Why Are Used SUVs So Expensive?

Used SUVs can be an attractive investment for car shoppers; however, too often the models sell at prices far beyond their fair value.

Prices have increased as a result of several factors, such as reduced trade-ins and fleet sales by rental agencies. But demand outweighs supply by far.

When purchasing a used SUV, its first owner bears the depreciation cost – something which makes sense if your goal is to reduce gas and insurance expenses.

Jeep Grand Cherokee

The Jeep Grand Cherokee is one of the most beloved SUVs on American roads, known for its towing prowess, off-road capability and advanced driving aids that rank among the best available in its class. Though an excellent vehicle, the Grand Cherokee can be relatively costly.

The 2023 Grand Cherokee comes in five trim levels, from Laredo to Trailhawk, Overland and Summit. Its entry-level Laredo model offers a 293hp V-6 engine and rear-wheel drive; comfort and tech features come standard; for optimal performance it should consider moving up to Limited trim level or above.

Overland and Summit models of the Grand Cherokee provide a more luxurious driving experience, including Nappa leather upholstery and a dual-pane sunroof. Furthermore, these four-wheel drive vehicles boast 357-hp Hemi V-8 engines for optimal power. Greer residents looking for an SUV capable of off-roading can tow up to 7,000 pounds with its four-wheel drive configuration! The Grand Cherokee makes an excellent option.

GMC Terrain

GMC Terrain struggles to compete in an ultra-competitive compact SUV segment due to its expensive appearance and subpar performance. Although updated for 2023, GM’s smallest SUV still remains rooted with an underpowered base model featuring only modest equipment and powered by an uninspiring 175 hp turbocharged four-cylinder engine.

Standard features of the Terrain include a 6.2-inch touchscreen, wireless Apple CarPlay and Android Auto, built-in Wi-Fi hotspot and advanced safety features. If you prefer something with more luxurious flair, check out the Denali model, which adds heated front seats and power liftgate as well. Despite its small footprint, however, the Terrain still feels spacious inside; although its cargo capacity of 63 cubic feet falls short of class benchmarks like Honda CR-V and Toyota RAV-4 models. Plus it boasts three year/36k bumper-to-bumper coverage as well as five year/60,000 mile powertrain warranty coverage – making this model very competitive among its class competitors!

Toyota 4Runner

The Toyota 4Runner remains an attractive off-roading option for those with deep pockets, yet its current version has become outdated and overdue for a redesign. While the fifth generation Toyota 4Runner should retain trail-ready engineering, its modernization should include updated infotainment systems and driver assist technologies.

Toyota also incorporates hill-start assist control to prevent its SUVs from rolling backwards on hills, and downhill assist control (DAC; 4WD only), which automatically modulates brake and throttle for smooth hills descents without driver input. Furthermore, new front row side torso airbags, an in-dash TomTom navigation system, and standard rear-view cameras have also been introduced as changes.

Toyota also introduced a limited-run 40th anniversary special edition 2020-4Runner featuring unique paint colors and exterior design touches, bronze wheels, blind-spot monitoring technology and blind-spot monitoring. Otherwise, their 2020-4Runner range consisted of SR5, TRD Sport, TRD Off-Road and Limited models powered by 4.0L V6 engines paired to five-speed automatic transmissions with part-time four-wheel drive capabilities.

Toyota Highlander

The Toyota Highlander is an admirable midsize family SUV equipped with plenty of standard features, earning its place on our Best Reliability List and boasting high owner satisfaction ratings.

Toyota provides an impressive engine lineup in their Highlander SUVs, including hybrid options. Toyota offers several luxury trim levels for this SUV to make this ride comfortable for anyone. The hybrid Highlander features a 3.5-liter V6 connected to an electric motor for optimal front-wheel drive capabilities and front drive is standard across its lineup. A base 3.5-liter V6 model can also be found available as part of its standard package.

The Toyota Highlander features a spacious interior, comfortably seating eight passengers. In 2020, Toyota unveiled a second generation with more muscular exterior styling to give it sportier vibe. It excels on twisty roads and has superior composure compared to most three-row SUVs; upgrade to the XLE trim or higher for niceties such as synthetic leather upholstery, wireless device charging capabilities and second-row sunshades.