Used car prices have increased as a result of changes in consumer behavior, supply chain issues, and other effects of the pandemic; however, household incomes and wage growth have not grown at the same rate. According to the latest iSeeCars.com analysis, these used car price increases have resulted in a 26.7% drop in used car affordability from August 2019 to August 2022. 

Used Cars That Have Dropped the Most in Affordability in Each State

iSeeCars determined the used cars that have had the most significant decreases in affordability in each state.  
Used Cars That Have Dropped the Most in Affordability in Each State
State Used Car Model % Above Used Car Affordability Threshold, August 2022 $ Over Aug 2019 Used Car Price Avg 3yo Used Car Price Aug 2022
Alabama Toyota Camry 40.3% $11,164 $27,720
Alaska Jeep Cherokee 3.7% $7,918 $29,563
Arizona Volvo S60 29.5% $13,676 $32,762
Arkansas Jeep Compass 36.4% $11,758 $26,256
California Toyota RAV4 Hybrid 27.6% $14,965 $39,691
Colorado BMW 3 Series 33.5% $15,586 $40,231
Connecticut Ford Mustang 34.4% $16,020 $41,242
Delaware Chevrolet Traverse 45.1% $15,436 $37,783
Florida Nissan LEAF 55.5% $23,418 $35,919
Georgia Toyota Prius 36.4% $13,836 $33,254
Hawaii Dodge Charger 44.7% $20,634 $44,995
Idaho Subaru Legacy 44.7% $17,957 $35,231
Illinois Volvo S60 35.8% $15,961 $35,922
Indiana Honda Accord 28.9% $11,806 $29,637
Iowa GMC Terrain 30.0% $11,538 $31,236
Kansas Honda Accord 29.9% $10,915 $30,513
Kentucky Volkswagen Tiguan 40.1% $12,977 $28,527
Louisiana Volkswagen Tiguan 47.2% $11,977 $28,093
Maine Honda CR-V 29.9% $11,221 $30,832
Maryland Audi A6 37.3% $19,637 $45,361
Massachusetts Chevrolet Camaro 22.9% $17,407 $40,366
Michigan Toyota Camry Hybrid 45.2% $14,561 $33,768
Minnesota Ford Mustang 37.4% $17,945 $39,133
Mississippi Jeep Compass 46.3% $10,663 $26,106
Missouri Honda Accord 35.0% $12,954 $30,597
Montana Honda Civic 19.4% $10,441 $27,661
Nebraska Honda Accord 28.3% $12,798 $31,405
Nevada Toyota Prius 29.4% $11,038 $31,425
New Hampshire Chevrolet Traverse 11.6% $13,162 $36,173
New Jersey Audi A6 42.3% $20,304 $46,539
New Mexico Toyota Camry 48.2% $13,882 $29,308
New York Ford Mustang 26.3% $13,753 $34,385
North Carolina Toyota Camry Hybrid 37.5% $12,994 $31,213
North Dakota Toyota RAV4 41.5% $13,088 $34,478
Ohio Nissan LEAF 48.4% $20,193 $33,845
Oklahoma Honda Accord 42.9% $11,527 $29,232
Oregon Nissan LEAF 34.7% $21,762 $35,325
Pennsylvania Volvo S60 43.4% $14,936 $36,225
Rhode Island Chevrolet Traverse 29.0% $12,549 $34,974
South Carolina Honda Accord 43.4% $12,974 $31,171
South Dakota Honda Accord 24.9% $11,190 $30,269
Tennessee Honda Accord 37.2% $11,976 $30,005
Texas Volvo S60 36.0% $12,018 $33,358
Utah Toyota RAV4 Hybrid 30.9% $13,261 $38,103
Vermont Toyota RAV4 16.4% $9,970 $30,891
Virginia Jeep Wrangler 33.7% $14,565 $39,671
Washington Chevrolet Traverse 30.4% $14,990 $40,258
West Virginia Jeep Compass 35.2% $9,177 $25,381
Wisconsin MINI Countryman 39.2% $15,714 $34,244
Wyoming Ford Escape 17.1% $7,363 $27,975
  • The used car that has dropped the most in affordability in the most states is the Honda Accord in eight states.
  • The used car that is priced the highest above the used car affordability threshold is the Nissan LEAF in Florida at 55.5 percent.
Methodology

iSeeCars calculated its Car Affordability Index for new and used cars monthly from April 2019 to August 2022. The Car Affordability Index was calculated as the ratio between median household income (obtained from the U.S. Census Bureau’s American Community Survey (ACS) one-year estimates and projected using the U.S. Bureau of Labor Statistics’ Earnings reports) and an idealized income for car payments, based on new cars’ and three-year-old used cars’ pricing. An index of 100 means the idealized income for car payments exactly matches household income; values above 100 mean household income is greater than the idealized income for car payments, while values below 100 mean household income is less than the idealized income. Car payments were estimated using Bankrate.com’s published auto loan interest rates and loan terms, and the idealized household income was estimated assuming car payments should be no more than 10% of a household’s annual income. The iSeeCars Car Affordability Index was calculated for new and three-year-old used cars both nationally, by state, and by the Census Bureau’s Metropolitan Statistical Areas (MSAs).

About iSeeCars.com:

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 VIN check report and Best Cars rankings. iSeeCars.com has saved users over $354 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.