Used car prices have risen 30.4 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest used car price analysis of 1.8 million car sales in March. This is down from a 35.0 percent increase in February.

Used Car Price Increases by State

Are used car price increases consistent across the country? Here are the average used car price increases by state in ascending order:
Used Car Price Increases by State: March 2022- iSeeCars
Rank  State Year-Over-Year % Price Change Year-Over-Year $ Price Change
1 Wyoming 18.9% $7,650
2 Rhode Island 19.4% $5,227
3 Alaska 20.3% $8,013
4 Idaho 22.5% $6,902
5 North Dakota 24.0% $7,574
6 Texas 24.7% $6,698
7 South Dakota 24.7% $7,916
8 Mississippi 25.2% $6,676
9 Maine 25.3% $6,915
10 Montana 25.3% $8,384
11 Vermont 25.8% $6,995
12 Oregon 26.0% $6,983
13 Nebraska 26.5% $7,298
14 Utah 27.3% $7,043
15 Alabama 27.4% $7,160
16 Michigan 27.9% $7,065
17 Hawaii 27.9% $7,276
18 Tennessee 28.0% $7,258
19 New Hampshire 28.1% $6,972
20 New Mexico 28.5% $7,557
21 North Carolina 28.5% $7,404
22 Oklahoma 28.6% $7,406
23 Arkansas 29.2% $7,921
24 Wisconsin 29.4% $7,622
25 West Virginia 29.4% $7,943
26 Indiana 29.5% $7,391
27 Georgia 29.6% $7,954
28 Kentucky 29.8% $7,513
29 South Carolina 30.0% $7,737
30 Colorado 30.0% $7,980
31 Maryland 30.2% $7,402
32 Louisiana 30.3% $7,751
33 Virginia 30.3% $7,573
Average Across All States 30.4% $8,032
34 Delaware 30.5% $7,280
35 Ohio 30.6% $7,370
36 Nevada 30.8% $7,535
37 Arizona 30.8% $7,867
38 Pennsylvania 30.9% $7,740
39 Minnesota 31.1% $8,153
40 Missouri 31.2% $8,027
41 Illinois 31.5% $8,252
42 New York 31.6% $8,061
43 Florida 31.7% $8,201
44 Massachusetts 31.8% $7,984
45 Iowa 32.6% $8,891
46 New Jersey 32.6% $8,307
47 Kansas 33.0% $8,618
48 California 33.2% $8,764
49 Washington 34.0% $9,222
50 Connecticut 35.2% $8,426
iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.
  • Connecticut is the state with the greatest used car price increase in March 2022 compared to March 2021 at 35.2 percent, which amounts to $8,426.
  • Wyoming has the smallest used car price increase at 18.9 percent, which amounts to $7,650.
  • Of the 10 states with the highest price increases, seven are coastal states.
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, new geopolitical factors are expected to exacerbate and prolong the present used car price increases. The best way for consumers to avoid significantly higher prices while car shopping for the foreseeable future is to either maintain their current vehicle or purchase a used vehicle that isn’t in high demand, and to be as flexible as possible with factors such as color and trim.

More from iSeeCars.com:

Methodology

iSeeCars.com analyzed over 1.8 million 1-5 year old used car sales in March 2021 and 2022. 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 2021 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.

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 free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $329 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.