(iSeeCars) – Used car prices across the country have reached record highs with the average one-to-five-year-old used car costing $34,852.
How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.8 million used car sales in January, used car prices increased 36.9 percent, or $9,409, compared to the same period the previous year.
Average Used Car Price Increases by State
In the Ark-La-Tex, used-car buyers from Arkansas and Louisiana might want to take a short road trip over the Texas state line to find the best deal. Texas, which ranks No. 5 with a 32.3% increase this year, looms over No. 37 Arkansas, which experienced a 37.3% price hike, and Louisiana, which came in at No. 45 out of 50 states with a 40% increase. Here are the average used car price increases by state in ascending order:
Used Car Price Increases by State: January 2022- iSeeCarsRank StateYear-Over-Year % Price Change1Delaware28.8%2Idaho28.9%3Vermont30.2%4Oregon30.4%5Michigan30.8%6Texas32.3%7Rhode Island32.4%8Wyoming32.4%9New Mexico32.6%10Wisconsin32.6%11New Hampshire33.0%12Minnesota33.1%13Nebraska33.2%14Maine33.4%15West Virginia34.1%16South Carolina34.4%17Washington34.8%18Mississippi35.1%19Colorado35.1%20Missouri35.1%21Massachusetts35.4%22New Jersey35.9%23Tennessee35.9%24Utah35.9%25Oklahoma36.0%26South Dakota36.1%27Alabama36.2%28Pennsylvania36.2%29Illinois36.5%30Indiana36.7%31Iowa36.8%32Connecticut36.8%33Virginia36.9%34North Carolina36.9%National Average36.9%35Ohio37.1%36Alaska37.2%37Arkansas37.3%38Georgia37.3%39Arizona37.6%40Maryland38.1%41Hawaii38.3%42Florida38.4%43Kansas38.9%44California39.7%45Louisiana40.0%46Nevada40.2%47New York40.4%48Kentucky40.8%49Montana42.9%50North Dakota43.5%
North Dakota is the state with the greatest used car price increase in 2022 compared to 2021 at 43.5 percent, which amounts to $11,413.Delaware has the smallest used car price increase at 28.8 percent, which amounts to $7,714.
Average Used Car Prices by State
Some states pay more than others for used cars. Here is a ranking of the average used car price by state by ascending order:
Average Used Car Price by State – iSeeCarsRankStateAverage Used Car Price1Connecticut$30,6522Idaho$31,2263Ohio$31,2274Indiana$32,1595Michigan$32,2096Arizona$32,4227Oklahoma$32,5748South Carolina$32,5919Nevada$32,60610Maryland$32,63411Wisconsin$32,83412Hawaii$32,90813Kentucky$32,91614Tennessee$32,93015Pennsylvania$32,95016Massachusetts$32,95317Alabama$32,97018Minnesota$32,99919Virginia$33,00420New Jersey$33,06321Oregon$33,07122Missouri$33,12123Utah$33,24224Mississippi$33,32725Louisiana$33,41226New York$33,69927North Carolina$33,77428New Hampshire$33,82029Rhode Island$33,90630Texas$34,00631New Mexico$34,10432Florida$34,10433Colorado$34,27334Iowa$34,31835Illinois$34,32636Delaware$34,47337Georgia$34,58038Vermont$34,61039Kansas$34,826National Average$34,85240Washington$35,11141Arkansas$35,35842California$35,41743Nebraska$35,68244South Dakota$36,36945North Dakota$36,71146Maine$36,85647Alaska$37,71448West Virginia$38,39649Wyoming$39,19550Montana$42,417
Connecticut is the state with the lowest average used car price of $30,652.Montana is the state with the highest average used car price of $42,417.
What does this mean for consumers? The current state of the used car market presents a lucrative trade-in opportunity for consumers who have a used vehicle to sell. 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 most of 2022. The best way to avoid severe price hikes for the foreseeable future is to purchase a used vehicle that isn’t in very high demand, such as a sedan, and if possible, purchase it from a state or region with lower price increases.
More from iSeeCars.com:
How Much Car Can I Afford?How to Buy a Used Car24 Safest Cars
Methodology
iSeeCars.com analyzed over 1.8 million 1-5-year-old used car sales in January 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 202a 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.
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, How Much Have Used Car Prices Gone Up in Your State?, originally appeared on iSeeCars.com.
