Used car prices have seen record highs over the past 15 months as the result of the global microchip shortage. According to the recent analysis of over 1.7 million used car sales in February, used car prices increased 34.1 percent, or $8,668, 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 Greatest Price Increases By State - iSeeCars
State Vehicle % Used Price More than New $ Used Price More than New
Alabama Hyundai Sonata 50.8% $8,313
Alaska Ford Escape 39.2% $7,743
Arizona Kia Forte 55.4% $7,024
Arkansas Toyota Corolla 46.3% $7,111
California Kia Forte 54.6% $7,135
Colorado Toyota Corolla 47.4% $6,781
Connecticut Kia Forte 55.1% $7,040
Delaware Chevrolet Equinox 42.2% $7,902
Florida Kia Forte 52.4% $6,479
Georgia Nissan Versa 49.2% $5,732
Hawaii Kia Forte 49.0% $7,192
Idaho Ford Escape 36.1% $6,791
Illinois Kia Forte 53.8% $6,643
Indiana Kia Forte 55.1% $7,402
Iowa Nissan Rogue 43.6% $8,247
Kansas Nissan Sentra 43.9% $5,820
Kentucky Nissan Sentra 48.9% $6,262
Louisiana Hyundai Sonata 48.9% $7,805
Maine Nissan Rogue 39.2% $7,501
Maryland Kia Forte 51.6% $6,683
Massachusetts Kia Forte 54.2% $7,265
Michigan Kia Soul 51.7% $6,695
Minnesota Toyota Corolla 48.0% $6,704
Mississippi Nissan Sentra 44.1% $6,041
Missouri Kia Forte 53.2% $6,709
Montana Nissan Rogue 44.2% $9,102
Nebraska Nissan Altima 46.0% $7,257
Nevada Hyundai Sonata 49.3% $7,795
New Hampshire Nissan Sentra 48.5% $6,231
New Jersey Kia Forte 61.0% $7,750
New Mexico Hyundai Elantra 46.8% $6,806
New York Kia Forte 53.7% $6,932
North Carolina Acura RDX 52.7% $13,241
North Dakota Toyota RAV4 40.8% $9,031
Ohio Kia Forte 54.0% $6,949
Oklahoma Nissan Sentra 50.0% $6,480
Oregon Kia Forte 48.3% $6,603
Pennsylvania Kia Forte 56.6% $7,211
Rhode Island Nissan Rogue 46.3% $8,992
South Carolina Kia Forte 53.5% $7,128
South Dakota Nissan Rogue 47.7% $9,083
Tennessee Nissan Versa 49.9% $5,880
Texas Volvo XC60 50.8% $14,523
Utah Honda Civic 45.7% $7,574
Vermont Toyota Corolla 49.3% $7,377
Virginia Kia Forte 50.8% $6,867
Washington Kia Soul 49.4% $6,924
West Virginia Ford Escape 42.3% $7,697
Wisconsin Nissan Sentra 46.6% $6,126
Wyoming Ford Escape 37.2% $7,479
  • The Kia Forte subcompact car, which is among the most affordable new cars on the market, has the highest price increase in the most states with 17.
  • The vehicle with the highest price increase across all states is the Kia Forte in New Jersey with an 61.0 percent increase.
  • Small cars, including compact and subcompact sedans and hatchbacks, account for 31 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.

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Methodology analyzed over 1.7 million 1-5-year-old used car sales in February 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.

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