(ISEECARS.COM) — Used car prices finally appear to be falling after two years of year-over-year price increases as a result of the global microchip shortage. According to a recent iSeeCars.com analysis of over 1.9 million used car sales, used car prices decreased 3.0 percent in December 2022 compared to the previous year.
Despite the average used car decreasing in price, some used cars have increased in price. Here are the used cars that have had the highest price increases in each state:
|Used Cars With the Greatest Price Increases By State – iSeeCars|
|State||Car with Largest Year-over-year Price Increase||% Diff||$ Diff|
|Alabama||Mitsubishi Mirage G4||23.0%||$3,265|
|Arizona||Lexus ES 300h||26.5%||$9,794|
|Colorado||MINI Cooper Clubman||32.7%||$8,018|
|Delaware||Lexus ES 350||17.6%||$5,958|
|Florida||Chevrolet Bolt EV||27.5%||$6,104|
|Georgia||Lexus ES 300h||28.7%||$9,881|
|Indiana||BMW 7 Series||66.0%||$39,335|
|Iowa||Toyota RAV4 Hybrid||12.4%||$4,012|
|Kansas||Toyota RAV4 Hybrid||12.4%||$4,297|
|Kentucky||Toyota RAV4 Hybrid||17.4%||$5,547|
|Massachusetts||Chevrolet Bolt EV||38.9%||$7,904|
|Michigan||Chevrolet Bolt EV||31.6%||$6,465|
|Minnesota||Toyota RAV4 Hybrid||22.1%||$6,753|
|Missouri||Mitsubishi Mirage G4||15.5%||$1,952|
|Nevada||Toyota RAV4 Hybrid||11.8%||$4,158|
|New Hampshire||Toyota RAV4 Hybrid||13.6%||$4,424|
|New Jersey||Nissan LEAF||33.2%||$7,086|
|New Mexico||Honda Civic||7.9%||$1,944|
|New York||Chevrolet Bolt EV||32.0%||$6,933|
|North Carolina||Nissan LEAF||37.1%||$8,569|
|North Dakota||Cadillac Escalade||11.8%||$8,755|
|Ohio||Chevrolet Bolt EV||29.2%||$6,285|
|Rhode Island||BMW 3 Series||12.5%||$4,167|
|South Carolina||Lexus ES 350||12.5%||$4,478|
|South Dakota||Honda Civic||9.3%||$2,004|
|Tennessee||Chevrolet Bolt EV||32.8%||$7,265|
|Vermont||Toyota RAV4 Hybrid||14.0%||$4,336|
|Virginia||BMW 4 Series||32.0%||$10,485|
|West Virginia||Mercedes-Benz GLE||11.0%||$5,885|
|Wisconsin||Chevrolet Bolt EV||31.9%||$7,183|
- The car with the highest year-over-year price increase is a tie between the Chevrolet Bolt and the Toyota RAV4 Hybrid, in seven states.
- The vehicle with the highest price increase across all states is the Porsche 911 in Illinois with an 37.3 percent increase.
- Hybrid and electric cars account for 22 vehicles on the list.
What Does This Mean for Consumers?
Used car prices are dropping, which means that shoppers who are waiting for prices to come down are now becoming more likely to find a used vehicle in their price range. While prices are still above pre-pandemic levels, the trend of falling used car prices is expected to continue presenting a buying opportunity in the coming months for shoppers who have waited to buy a used car over the past two years.
More from iSeeCars.com:
iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in December 2021 and 2022. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as 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 $372 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.
(Information from iSeeCars.com via the Nexstar Media Wire)