(iSeeCars) — Used car prices are currently up 16.9% 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% 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%, which amounts to $7,068.
- Wyoming has the smallest used car price increase at 8.6%, which amounts to $3,387.
- Of the 10 states with the highest price increases, six are Eastern Coast 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% 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 current 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 sales of one- to five-year-old used cars in May 2021 and 2022. The average list 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 four of the five 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.