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Certain high-profile vehicles (often well north of $100k) tend to hold their value very well, and some even become valuable assets. But what if we told you that this also happened to the humble Toyota RAV4?
According to a recent survey by insurance savings company Jerry, certain everyday vehicles have become so popular that people are willing to spend more money for a used one than for a brand new one simply because there simply aren’t enough new ones to drive around right now.
Read more: Shoppers begin to shun new cars in a troubling sign for the auto industry
The survey looked at the top seven vehicles that were more expensive for used than for new, and the RAV4 led the list, with used 2021 models selling an average of $5,900 more than their brand-new 2022 counterparts. Next on the list is the Honda Civic that sells for $5,300 more used than new, the Honda CR-V for $3,800 more, the Toyota Camry for $3,200 more, the Nissan Rogue for $3,100 more, the Toyota Highlander for $2,100 more, and the Ford F-150 for just $100 more.
They also looked at a handful of EVs, and what they found was that the Volkswagen ID.4 sold an average of $6,300 more than new, while the Tesla Model 3 and Ford Mustang Mach-E both grossed $5,200 more.
Related: Study Finds Lexus LFA and Lada Niva Most Wanted for Rare Cars for Purchase in the UK
By state, the study found that South Carolina, New York and New Jersey were the top three where used car prices have risen 17, 16 and 15 percent, respectively, in the past year. Those three were part of 21 US states that saw their prices rise by at least 10 percent.
Fortunately, however, the good news for buyers is that this phenomenon is not common to all cars, and many vehicles on the market are actually starting to return to somewhat normal price levels.
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