Camry costs $3,800 than a new model and the Nissan Rogue cost $3,100 more than the new version, while a used Toyota Highlander costs $2,100 more.

A used Ford F-Series pickup truck costs about $100 more than the new truck sold by Ford this year.

GetJerry also found that lightly used 2021 models of the following EVs were worth more than the sticker price on comparable new 2022 models. A used Volkswagen ID.4 is worth $6,300 more; the used Tesla Model 3 is worth $6,200 more and a used Ford Mustang Mach-E is worth $5,300 more.

Pressure on prices for new and used vehicles continue to grow

The study noted used vehicle prices can vary from region to region

Not surprisingly, the study by GetJerry suggests the discrepancy is caused by the diminishing supply of popular vehicles created because of the continuing disruption in the shortage of semiconductors.

The semiconductor shortages and the resulting drop in the production of new vehicles depleted the stock of new vehicles. It also allowed carmakers to raise the prices of new vehicles, prompting more and more would-be car buyers to consider used vehicles.

Additionally, manufacturers such as Ford and Toyota warn dealers — often unsuccessfully — not to boost prices on popular new models beyond the published and recommended sticker prices. 

However, lightly used vehicles are not under the same pressure, leaving brokers and dealers to raise the prices on the most popular used vehicles to whatever they believe the market will bear.

New vehicle prices on the rise

Inflation, triggered by higher material and freight costs, are pushing up the prices on 2023 models.

The torrid pace of car sales comes despite the average transaction price expected to reach $46,259, up 11.5% from a year ago and a new record. OEM incentive spending is forecast to be $969 per vehicle, down 47.1% from a year ago, and the fourth consecutive month where it was less than $1,000. 

That translates into spending per vehicle as a percentage of the average vehicle MSRP is 2%, down 2.3% from August 2021. The decline comes from fewer lease deals, which has impacted the number of vehicles being leased. For August, it’s forecast to be 17% of new vehicles sales, down from 29% in August 2019.

Truck/SUV incentive spending is anticipated to be on average $1,011, down $787 from a year ago, while automobile incentive spending is anticipated to be $818, down $1,136. Truck/SUVs are on pace to account for 78.4% of new-vehicle retail sales in August.