(iSeeCars) – Used car prices have hit record highs in the past 15 months due to the global shortage of microchips. According to iSeeCars.com’s recent analysis of over 1.7 million used car sales in February, used car prices are up 34.1%, or $8,668, over the same period. the previous year.
Some used car prices have risen more than others due to increased demand and limited inventory. Here are the used cars that saw the biggest price increases in each state:
|Used Cars with the Largest Price Increases by State – iSeeCars|
|State||Vehicle||% Used price More than new||$ Used price Less than new|
|New Hampshire||Nissan Sentras||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|
|Caroline from the south||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 most states with 17.
- The vehicle with the highest price increase across all states is the Kia Forte in New Jersey with a 61.0% increase.
- Small cars, including sedans and compact and subcompact hatchbacks, make up 31 vehicles on the list.
What does this mean for consumers?
While consumers were previously advised to wait to buy a used car if they were able to, the microchip shortage is expected to persist for at least a year longer than originally expected. The only way to avoid steep price increases in the foreseeable future is to buy a used vehicle that is not in high demand and avoid vehicles that are rising in price the most. However, consumers who own one of these vehicles could earn a high profit if they wish to trade in their car.
More on 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 for each car model were compared between the two periods, and the differences were expressed both as a percentage difference from the 2021 price as well as a difference in dollars. Heavy-duty vehicles, low-volume vehicles, discontinued vehicles from model year 2022, and vehicles with less than 4 out of 5 model years for each time period were excluded from further analysis.
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key information and valuable resources, like 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 data points (and growing) and using proprietary algorithms to analyze , rate and objectively classify millions of new and used cars.
This article, the used car to avoid buying right now in every stateoriginally appeared on iSeeCars.com.