Used car prices: How our increases compare to other states

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(iSeeCars) – Used car prices are currently up 16.9 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest used car price analysis of 2.0 million car sales in May. This is down from a 23.9 percent increase in April.

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: May 2022- iSeeCars
Rank  State Year-Over-Year % Price Change Year-Over-Year $ Price Change
1 Wyoming 8.6% $3,387
2 Oklahoma 9.9% $2,986
3 South Dakota 10.8% $3,793
4 Mississippi 11.3% $3,440
5 Hawaii 11.4% $3,335
6 Michigan 11.4% $3,359
7 Utah 12.0% $3,624
8 Texas 12.3% $3,728
9 Idaho 12.4% $4,136
10 Oregon 12.7% $3,924
11 Rhode Island 12.7% $3,418
12 New Mexico 12.8% $3,825
13 Kansas 12.8% $3,897
14 Wisconsin 13.6% $4,018
15 West Virginia 13.6% $4,039
16 Montana 13.6% $4,765
17 Missouri 13.7% $4,103
18 Kentucky 14.0% $4,158
19 Alabama 14.2% $4,229
20 Arkansas 14.2% $4,441
21 Nevada 14.3% $4,141
22 Indiana 14.8% $4,228
23 Alaska 15.1% $5,485
24 Illinois 15.4% $4,594
25 Tennessee 15.7% $4,601
26 Louisiana 16.0% $4,716
27 Georgia 16.1% $4,827
28 Washington 16.1% $5,041
29 North Carolina 16.1% $4,730
30 Arizona 16.2% $4,668
31 Maryland 16.5% $4,617
32 South Carolina 16.6% $4,907
33 Maine 16.8% $4,736
34 Ohio 16.8% $4,588
35 New Hampshire 16.8% $4,636
National Average 16.9% $4,953
36 Colorado 17.4% $5,271
37 Florida 17.9% $5,015
38 California 18.0% $5,292
39 Virginia 18.1% $5,144
40 Vermont 18.3% $5,053
41 Pennsylvania 18.4% $5,116
42 Nebraska 18.6% $5,519
43 Minnesota 18.8% $5,470
44 New Jersey 19.1% $5,347
45 North Dakota 19.1% $6,105
46 Iowa 19.5% $5,792
47 Delaware 20.1% $5,379
48 Massachusetts 21.0% $5,765
49 Connecticut 22.2% $5,949
50 New York 25.7% $7,068

iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.

  • New York is the state with the greatest used car price increase in May 2022 compared to May 2021 at 25.7 percent, which amounts to $7,068.
  • Wyoming has the smallest used car price increase at 8.6 percent, which amounts to $3,387.
  • Of the 10 states with the highest price increases, six are Eastern coastal states.

Vehicles with the Highest Used Car Price Increases by State

iSeeCars also examined which used car has gone up the most in price in each state:

Vehicles with the Highest Used Car Price Increases by State: May 2022- iSeeCars
Rank  State Year-Over-Year % Price Change Year-Over-Year $ Price Change
1 Alabama Tesla Model S 42.2% $25,568
2 Alaska Toyota Corolla 27.1% $4,769
3 Arizona Hyundai Sonata Hybrid 68.2% $11,672
4 Arkansas Kia Rio 46.8% $6,088
5 California Hyundai Sonata Hybrid 59.0% $10,830
6 Colorado Alfa Romeo Giulia 43.3% $12,398
7 Connecticut Toyota Prius 46.6% $9,188
8 Delaware Mercedes-Benz GLE 36.4% $14,899
9 Florida Tesla Model S 63.8% $35,965
10 Georgia Tesla Model S 80.6% $44,356
11 Hawaii Volkswagen Jetta 31.6% $5,459
12 Idaho Honda Odyssey 35.3% $10,824
13 Illinois Tesla Model S 73.5% $39,131
14 Indiana Porsche Cayenne 69.2% $38,369
15 Iowa BMW X5 65.1% $22,915
16 Kansas Lincoln Navigator L 55.1% $31,251
17 Kentucky Toyota Camry Hybrid 54.9% $12,157
18 Louisiana Acura MDX 37.1% $11,515
19 Maine Nissan Sentra 31.2% $4,836
20 Maryland Mitsubishi Mirage 57.3% $6,178
21 Massachusetts MINI Hardtop 2 Door 51.6% $8,682
22 Michigan Porsche Cayenne 65.0% $36,803
23 Minnesota Tesla Model X 54.7% $39,761
24 Mississippi Honda Odyssey 55.5% $13,815
25 Missouri Kia Rio 52.2% $6,978
26 Montana Dodge Durango 25.0% $9,908
27 Nebraska Volkswagen Jetta 31.1% $5,102
28 Nevada Porsche Cayenne 43.6% $26,605
29 New Hampshire Volkswagen Jetta 32.3% $5,511
30 New Jersey Tesla Model S 45.6% $24,454
31 New Mexico Volkswagen Jetta 32.0% $5,681
32 New York BMW 5 Series 44.1% $12,854
33 North Carolina Hyundai Sonata Hybrid 50.8% $9,034
34 North Dakota Honda Civic 27.6% $5,231
35 Ohio Kia Rio 47.1% $5,527
36 Oklahoma Toyota RAV4 Hybrid 50.2% $12,984
37 Oregon Nissan LEAF 48.2% $9,108
38 Pennsylvania Hyundai Sonata Hybrid 86.9% $13,267
39 Rhode Island Volkswagen Jetta 31.3% $5,028
40 South Carolina Audi A6 38.0% $13,564
41 South Dakota Nissan Altima 28.4% $5,391
42 Tennessee Porsche Cayenne 47.8% $25,973
43 Texas Toyota Avalon Hybrid 38.4% $10,785
44 Utah BMW X5 49.3% $20,141
45 Vermont Toyota RAV4 31.7% $7,059
46 Virginia Hyundai Sonata Hybrid 64.5% $11,428
47 Washington Hyundai Sonata Hybrid 68.2% $11,936
48 West Virginia Nissan Versa 37.0% $4,673
49 Wisconsin INFINITI QX50 51.4% $12,517
50 Wyoming Toyota RAV4 22.7% $6,091
  • The used car that has the highest increase in the most states is the Hyundai Sonata Hybrid in six states.
  • The used car that has the highest increase across all states is the Hyundai Sonata in Pennsylvania with an 86.9 percent increase.

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, new geopolitical factors are expected to exacerbate and prolong the present used car price increases. The best way for consumers to avoid significantly higher prices while car shopping for the foreseeable future is to either maintain their current vehicle or purchase a used vehicle that isn’t in high demand, and to be as flexible as possible with factors such as color and trim.

More from iSeeCars.com:

Methodology

iSeeCars.com analyzed nearly 2 million 1-5-year-old used car sales in May 2021 and 2022. 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 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.

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 $339 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. 



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