(ISeCars) – Used car prices are up 30.4 percent year-on-year as microchip shortages continue to hurt the auto industry, according to the latest used car price analysis from iSeeCars.com, with 1.8 million cars sold in March. This is down from 35.0 percent in February.
Used car price increases by state
Are used car price increases consistent across the country? At ArkLaTex, everyone has seen an increase. Although Arkansas pays the highest prices, Louisiana has seen the biggest jump in the last year. Here are the average used car price increases by state in ascending order:
| Used Car Price Increases by State: March 2022 – iSeeCars | |||
| rank | Federal State | Year-on-year price change in % | Price change in $ from last year |
| 1 | Wyoming | 18.9% | $7,650 |
| 2 | Rhode Island | 19.4% | $5,227 |
| 3 | Alaska | 20.3% | $8,013 |
| 4 | Idaho | 22.5% | $6,902 |
| 5 | North Dakota | 24.0% | $7,574 |
| 6 | Texas | 24.7% | $6,698 |
| 7 | South Dakota | 24.7% | $7,916 |
| 8th | Mississippi | 25.2% | $6,676 |
| 9 | Maine | 25.3% | $6,915 |
| 10 | Montana | 25.3% | $8,384 |
| 11 | Vermont | 25.8% | $6,995 |
| 12 | Oregon | 26.0% | $6,983 |
| 13 | Nebraska | 26.5% | $7,298 |
| 14 | Utah | 27.3% | $7,043 |
| 15 | Alabama | 27.4% | $7,160 |
| 16 | Michigan | 27.9% | $7,065 |
| 17 | Hawaii | 27.9% | $7,276 |
| 18 | Tennessee | 28.0% | $7,258 |
| 19 | New Hampshire | 28.1% | $6,972 |
| 20 | New Mexico | 28.5% | $7,557 |
| 21 | North Carolina | 28.5% | $7,404 |
| 22 | Oklahoma | 28.6% | $7,406 |
| 23 | Arkansas | 29.2% | $7,921 |
| 24 | Wisconsin | 29.4% | $7,622 |
| 25 | West Virginia | 29.4% | $7,943 |
| 26 | Indiana | 29.5% | $7,391 |
| 27 | Georgia | 29.6% | $7,954 |
| 28 | Kentucky | 29.8% | $7,513 |
| 29 | South Carolina | 30.0% | $7,737 |
| 30 | Colorado | 30.0% | $7,980 |
| 31 | Maryland | 30.2% | $7,402 |
| 32 | Louisiana | 30.3% | $7,751 |
| 33 | Virginia | 30.3% | $7,573 |
| Average across all states | 30.4% | $8,032 | |
| 34 | Delaware | 30.5% | $7,280 |
| 35 | Ohio | 30.6% | $7,370 |
| 36 | Nevada | 30.8% | $7,535 |
| 37 | Arizona | 30.8% | $7,867 |
| 38 | Pennsylvania | 30.9% | $7,740 |
| 39 | Minnesota | 31.1% | $8,153 |
| 40 | Missouri | 31.2% | $8,027 |
| 41 | Illinois | 31.5% | $8,252 |
| 42 | new York | 31.6% | $8,061 |
| 43 | Florida | 31.7% | $8,201 |
| 44 | Massachusetts | 31.8% | $7,984 |
| 45 | Iowa | 32.6% | $8,891 |
| 46 | New Jersey | 32.6% | $8,307 |
| 47 | Kansas | 33.0% | $8,618 |
| 48 | California | 33.2% | $8,764 |
| 49 | Washington | 34.0% | $9,222 |
| 50 | Connecticut | 35.2% | $8,426 |
iSeeCars used car price analysis shows that consumers are more likely to find a deal in some states than others.
- Connecticut is the state with the largest increase in used vehicle prices in March 2022 compared to March 2021 at 35.2 percent or $8,426.
- Wyoming has the smallest price increase for used cars at 18.9 percent, which is equivalent to $7,650.
- Of the 10 states with the highest price increases, seven are coastal states.
What does this mean for consumers? While consumers have previously been advised to wait before buying a used car if at all possible, new geopolitical factors are expected to exacerbate and prolong the ongoing rise in used car prices. The best way for consumers to avoid significantly higher prices when buying a car for the foreseeable future is to either keep their current vehicle or buy a used vehicle that is not in high demand and be as flexible as possible on factors such as color and trim to be.
More from iSeeCars.com:
methodology
iSeeCars.com analyzed over 1.8 million sales of 1-5 year old used cars in March 2021 and 2022. The average list prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference in the 2021 price and a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued beginning with 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 buyers find the best car deals by providing essential insights and valuable resources like iSeeCars’ free VIN check reports and the Best Cars Ranking. iSeeCars.com has saved users over $339 million to date by applying big data analytics with over 25 billion (and growing) data points and using proprietary algorithms to objectively analyse, rate and… to classify.
This article, How much have used car prices increased in your state?originally appeared on iSeeCars.com.
