A used car can now cost you more than a new one
When the Consumer Price Index comes out on Tuesday, we’ll have new numbers on everything from food and beverages to clothing and used cars. And on that front, there is a quirk.
Some models are so popular that used cars are selling for more than this year’s assembly line. Car price analysis by the iSeeCars website showed that 16 2019 vehicle models were more expensive than their new counterparts in June.
Geoffrey Koch was on the hunt for used cars in Nashville, TN after his ’99 Honda Civic threw the bucket last year. He said he had great credit, so “I’m like, I’m definitely going to get the deal of the century. It’s going to be awesome,” he said.
Koch walked around car dealerships ready to pay around $ 15,000. But then he saw the prices for the stickers.
“You can’t really get, like, a great car even for $ 15,000,” he said.
There is a simple reason for this. “The demand is huge, the supply is low,” said Karl Brauer, executive analyst at iSeeCars.
New car buyers may have to wait two or three months. Meanwhile, the 2019 model could be there in the field.
“Even though it’s slightly more expensive than the new one, you can go with it today,” he said.
Brauer said if buyers can wait, they should. That’s what Koch is going to do.
“If I have to lose a lot of money, that will be what I want,” he said. Koch added that he will share his girlfriend’s car until he saves a little more.