State by state: Here's how much used car prices went up in August

Used car prices came down slightly in August since peaking in June, but they are still significantly higher than they were last year. As the microchip shortage-related plant shutdowns continue, and with the aftermath of Hurricane Ida expected to further elevate prices, there appears to be no relief in sight for used car shoppers.

How much have used car prices gone up? According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in August, used car prices increased 26.2 percent, or $6,454, compared to the same period the previous year. This comes after a 31.6 percent year-over-year increase in July and a 32.7 percent year-over-year increase in June.

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: August 2021- iSeeCars
Rank	State	Year-Over-Year % Price Change	Year-Over-Year $ Price Change
1	New Jersey	18.1%	$4,470
2	New York	20.4%	$5,005
3	Rhode Island	22.3%	$4,970
4	Wyoming w	22.5%	$7,575
5	Tennessee	23.3%	$5,814
6	Mississippi	23.7%	$5,967
7	New Hampshire	24.2%	$5,785
8	Colorado	24.3%	$6,057
9	Pennsylvania	24.3%	$5,834
10	Washington	24.4%	$6,316
11	Maryland	24.5%	$5,804
12	Arizona	24.7%	$5,905
13	Illinois	24.9%	$6,314
14	Michigan	25.2%	$6,164
15	Massachusetts	25.4%	$6,110
16	California	25.6%	$6,315
17	Oregon	25.7%	$6,532
18	Georgia	25.9%	$6,493
19	South Carolina	26.0%	$6,399
20	Ohio	26.2%	$6,066
*Overall Average*	*26.2%*	*$6,454*
21	Alabama	26.4%	$6,493
22	Texas	26.5%	$6,725
23	Virginia	26.6%	$6,359
24	North Carolina	26.6%	$6,530
25	Missouri	26.8%	$6,607
26	West Virginia	27.2%	$6,509
27	Florida	27.2%	$6,286
28	Indiana	27.3%	$6,478
29	New Mexico	27.5%	$6,778
30	North Dakota	27.5%	$7,468
31	Wisconsin	27.8%	$6,811
32	Nevada	27.9%	$6,627
33	Minnesota	28.1%	$6,898
34	Connecticut	28.4%	$6,446
35	Maine	28.7%	$6,798
36	Nebraska	28.8%	$7,175
37	Vermont	28.8%	$6,773
38	Arkansas	29.5%	$7,405
39	Delaware	29.6%	$6,667
40	Montana	29.7%	$8,492
41	Kansas	29.8%	$7,297
42	Idaho	30.7%	$8,105
43	Oklahoma	31.2%	$7,699
44	South Dakota	31.3%	$8,567
45	Kentucky	31.5%	$7,438
46	Iowa	31.7%	$7,763
47	Louisiana	32.5%	$7,939
48	Utah	32.7%	$7,586
49	Hawaii	39.4%	$8,940
50	Alaska	46.2%	$13,278

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

Alaska is the state with the greatest used car price increase in 2021 compared to 2020 at 46.2 percent, which amounts to $13,728.
New Jersey has the smallest used car price increase at 18.1 percent, which amounts to $4,470.
Of the top 10 states with the lowest price increases, five are Northeastern states.
Of the top 10 states with the highest price increases, four are Western states and three are Midwestern states.

What does this mean for consumers? The current state of the used car market presents a selling or trade-in opportunity for consumers who may have one of the vehicles with the greatest price increases. 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 at least a year longer than originally anticipated. 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.

Methodology

iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in August 2020 and 2021. 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 2020 price as well as a dollar difference. The average used car prices in each state were calculated. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 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. iSeeCars.com has saved users over $305 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.