Advertiser Disclosure

12 Overpriced Used Cars To Avoid Buying

July 23, 2024

3 min Read

Written by Gina Hagler

Edited by Cory Dudak

©Toyota

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

A recent Consumer Reports article indicated that used car prices have been falling this year.

The average price for a used vehicle in April was $28,550, 10% lower than the previous year. That decrease in used car prices is a positive — as we move farther and farther from the pandemic — but they are currently roughly 36% higher than in 2019, per Cars.com.

Some vehicles are still considered overpriced, partially explained by the used car shortage.

Unfortunately, interest rates remain high, creating a particular issue for potential buyers who wish to finance. The senior director of Consumer Reports Auto Test Center stated, “Used cars are not the great deal they once were, particularly as higher interest rates make them more expensive for those who have to finance them.”

An expert at CoPilot added that manufacturers have been focusing on expensive new models, compared to previous years, further adding to the hikes in used car pricing.

According to iSeeCars, hybrid models are in high demand, which accounts for them being overpriced. Based on the trending data, instances where the same used model costs more than the new one are diminishing slowly.

Here are those overpriced cars to avoid buying, based on used prices provided by Car and Driver:

Ford Maverick

The 2024 Ford Maverick has a base price of $25,515. Used 2022 and 2023 models range from $27,000 to $29,000.

Mercedes-Benz G-Class

A 2024 Mercedes-Benz G-Class starts at $144,150. A used 2022 model ranges from $171,000 to $193,000.

Today's Top Offers

Toyota Sienna Hybrid

The 2024 Toyota Sienna Hybrid starts at $39,080. A 2022 model can go for $45,000 to $49,000. A 2021 model ranges from $39,500 to $41,000.

Toyota Corolla

The 2024 Toyota Corolla starts at $23,145. A 2022 model doesn’t offer much of a discount, at around $19,000 to $20,000.

Toyota Corolla Cross

The 2024 Toyota Corolla Cross retails for $25,210. A used 2022 model doesn’t offer a great discount and, in some cases, is more expensive. It ranges from $23,000 to nearly $29,000.