State by state: Here’s how much used car prices went up in June

(iSeeCars) — The global microchip shortage continued to impact used car prices in June as restricted new car supply has led to fewer people trading in their used cars. This diminished supply and increased demand caused used car prices to soar.

How much have used car prices gone up? According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in June, used car prices increased 32.7 percent, or $7,583, compared to the same period the previous year. This comes after a 26.4 percent year-over-year increase in May and a 16.8 percent year-over-year 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:

Used Car Price Increases by State – June 2021
Rank	State	Year-Over-Year % Price Change	Year-Over-Year $ Price Change
1	New Jersey	22.3%	$5,238
2	New York	22.5%	$5,284
3	Pennsylvania	26.6%	$6,152
4	Vermont	27.0%	$6,143
5	Rhode Island	27.3%	$5,729
6	Connecticut	28.3%	$6,250
7	Massachusetts	28.6%	$6,535
8	New Hampshire	28.8%	$6,496
9	Wisconsin	28.9%	$6,862
10	West Virginia	29.0%	$6,957
11	Mississippi	29.0%	$7,008
12	Colorado	29.2%	$7,087
13	Washington	29.3%	$7,378
14	Maine	30.0%	$6,874
15	Michigan	30.5%	$7,068
16	Delaware	30.7%	$6,702
17	Iowa	30.8%	$7,442
18	Illinois	30.9%	$7,404
19	Minnesota	31.0%	$7,256
20	Ohio	31.6%	$6,912
21	Maryland	31.8%	$6,970
22	Indiana	31.9%	$7,195
Overall Average	32.7%	$7,583
23	New Mexico	32.7%	$7,838
24	California	32.8%	$7,586
25	South Dakota	32.8%	$8,507
26	Arizona	33.0%	$7,292
27	North Dakota	33.1%	$8,361
28	Missouri	33.2%	$7,746
29	Nebraska	33.4%	$7,985
30	Virginia	33.8%	$7,497
31	Wyoming	34.3%	$10,237
32	Oregon	34.3%	$8,108
33	Arkansas	34.6%	$8,377
34	Florida	34.9%	$7,609
35	Alabama	35.2%	$8,154
36	Kansas	35.4%	$8,325
37	Montana	35.4%	$9,658
38	Idaho	35.4%	$8,918
39	South Carolina	35.6%	$8,136
40	Tennessee	35.6%	$8,109
41	Utah	35.9%	$8,236
42	Texas	36.6%	$8,631
43	North Carolina	36.7%	$8,282
44	Georgia	36.7%	$8,518
45	Oklahoma	37.3%	$8,840
46	Louisiana	37.7%	$8,890
47	Nevada	37.7%	$8,422
48	Kentucky	38.6%	$8,819
49	Hawaii	41.2%	$8,505
50	Alaska	43.0%	$12,788

iSeeCars’ used car pricing analysis shows consumers may be able to get a better used car deal by crossing state lines.

Alaska is the state with the greatest used car price increase in 2021 compared to 2020 at 43.0 percent, which amounts to $12,788.
New Jersey has the smallest used car price increase at 22.3 percent, which amounts to $5,238.
Of the top 10 states with the lowest price increases, eight are Northeastern states.
Of the top 10 states with the highest price increases, four are Southeastern states, four are Western states, and two are Southwestern states.

What does this mean for consumers? The rise in used car prices presents lucrative sell or trade-in opportunities for consumers who can get rid of a vehicle or who are willing to trade one in for a lower-demand vehicle, like small SUVs, hatchbacks, or minivans. And for used car shoppers who are willing to travel, you may find a better deal on a used car in a nearby state.

Although the average used car has significantly gone up in price, iSeeCars’s used car price analysis also found some vehicles have lower-than-average increases, making them smart buys for consumers who can’t wait for prices to drop. And while used car prices are expected to stay elevated for the foreseeable future, it remains to be seen if prices are going to keep rising or if they will start to decline toward pre-microchip shortage levels.

This article, State By State: Here’s How Much Used Car Prices Went Up in June, originally appeared on iSeeCars.com.