According to Alec Gutierrez, senior market analyst of automotive insights, Kelley Blue Book, the gap between new- and used-vehicle pricing in many segments has narrowed significantly, with new vehicles, on average, selling for only 11.5 percent more than a comparable 1-year-old used car. Used subcompact and compact cars only offer consumers an average savings between 5 to 7 percent, while used hybrid cars and mid-size crossovers are within 3 to 4 percent of an equivalent new vehicle. After factoring in incentives and lower finance APRs on new cars, purchasing a new vehicle is in many cases only marginally more than purchasing used.
While traditionally shoppers would save thousands of dollars by purchasing a slightly used vehicle rather than new, this is no longer the case, as used-car values remain near their all-time peak, Kelley Blue Book sees new-vehicle sales cannibalizing used vehicle sales.
During the past several months, Kelley Blue Book has observed a shift in shopper activity from used to new vehicles based on the 14 million visitors to KBB.com each month, as well as new- and used-vehicle sales. In terms of Web traffic on the company’s car-shopping website, there has been a 5 percentage point shift in new-car shopper activity since January. Similarly, new-vehicle sales have been increasing consistently year-over-year (increasing 9 percent in July alone), while used-vehicle registrations declined by 4 to 5 percent year-over-year from March through May.
The choice to purchase a new or used car can certainly vary depending on the model being considered. For instance, a consumer considering a Ford Focus can save as much as $3,000 by purchasing a used model-year 2011; however, the strength of the 2012 redesign may prompt them to spend a little more on the latest and greatest model. A consumer in the market for a Toyota FJ Cruiser should almost always opt to buy new. A brand new 2012 FJ Cruiser currently has a Fair Purchase Price of $28,500, a mere $300 more than a used 2011 FJ Cruiser with 20,000 miles.
To assist consumers in identifying those vehicles that may make more sense to buy new, we have compiled a list of 10 new vehicles that are only marginally more expensive than their 1-year-old counterpart.
| 10 New Vehicles to Buy New Rather Than Used | |||||||
|
New – Used |
|||||||
| Make | Model | Trim |
New MSRP |
Kelley Blue Book® Fair Purchase Price (NEW)* |
Kelley Blue Book® Sugg. Retail Value (USED)* |
$ |
% |
| Chevrolet | Camaro | LT Coupe 2D |
$26,180 |
$25,261 |
$25,135 |
$126 |
0.5% |
| Toyota | 4Runner | SR5 Sport Utility 4D |
$33,640 |
$32,294 |
$32,040 |
$254 |
0.8% |
| Toyota | FJ Cruiser | Sport Utility 2D |
$28,515 |
$28,444 |
$28,200 |
$244 |
0.9% |
| Subaru | Impreza | 2.0i Sedan 4D |
$18,245 |
$17,450 |
$17,300 |
$150 |
0.9% |
| Jeep | Wrangler | Sport SUV 2D |
$22,970 |
$22,281 |
$22,000 |
$281 |
1.3% |
| Honda | Fit | Sport Hatchback 4D |
$17,850 |
$17,234 |
$17,000 |
$234 |
1.4% |
| Volkswagen | Golf | TDI Hatchback 4D |
$25,705 |
$24,168 |
$23,730 |
$438 |
1.8% |
| Kia | Rio | LX Sedan 4D |
$14,150 |
$13,433 |
$13,150 |
$283 |
2.1% |
| Mazda | MAZDA2 | Sport Hatchback 4D |
$15,325 |
$14,406 |
$14,100 |
$306 |
2.2% |
| Chevrolet | Equinox | LT Sport Utility 4D |
$25,875 |
$24,845 |
$24,305 |
$540 |
2.2% |
*Fair Purchase Price reflects value of a MY2012 new vehicle while Sugg. Retail Value reflects a MY2011 used vehicle
– Alec Gutierrez, senior market analyst of automotive insights, Kelley Blue Book
