How much have used car prices gone up in your state?

National

(Photo from the Nexstar Media Wire; Source: Getty Images)

(ISEECARS.COM) — Used car prices rose slightly in November as the microchip shortage continues to impact the market.

How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in November, used car prices increased 27.9 percent, or $6,939, compared to the same period the previous year. This comes after a 24.9 percent increase in October.  

Used Car Price Increases by State

Are used car price increases consistent across the country? Here are the average used car price increases by state in ascending order:

Used Car Price Increases by State: November 2021- iSeeCars
Rank StateYear-Over-Year % Price ChangeYear-Over-Year $ Price Change
1Wyoming22.8%$7,424
2Vermont23.2%$5,901
3Mississippi23.2%$5,948
4Colorado23.6%$6,146
5Idaho23.9%$6,689
6Montana24.2%$7,218
7Rhode Island24.3%$5,711
8Alabama24.6%$6,323
9Texas24.6%$6,246
10Tennessee25.0%$6,281
11Missouri25.2%$6,413
12Indiana25.3%$6,185
13North Dakota25.5%$7,221
14New Hampshire25.8%$6,296
15Arizona26.1%$6,385
16Minnesota26.2%$6,670
17South Dakota26.2%$7,683
18Illinois26.2%$6,708
19Washington26.7%$7,088
20Arkansas27.0%$6,981
21Wisconsin27.1%$6,745
22South Carolina27.3%$6,858
23New York27.6%$6,854
24Oklahoma27.7%$7,000
25Maine27.7%$6,867
Overall Average27.9%$6,939
26New Mexico27.9%$7,107
27Kentucky28.0%$6,906
28Utah28.1%$7,015
29North Carolina28.2%$7,007
30Oregon28.3%$7,316
31Nevada28.3%$7,018
32Alaska28.3%$8,594
33Pennsylvania28.5%$6,921
34Michigan28.6%$7,015
35Maryland28.8%$6,867
36New Jersey28.8%$7,097
37Georgia28.8%$7,203
38Massachusetts28.8%$7,184
39Delaware28.9%$6,872
40Florida28.9%$6,866
41Ohio 29.2%$6,790
42Louisiana 29.3%$7,345
43West Virginia 29.7%$7,412
44Virginia 29.8%$7,282
45Connecticut 30.1%$7,228
46Kansas 30.3%$7,567
47California 30.9%$7,635
48Iowa 31.5%$7,929
49Nebraska 32.1%$7,992
50Hawaii 40.8%$9,261

iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.

  • Hawaii is the state with the greatest used car price increase in 2021 compared to 2020 at 40.8 percent, which amounts to $9,261.
  • Wyoming has the smallest used car price increase at 22.8 percent, which amounts to $7,424.
  • Of the top 6 states with the lowest price increases, four are in the Rocky Mountain region.
  • Of the top 10 states with the highest price increases, four are Midwestern states and three are Southeastern states.

What does this mean for consumers? The current state of the used car market presents a selling or trade-in opportunity for consumers who may have one of the vehicles with the greatest price increases. 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 at least a year longer than originally anticipated. 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:

Methodology

iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in November 2020 and 2021. 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 2020 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 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 $309 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. 

(Information from iSeeCars.com via the Nexstar Media Wire)

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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