Used cars to avoid buying right now

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The 2016 Chevrolet Spark is presented at the New York International Auto Show, Thursday, April 2, 2015. (AP Photo/Mark Lennihan)

Used car prices have seen record highs over the past 15 months as the result of the global microchip shortage. According to a recent iSeeCars.com analysis of over 1.9 million used car sales, used car prices increased 26.2 percent, or $6,454, compared to the same period the previous year.  

Some used car prices have increased more than others due to heightened demand and limited inventory. 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
StateVehicle% Year-Over-Year Price Increase$ Year-Over-Year Price Increase
AlabamaLand Rover Range Rover40.0%$24,588
AlaskaRam Pickup 150034.5%$11,765
ArizonaMitsubishi Mirage58.0%$5,138
ArkansasChevrolet Spark59.4%$5,667
CaliforniaLincoln Navigator L71.5%$27,958
ColoradoNissan LEAF37.1%$5,269
ConnecticutMINI Hardtop 2 Door61.4%$9,549
DelawareKia Forte32.6%$4,281
FloridaChevrolet Corvette45.9%$25,919
GeorgiaNissan LEAF50.1%$6,313
HawaiiNissan Sentra31.2%$4,339
IdahoHonda Odyssey31.1%$8,080
IllinoisPorsche 91168.0%$74,280
IndianaChevrolet Spark53.9%$5,252
IowaChevrolet Spark35.5%$3,823
KansasMINI Countryman41.1%$8,751
KentuckyChevrolet Spark44.6%$4,398
LouisianaAudi A634.7%$10,270
MaineNissan Altima32.4%$5,180
MarylandNissan LEAF53.6%$7,431
MassachusettsNissan LEAF60.6%$7,472
MichiganSubaru Impreza38.1%$5,573
MinnesotaBMW 3 Series42.2%$9,490
MississippiVolkswagen Jetta32.9%$4,747
MissouriMitsubishi Outlander Sport39.0%$5,907
MontanaNissan Altima31.3%$5,237
NebraskaKia Forte34.9%$4,618
NevadaChevrolet Camaro33.9%$9,612
New HampshireKia Forte32.9%$4,201
New JerseyLincoln Navigator44.7%$19,885
New MexicoKia Forte32.5%$4,215
New YorkAudi A542.4%$10,612
North CarolinaChevrolet Spark54.1%$5,201
North DakotaChevrolet Camaro36.8%$10,992
OhioPorsche 91158.1%$64,618
OklahomaChevrolet Spark51.8%$5,164
OregonNissan LEAF60.5%$7,947
PennsylvaniaLincoln Navigator49.5%$24,943
Rhode IslandNissan Altima33.2%$5,619
South CarolinaVolkswagen Golf GTI40.1%$7,318
South DakotaHyundai Sonata29.6%$4,637
TennesseeChevrolet Spark55.4%$5,277
TexasMitsubishi Mirage70.1%$5,706
UtahNissan LEAF60.0%$6,537
VermontVolkswagen Jetta29.1%$4,259
VirginiaChevrolet Spark50.8%$4,638
WashingtonPorsche 91181.9%$90,478
West VirginiaChevrolet Spark35.7%$3,872
WisconsinChevrolet Spark43.9%$4,367
WyomingRam Pickup 150031.2%$10,617
  • The Chevrolet Spark subcompact car, which is the cheapest new car on the market, has the highest price increase in the most states with 10.
  • The vehicle with the highest price increase across all states is the Porsche 911 in Washington with an 81.9 percent increase.
  • Small hatchbacks, including economy cars and the electric Nissan LEAF, account for 20 vehicles on the list.

What Does This Mean for Consumers?

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 for at least a year longer than originally anticipated. The only way to avoid severe price hikes for the foreseeable future is to purchase a used vehicle that isn’t in very high demand and to avoid these vehicles with the largest price hikes. However, consumers who have one of these vehicles could see a high profit if they want to trade their car in.

More from iSeeCars.com:

Methodology

iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in August 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 $303 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, Used Cars to Avoid Buying Right Now, originally appeared on iSeeCars.com.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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