How much have used car prices increased in each state?

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(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.

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