Connecticut ranks first for largest used car price increase

by: ISeeCars via Nexstar Media Wire

Job :

Updated:

(ISeeCars) – Used car prices are up 30.4% from a year ago as shortages of electronic chips continue to impact the auto industry, according to the latest price analysis used cars from iSeeCars.com covering 1.8 million car sales in March. This is down from a 35.0% increase in February.

Used car price increases by state

Are used car price increases uniform across the country? Here are the average used car price increases by state in ascending order:

Used Car Price Increases by State: March 2022 – iSeeCars
Rank State % price change year over year Price change in $ year over 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
seven South Dakota 24.7% $7,916
8 Mississippi 25.2% $6,676
9 Maine 25.3% $6,915
ten 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 Caroline from the south 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 in 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

Analysis of used car prices from iSeeCars shows that consumers are more likely to find a deal in some states than in others.

  • Connecticut is the state with the largest used car price increase in March 2022 over March 2021 at 35.2%, which equates to $8,426.
  • Wyoming has the smallest used car price increase at 18.9%, which equates to $7,650.
  • Of the 10 states with the highest price increases, seven are coastal states.

What does this mean for consumers? While consumers were previously advised to wait to buy a used car if they were able to do so, new geopolitical factors are expected to exacerbate and prolong current increases in used car prices. The best way for consumers to avoid much 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 very requested, and to be as flexible as possible with factors such as color and trim.

Methodology

iSeeCars.com analyzed over 1.8 million 1-5 year old used car sales in March 2021 and 2022. Average listing prices for each car model were compared between the two time periods, and differences were expressed both as a percentage difference from the 2021 price as well as a difference in dollars. Heavy-duty vehicles, low-volume vehicles, discontinued vehicles from model year 2022, and vehicles with less than 4 out of 5 model years for each time period were excluded from further analysis.

Comments are closed.