Used car prices have seen record highs over the past 15 months as the result of the global microchip shortage. According to the recent iSeeCars.com 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|
|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|
|Rhode Island||Nissan Rogue||46.3%||$8,992|
|South Carolina||Kia Forte||53.5%||$7,128|
|South Dakota||Nissan Rogue||47.7%||$9,083|
|West Virginia||Ford Escape||42.3%||$7,697|
- 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.
More from iSeeCars.com:
iSeeCars.com 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.
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 $328 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.