The global microchip shortage continued to impact used car prices in June as restricted new car supply has led to fewer people trading in their used cars. This diminished supply and increased demand caused used car prices to soar.

How much have used car prices gone up? According to iSeeCars.com ’s latest analysis of over 1.9 million used car sales in June, used car prices increased 32.7 percent, or $7,583, compared to the same period the previous year. This comes after a 26.4 percent year-over-year increase in May and a 16.8 percent year-over-year increase in April.

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:
Used Car Price Increases by State - June 2021
Rank  State Year-Over-Year % Price Change Year-Over-Year $ Price Change
1 New Jersey 22.3% $5,238
2 New York 22.5% $5,284
3 Pennsylvania 26.6% $6,152
4 Vermont 27.0% $6,143
5 Rhode Island 27.3% $5,729
6 Connecticut 28.3% $6,250
7 Massachusetts 28.6% $6,535
8 New Hampshire 28.8% $6,496
9 Wisconsin 28.9% $6,862
10 West Virginia 29.0% $6,957
11 Mississippi 29.0% $7,008
12 Colorado 29.2% $7,087
13 Washington 29.3% $7,378
14 Maine 30.0% $6,874
15 Michigan 30.5% $7,068
16 Delaware 30.7% $6,702
17 Iowa 30.8% $7,442
18 Illinois 30.9% $7,404
19 Minnesota 31.0% $7,256
20 Ohio 31.6% $6,912
21 Maryland 31.8% $6,970
22 Indiana 31.9% $7,195
Overall Average 32.7% $7,583
23 New Mexico 32.7% $7,838
24 California 32.8% $7,586
25 South Dakota 32.8% $8,507
26 Arizona 33.0% $7,292
27 North Dakota 33.1% $8,361
28 Missouri 33.2% $7,746
29 Nebraska 33.4% $7,985
30 Virginia 33.8% $7,497
31 Wyoming 34.3% $10,237
32 Oregon 34.3% $8,108
33 Arkansas 34.6% $8,377
34 Florida 34.9% $7,609
35 Alabama 35.2% $8,154
36 Kansas 35.4% $8,325
37 Montana 35.4% $9,658
38 Idaho 35.4% $8,918
39 South Carolina 35.6% $8,136
40 Tennessee 35.6% $8,109
41 Utah  35.9% $8,236
42 Texas  36.6% $8,631
43 North Carolina 36.7% $8,282
44 Georgia 36.7% $8,518
45 Oklahoma  37.3% $8,840
46 Louisiana 37.7% $8,890
47 Nevada  37.7% $8,422
48 Kentucky 38.6% $8,819
49 Hawaii  41.2% $8,505
50 Alaska  43.0% $12,788
iSeeCars’ used car pricing analysis shows consumers may be able to get a better used car deal by crossing state lines.
  • Alaska is the state with the greatest used car price increase in 2021 compared to 2020 at 43.0 percent, which amounts to $12,788.
  • New Jersey has the smallest used car price increase at 22.3 percent, which amounts to $5,238.
  • Of the top 10 states with the lowest price increases, eight are Northeastern states.
  • Of the top 10 states with the highest price increases, four are Southeastern states, four are Western states, and two are Southwestern states.
What does this mean for consumers? The rise in used car prices presents lucrative sell or trade-in opportunities for consumers who can get rid of a vehicle or who are willing to trade one in for a lower-demand vehicle, like small SUVs, hatchbacks , or minivans . And for used car shoppers who are willing to travel, you may find a better deal on a used car in a nearby state. 

Although the average used car has significantly gone up in price, iSeeCars’s used car price analysis also found some vehicles have lower-than-average increases, making them smart buys for consumers who can’t wait for prices to drop. And while used car prices are expected to stay elevated for the foreseeable future, it remains to be seen if prices are going to keep rising or if they will start to decline toward pre-microchip shortage levels.

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. iSeeCars.com has saved users over $305 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.