(iSeeCars) – Used car prices are at record highs in the wake of the microchip shortage. According to the latest study by car search engine iSeeCars.com, the average one-year-old lightly-used car costs 1.3 percent more than its new version. However, some lightly-used vehicles have price increases far greater than this average.
iSeeCars.com analyzed prices of over 1.5 million new and used cars sold in January 2022 to identify the lightly-used cars that have the highest price increases compared to their new versions.
Here are the used cars that cost the most over their new version in each state:
Top Used Cars That Cost More Than New By State – iSeeCarsStateVehicle% Used Price More than New$ Used Price More than NewAlabamaToyota Tacoma15.0%$5,701AlaskaSubaru Crosstrek28.3%$8,261ArizonaChevrolet TrailBlazer18.8%$5,004ArkansasToyota Tacoma16.3%$6,122CaliforniaMercedes-Benz G-Class50.4%$87,614ColoradoToyota 4Runner11.1%$5,180ConnecticutToyota Tacoma16.1%$6,200DelawareToyota RAV46.7%$2,127FloridaChevrolet Corvette24.0%$19,494GeorgiaKia Seltos19.1%$5,112HawaiiDodge Charger28.8%$11,283IdahoGMC Yukon11.9%$8,748IllinoisToyota Sienna17.4%$7,952IndianaFord Bronco Sport18.5%$6,160IowaGMC Yukon11.9%$8,748KansasDodge Charger20.5%$8,098KentuckyDodge Charger24.1%$9,379LouisianaGMC Yukon17.0%$11,736MaineSubaru Forester13.2%$4,120MarylandDodge Charger17.7%$6,750MassachusettsToyota Tacoma14.6%$5,413MichiganKia Telluride19.8%$8,922MinnesotaToyota 4Runner14.4%$6,747MississippiToyota Tacoma18.7%$6,706MissouriDodge Charger18.0%$6,929MontanaFord Bronco Sport20.5%$7,070NebraskaToyota Tacoma11.9%$4,488NevadaKia Soul18.2%$3,858New HampshireSubaru Crosstrek13.8%$3,984New JerseyToyota RAV4 Hybrid22.2%$7,780New MexicoKia Sportage22.5%$6,534New YorkFord Bronco Sport19.7%$6,631North CarolinaToyota RAV4 Hybrid18.0%$6,570North DakotaChevrolet Tahoe14.3%$9,798OhioDodge Charger18.9%$7,753OklahomaToyota Tacoma18.8%$7,102OregonToyota RAV4 Hybrid22.3%$7,840PennsylvaniaDodge Charger22.5%$8,658Rhode IslandToyota Corolla9.7%$2,233South CarolinaGMC Yukon16.7%$12,442South DakotaSubaru Outback6.34%$2,261TennesseeKia Telluride14.7%$6,594TexasToyota RAV4 Hybrid19.4%$6,833UtahToyota RAV412.5%$4,171VermontToyota Tacoma9.2%$3,447VirginiaFord Bronco Sport14.1%$4,863WashingtonToyota RAV4 Hybrid20.2%$7,060West VirginiaChevrolet TrailBlazer21.4%$6,080WisconsinChevrolet TrailBlazer14.9%$3,974WyomingJeep Grand Cherokee12.2%$5,826
The Toyota Tacoma pickup is the used car that is the most expensive compared to its new version in the most states with 8.The used vehicle that costs the most compared to its new version is the Mercedes-Benz G-Class in California with a 50.4 percent price increase.SUVs are the most represented vehicle type accounting for 31 of 50 vehicles.
What Does This Mean for Consumers?
When deciding between a new and a lightly-used version of the same vehicle, there are important things to consider. While buying a lightly-used car typically provides upfront cost savings compared to buying a new one, this is no longer the norm in today’s market. Shoppers looking for lightly-used cars should always compare the prices to new cars, and buyers who are unable to find the new car they are looking for should avoid models with the highest price increases if they decide to go used instead.
More from iSeeCars.com:
Best Used Cars to Buy for 2022New Vs. Used Car BuyingWhat Does Certified Pre-Owned Mean?
Methodology
iSeeCars.com analyzed over 1.5 million cars sold between January 1, 2022 and January 31, 2022. New cars included in the analysis were from model years 2021 and 2022, while lightly-used cars were defined as used vehicles from model years 2020 and 2021. Low-volume models were excluded from the analysis, as were cars with outlier mileages and models discontinued as of the 2021 model year. The average asking prices of the lightly-used cars were compared to those of new cars from the same model. The difference in price for each car was expressed as a percentage of the new average prices and ranked by this difference.
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.
This article, The Most Overpriced Used Car in Each State, originally appeared on iSeeCars.com.
