July 13, 2024


The ideal Automotive

Here’s how much used car prices have gone up in each state

(iSeeCars) – The global microchip shortage has drastically impacted the automotive industry. Nearly every major automaker has been forced to idle production, which has led to a dramatic reduction in new car inventory. As a result, demand for used cars has soared, and prices for used cars have risen proportionately.

How much have used car prices gone up? According to iSeeCars.com’s latest analysis of over 1.2 million used car sales, used car prices have increased 16.8 percent, or $3,926, compared to the same period the previous year. This is compared to a 0.2 percent increase in 2020 over 2019. 

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:

Used Car Price Increases by State
Rank  State Year-Over-Year {c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} Price Change Year-Over-Year $ Price Change
1 Vermont 10.7{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $2,717
2 New Jersey 11.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $2,580
3 West Virginia 11.8{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $2,910
4 Nebraska 12.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $2,968
5 Wisconsin 12.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,026
6 Minnesota 12.4{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $2,945
7 Iowa 12.7{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,135
8 Hawaii 13.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,391
9 New York 13.7{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,126
10 New Hampshire 13.8{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,106
11 Massachusetts 14.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,188
12 Indiana 14.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,247
13 Connecticut 14.2{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,000
14 Pennsylvania 14.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,214
15 New Mexico 14.4{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,444
16 Colorado 14.6{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,554
17 North Dakota 14.9{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,062
18 Illinois 14.9{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,575
19 Idaho 15.0{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,067
20 Oklahoma 15.9{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,895
21 Texas 16.0{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,890
22 Mississippi 16.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,892
23 Louisiana 16.6{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,883
24 North Carolina 16.7{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,882
25 Kansas 16.8{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,950
26 Maine  16.8{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,977
National Average 16.8{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,926
27 Delaware  17.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,652
28 Virginia 17.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $3,883
29 Michigan 17.7{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,051
30 South Dakota 18.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,998
31 Kentucky 18.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,196
32 Missouri 18.4{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,338
33 South Carolina 18.5{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,283
34 Alabama 18.5{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,304
35 California 18.7{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,296
36 Maryland 19.1{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,142
37 Florida 19.2{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,224
38 Ohio 19.2{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,102
39 Alaska 19.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $5,907
40 Washington  19.4{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,664
41 Tennessee  19.4{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,539
42 Wyoming  19.6{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $6,173
43 Oregon  20.2{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,738
44 Arkansas  20.4{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,994
45 Arizona  20.5{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,600
46 Utah  21.0{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,729
47 Montana  21.8{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $5,926
48 Georgia  22.2{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $5,100
49 Nevada  22.3{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $4,852
50 Rhode Island  25.5{c9ada2945935efae6c394ba146a2811ce1f3bfd992f6399f3fbbb16c76505588} $5,559
  • iSeeCars used car pricing analysis shows that consumers may be able to get a better used car deal by crossing state lines.
  • Rhode Island is the state with the greatest used car price increase in 2021 compared to 2020 at 25.5 percent, which amounts to $5,559.
  • Another New England state, Vermont, has the smallest used car price increase at 10.7 percent, which amounts to $2,717.
  • Of the top 10 states with the lowest price increases, five are Eastern states and four are in the Midwest.
  • Of the 10 states with the highest price increases, six are Western states, and four are Eastern.

What does this mean for consumers? The rise in used car prices presents lucrative trade-in opportunities for consumers who can get rid of a vehicle entirely or who are willing to trade one in for a less in-demand vehicle. For example, selling a pickup truck or trading in a large SUV for a smaller one can leave consumers with extra cash in their pockets. For shoppers who are in the market for a used car, not all vehicles have had significant price increases. Many small SUVs, hatchbacks, and sedans can be found in the used car marketplace that won’t give consumers sticker shock. And for used car shoppers who are willing to travel, you may find a better deal on a used car in a nearby state. A full list of the best and worst used cars to buy right now can be found in iSeeCars detailed analysis of used car prices.  

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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. iSeeCars.com has saved users over $282 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, Here’s How Much Used Car Prices Have Gone Up in Each State, originally appeared on iSeeCars.com.