(iSeeCars) – The average one-to-five-year-old car cost an average of $34,392 in April. While this is down slightly from March when the average used car cost an average of $34,449, used car prices remain elevated from the ongoing microchip shortage.
How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.5 million used car sales in April, used car prices increased 23.9 percent, or $6,631, compared to the same period the previous year.
Average 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: April 2022- iSeeCars|
|Rank||State||Year-Over-Year % Price Change|
|Average Used Can Price Increase||23.9%|
- Connecticut is the state with the greatest used car price increase in 2022 compared to 2021 at 29.5 percent, which amounts to $7,303.
- Wyoming has the smallest used car price increase at 14.8 percent, which amounts to $5,599.
Average Used Car Prices by State
Some states pay more than others for used cars. Here is a ranking of the average used car price by state by ascending order:
|Average Used Car Price by State – iSeeCars|
|Rank||State||Average Used Car Price|
|Average Used Car Price||$34,392|
- Rhode Island is the state with the lowest average used car price of $31,190.
- Alaska is the state with the highest average used car price of $43,935.
What does this mean for consumers? The current state of the used car market presents a lucrative trade-in opportunity for consumers who have a used vehicle to sell. 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 until early 2023. 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.
More from iSeeCars.com:
iSeeCars.com analyzed over 1.5 million 1-5-year-old used car sales in April 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 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.
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 $325 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.