For the past several years, the new car market has been a roller coaster. An extremely limited supply of new cars had many dealers marking them up. Certain used cars have even been selling above MSRP (linked below).
After the first quarter of 2024, it’s obvious that most models are settling back to regular prices. But the folks at Consumer Reports and TrueCar compiled a list of models–normally reasonably priced–that are still selling above MSRP on average. Read on to find out which poor car buying deals make the least sense, and why.
- Ford Mustang Mach-E +14%
- Ford F-150 +13%
- Kia Sportage Hybrid +10%
- Ford Maverick +10%
- Kia Sorento +8%
- Chevrolet Trax +7%
- Cadillac CT4 +6%
- Mazda MX-5 Miata +6%
- Nissan Leaf +6%
- Kia Soul +6%
First off, some of these make perfect sense to me. The Ford Maverick was introduced with a MSRP of $20k and a MPG of 40. Those numbers made it impossible to ignore and drove incredible sales numbers. Ford moved 94,058 Mavericks in 2023. Those are almost Toyota Tacoma numbers. In 2024, the automaker has already sold 52,323 Mavericks. But it seems the compact truck is still commanding a steep price.
The Mazda MX-5 Miata is enjoying a similar surge. Sales of the roadster were up 40% from 2022 to 2023. Manual transmission sales nearly tripled the same year, and the Miata is the quintessential sports car. So again, I’m not shocked this one is marked up.
The Cadillac CT4 and its Chevrolet Malibu cousin are among the last sedans standing. With no 2024 Dodge Charger or Chrysler 300 to compete, I’m not shocked they are in demand–and that the Caddy is being marked up. Similarly, hybrids are in demand now. The Kia Sportage is already a bit cheaper than its competitors from Japan, and reportedly just as good. So the market can bear this price bump.
I was shocked to see the Mustang Mach-E and Nissan Leaf on this list. Two things are happening in the EV market. Tesla is slashing its prices, especially for the Model 3 sedan. This is hurting prices and sales numbers across the segment. In addition, used EV prices are tumbling, so buyers are being drawn away from new ones. Many of the best deals in new cars right now are for EVs. But it looks like there’s still plenty of demand for EVs from trusted brands such as Ford and Nissan.
I’m also shocked to see a bump in F-150 prices. One reason this shocks me is that F-150 prices are already high. In fact, the Ford F-150’s MSRP jumped $8k in two years! In addition, the half-ton pickup truck segment is cutthroat. The Detroit Three’s trucks’ prices are usually within $500 of one another because many buyers are fleet operators with no brand allegiance. I am not sure how Ford is pulling off these sorts of price hikes.
Next, find out which used cars are reselling above MSRP, or see more overpriced and underpriced 2024 vehicles in the video below:
