(iSeeCars) – 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 $8,668, compared to the same period the previous year.
Some used car prices have increased more than others due to heightened demand and limited inventory. Here are the used cars that have had the highest price increases in each state:
Used Cars with Greatest Price Increases By State – iSeeCarsStateVehicle% Used Price More than New$ Used Price More than NewAlabamaHyundai Sonata50.8%$8,313AlaskaFord Escape39.2%$7,743ArizonaKia Forte55.4%$7,024ArkansasToyota Corolla46.3%$7,111CaliforniaKia Forte54.6%$7,135ColoradoToyota Corolla47.4%$6,781ConnecticutKia Forte55.1%$7,040DelawareChevrolet Equinox42.2%$7,902FloridaKia Forte52.4%$6,479GeorgiaNissan Versa49.2%$5,732HawaiiKia Forte49.0%$7,192IdahoFord Escape36.1%$6,791IllinoisKia Forte53.8%$6,643IndianaKia Forte55.1%$7,402IowaNissan Rogue43.6%$8,247KansasNissan Sentra43.9%$5,820KentuckyNissan Sentra48.9%$6,262LouisianaHyundai Sonata48.9%$7,805MaineNissan Rogue39.2%$7,501MarylandKia Forte51.6%$6,683MassachusettsKia Forte54.2%$7,265MichiganKia Soul51.7%$6,695MinnesotaToyota Corolla48.0%$6,704MississippiNissan Sentra44.1%$6,041MissouriKia Forte53.2%$6,709MontanaNissan Rogue44.2%$9,102NebraskaNissan Altima46.0%$7,257NevadaHyundai Sonata49.3%$7,795New HampshireNissan Sentra48.5%$6,231New JerseyKia Forte61.0%$7,750New MexicoHyundai Elantra46.8%$6,806New YorkKia Forte53.7%$6,932North CarolinaAcura RDX52.7%$13,241North DakotaToyota RAV440.8%$9,031OhioKia Forte54.0%$6,949OklahomaNissan Sentra50.0%$6,480OregonKia Forte48.3%$6,603PennsylvaniaKia Forte56.6%$7,211Rhode IslandNissan Rogue46.3%$8,992South CarolinaKia Forte53.5%$7,128South DakotaNissan Rogue47.7%$9,083TennesseeNissan Versa49.9%$5,880TexasVolvo XC6050.8%$14,523UtahHonda Civic45.7%$7,574VermontToyota Corolla49.3%$7,377VirginiaKia Forte50.8%$6,867WashingtonKia Soul49.4%$6,924West VirginiaFord Escape42.3%$7,697WisconsinNissan Sentra46.6%$6,126WyomingFord Escape37.2%$7,479
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:
Best Used Cars to Buy Right NowMost Reliable Car BrandsBest Used Luxury SUVs
Methodology
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.
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 $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.
This article, the Used Car to Avoid Buying Right Now in Every State, originally appeared on iSeeCars.com.
