(ISEECARS.COM) — The average one-to-five-year-old car cost an average of $34,291 in July according to iSeeCars.com’s latest analysis of over 1.8 million used car sales. This is up slightly from June when the average used car cost an average of $34,154, and marks the second month of slight increases after four months of slowing price growth.
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 – iSeeCars|
|Rank||State||Average Used Car Price|
|Average Used Car Price||$34,291|
- Rhode Island is the state with the lowest average used car price of $31,294.
- Alaska is the state with the highest average used car price of $42,617.
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 until early 2023. 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:
iSeeCars.com analyzed over 1.8 million 1-5-year-old used car sales in July 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.
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 $343 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, This is the Average Price of a Used Car By State, originally appeared on iSeeCars.com.
(Information from iSeeCars.com via the Nexstar Media Wire)