Used car prices have seen record highs over the past 15 months as the result of the global microchip shortage. According to a recent iSeeCars.com analysis of over 1.9 million used car sales, used car prices increased 26.2 percent, or $6,454, 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 % Year-Over-Year Price Increase $ Year-Over-Year Price Increase
Alabama Land Rover Range Rover 40.0% $24,588
Alaska Ram Pickup 1500 34.5% $11,765
Arizona Mitsubishi Mirage 58.0% $5,138
Arkansas Chevrolet Spark 59.4% $5,667
California Lincoln Navigator L 71.5% $27,958
Colorado Nissan LEAF 37.1% $5,269
Connecticut MINI Hardtop 2 Door 61.4% $9,549
Delaware Kia Forte 32.6% $4,281
Florida Chevrolet Corvette 45.9% $25,919
Georgia Nissan LEAF 50.1% $6,313
Hawaii Nissan Sentra 31.2% $4,339
Idaho Honda Odyssey 31.1% $8,080
Illinois Porsche 911 68.0% $74,280
Indiana Chevrolet Spark 53.9% $5,252
Iowa Chevrolet Spark 35.5% $3,823
Kansas MINI Countryman 41.1% $8,751
Kentucky Chevrolet Spark 44.6% $4,398
Louisiana Audi A6 34.7% $10,270
Maine Nissan Altima 32.4% $5,180
Maryland Nissan LEAF 53.6% $7,431
Massachusetts Nissan LEAF 60.6% $7,472
Michigan Subaru Impreza 38.1% $5,573
Minnesota BMW 3 Series 42.2% $9,490
Mississippi Volkswagen Jetta 32.9% $4,747
Missouri Mitsubishi Outlander Sport 39.0% $5,907
Montana Nissan Altima 31.3% $5,237
Nebraska Kia Forte 34.9% $4,618
Nevada Chevrolet Camaro 33.9% $9,612
New Hampshire Kia Forte 32.9% $4,201
New Jersey Lincoln Navigator 44.7% $19,885
New Mexico Kia Forte 32.5% $4,215
New York Audi A5 42.4% $10,612
North Carolina Chevrolet Spark 54.1% $5,201
North Dakota Chevrolet Camaro 36.8% $10,992
Ohio Porsche 911 58.1% $64,618
Oklahoma Chevrolet Spark 51.8% $5,164
Oregon Nissan LEAF 60.5% $7,947
Pennsylvania Lincoln Navigator 49.5% $24,943
Rhode Island Nissan Altima 33.2% $5,619
South Carolina Volkswagen Golf GTI 40.1% $7,318
South Dakota Hyundai Sonata 29.6% $4,637
Tennessee Chevrolet Spark 55.4% $5,277
Texas Mitsubishi Mirage 70.1% $5,706
Utah Nissan LEAF 60.0% $6,537
Vermont Volkswagen Jetta 29.1% $4,259
Virginia Chevrolet Spark 50.8% $4,638
Washington Porsche 911 81.9% $90,478
West Virginia Chevrolet Spark 35.7% $3,872
Wisconsin Chevrolet Spark 43.9% $4,367
Wyoming Ram Pickup 1500 31.2% $10,617
  • The Chevrolet Spark subcompact car, which is the cheapest new car on the market, has the highest price increase in the most states with 10.
  • The vehicle with the highest price increase across all states is the Porsche 911 in Washington with an 81.9 percent increase.
  • Small hatchbacks, including economy cars and the electric Nissan LEAF, account for 20 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.

Methodology

iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in August 2020 and 2021. 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 2020 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 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 $315 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.