Used car prices have seen record highs over the past 15 months as the result of the global microchip shortage. According to a recent iSeeCars.com analysis of over 1.9 million used car sales, used car prices increased 26.2 percent, or $6,454, compared to the same period the previous year.
Some used car prices have increased more than others due to heightened demand and limited inventory. Here are the used cars that have had the highest price increases in each state:
|Used Cars With the Greatest Price Increases By State – iSeeCars|
|State||Vehicle||% Year-Over-Year Price Increase||$ Year-Over-Year Price Increase|
|Alabama||Land Rover Range Rover||40.0%||$24,588|
|Alaska||Ram Pickup 1500||34.5%||$11,765|
|California||Lincoln Navigator L||71.5%||$27,958|
|Connecticut||MINI Hardtop 2 Door||61.4%||$9,549|
|Minnesota||BMW 3 Series||42.2%||$9,490|
|Missouri||Mitsubishi Outlander Sport||39.0%||$5,907|
|New Hampshire||Kia Forte||32.9%||$4,201|
|New Jersey||Lincoln Navigator||44.7%||$19,885|
|New Mexico||Kia Forte||32.5%||$4,215|
|New York||Audi A5||42.4%||$10,612|
|North Carolina||Chevrolet Spark||54.1%||$5,201|
|North Dakota||Chevrolet Camaro||36.8%||$10,992|
|Rhode Island||Nissan Altima||33.2%||$5,619|
|South Carolina||Volkswagen Golf GTI||40.1%||$7,318|
|South Dakota||Hyundai Sonata||29.6%||$4,637|
|West Virginia||Chevrolet Spark||35.7%||$3,872|
|Wyoming||Ram Pickup 1500||31.2%||$10,617|
- The Chevrolet Spark subcompact car, which is the cheapest new car on the market, has the highest price increase in the most states with 10.
- The vehicle with the highest price increase across all states is the Porsche 911 in Washington with an 81.9 percent increase.
- Small hatchbacks, including economy cars and the electric Nissan LEAF, account for 20 vehicles on the list.
What Does This Mean for Consumers?
While consumers were previously advised to wait to purchase a used car if they were able to do so, the microchip shortage is expected to persist for at least a year longer than originally anticipated. The only way to avoid severe price hikes for the foreseeable future is to purchase a used vehicle that isn’t in very high demand and to avoid these vehicles with the largest price hikes. However, consumers who have one of these vehicles could see a high profit if they want to trade their car in.
iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in August 2020 and 2021. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2020 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $303 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
This article, Used Cars to Avoid Buying Right Now, originally appeared on iSeeCars.com.