The average one-to-five-year-old car cost an average of $34,392 in April. While this is down slightly from March when the average used car cost an average of $34,449, used car prices remain elevated from the ongoing microchip shortage.

How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.5 million used car sales in April, used car prices increased 23.9 percent, or $6,631, compared to the same period the previous year.  

Average 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: April 2022- iSeeCars
Rank State Year-Over-Year % Price Change
1 Wyoming 14.8%
2 Idaho 17.6%
3 Rhode Island 17.7%
4 Utah 17.8%
5 South Dakota 18.4%
6 Oklahoma 18.7%
7 New Mexico 18.8%
8 Michigan 18.8%
9 Oregon 18.9%
10 Montana 19.4%
11 Alaska 19.9%
12 Arkansas 20.4%
13 Mississippi 20.5%
14 Vermont 21.1%
15 Texas 21.1%
16 Missouri 21.1%
17 Hawaii 21.6%
18 Tennessee 21.8%
19 Kansas 22.0%
20 Wisconsin 22.2%
21 Washington 22.3%
22 Nevada 22.4%
23 Arizona 22.4%
24 Alabama 22.4%
25 New Hampshire 23.1%
26 Maine 23.2%
27 Ohio 23.3%
28 North Carolina 23.4%
29 South Carolina 23.6%
30 Louisiana 23.7%
31 Georgia 23.8%
Average Used Can Price Increase 23.9%
32 Virginia 23.9%
33 Indiana 24.0%
34 West Virginia 24.2%
35 Maryland 24.4%
36 Kentucky 24.8%
37 California 24.9%
38 Illinois 25.0%
39 Colorado 25.1%
40 New Jersey 25.6%
41 New York 25.7%
42 Florida 25.9%
43 Pennsylvania 26.0%
44 North Dakota 26.2%
45 Delaware 26.6%
46 Minnesota 26.6%
47 Massachusetts 26.9%
48 Iowa 27.0%
49 Nebraska 27.5%
50 Connecticut 29.5%
  • Connecticut is the state with the greatest used car price increase in 2022 compared to 2021 at 29.5 percent, which amounts to $7,303.
  • Wyoming has the smallest used car price increase at 14.8 percent, which amounts to $5,599.

Average Used Car Prices by State

Some states pay more than others for used cars. Here is a ranking of the average used car price by state in ascending order:
Average Used Car Price by State - iSeeCars
Rank State Average Used Car Price
1 Rhode Island $31,190
2 Ohio $31,488
3 Vermont $31,907
4 New Hampshire $31,940
5 Connecticut $32,043
6 Delaware $32,141
7 Michigan $32,154
8 New Mexico $32,279
9 Utah $32,342
10 Maryland $32,539
11 Indiana $32,565
12 Nevada $32,651
13 Virginia $32,801
14 Pennsylvania $32,822
15 New York $33,001
16 Hawaii $33,110
17 Massachusetts $33,254
18 Maine $33,284
19 New Jersey $33,345
20 Oregon $33,498
21 Oklahoma $33,547
22 Arizona $33,574
23 Florida $33,627
24 Alabama $33,663
25 Tennessee $33,773
26 West Virginia $33,827
27 Kentucky $33,888
28 Wisconsin $33,925
29 North Carolina $33,930
30 South Carolina $33,933
31 Mississippi $33,994
32 Missouri $33,995
33 Kansas $34,049
34 Minnesota $34,199
35 Louisiana $34,260
36 California $34,293
Average Used Car Price $34,392
37 Texas $34,475
38 Nebraska $34,656
39 Illinois $34,724
40 Georgia $34,954
41 Iowa $35,332
42 Colorado $35,399
43 Arkansas $35,406
44 Washington $35,526
45 Idaho $36,529
46 North Dakota $38,585
47 South Dakota $39,643
48 Montana $39,878
49 Wyoming $43,496
50 Alaska $43,935
  • Rhode Island is the state with the lowest average used car price of $31,190.
  • Alaska is the state with the highest average used car price of $43,935.
What does this mean for consumers? The current state of the used car market presents a lucrative trade-in opportunity for consumers who have a used vehicle to sell. 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 until early 2023. The best way to avoid severe price hikes for the foreseeable future is to purchase a used vehicle that isn’t in very high demand, such as a sedan, and if possible, purchase it from a state or region with lower price increases.

More from iSeeCars.com:

Methodology

iSeeCars.com analyzed over 1.5 million 1-5-year-old used car sales in April 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 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 $325 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.