(iSeeCars) — Used car prices rose slightly in November as the microchip shortage continues to impact the market.
How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in November, used car prices increased 27.9%, or $6,939, compared to the same period the previous year. This comes after a 24.9% increase in October.
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 in ascending order:
|Used Car Price Increases by State: November 2021- iSeeCars|
|Rank||State||Year-Over-Year % Price Change||Year-Over-Year $ Price Change|
iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.
- Hawaii is the state with the greatest used car price increase in 2021 compared to 2020 at 40.8%, which amounts to $9,261.
- Wyoming has the smallest used car price increase at 22.8%, which amounts to $7,424.
- Of the top 6 states with the lowest price increases, four are in the Rocky Mountain region.
- Of the top 10 states with the highest price increases, four are Midwestern states and three are Southeastern states.
What does this mean for consumers? The current state of the used car market presents a selling or trade-in opportunity for consumers who may have one of the vehicles with the greatest price increases. 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 at least a year longer than originally anticipated. 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.
iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in November 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.
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 $309 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, How Much Have Used Car Prices Gone Up in Your State?, originally appeared on iSeeCars.com.