Dealers 'are asking to buy back the vehicles' due to rising prices for used cars

With dealerships overriding a vehicle’s sticker price, new vehicle costs are not sticking to the traditional price rules.

The same goes for the used units; the shortage of new cars has altered the pricing rules. The most popular vehicle models are now seeing used-car prices higher than new-car prices.

“Some dealers are calling customers who recently bought new cars one or two years ago, and they’re asking to buy back the vehicles,” Cash for Cars content strategist Thomas Hopkins told CarInsurance.org.

CarInsurance.org revealed that the ten most popular cars have a used value of $7,557 higher than the new-car purchase price. On average, the ten most popular vehicles grew 20% in value from 2020 to 2021. Toyota RAV4 Hybrid LE ranked as the highest gainer among the cars, with a 37% increase from a $28,497 cost for a new vehicle to a $38,990 price for a used unit.

The price of a new car has increased 17% over the past year. Notably, it is the highest average ever recorded, according to data from J.D. Power and LMC Automotive Forecast, Car and Driver reported.

A separate study conducted by iSeeCars in July revealed that there is only a 3.1% difference in 470,000 listings of 2019-2020 used cars and 2020-2021 new cars, according to Car and Driver.