Iowa Used Car Prices Among Highest in the Country
Used car prices have risen an average of 30.4 percent across states over last year, according to iSeeCars.com’s latest used car price analysis of 1.8 million car sales in March. This is down from a 35 percent increase in February. Interestingly, iSeeCars’ pricing analysis found that used car price increases are not consistent across the country. Used cars in Iowa, for instance, ranked sixth highest in the country, averaging an increase of 32.6 percent from last year or a year-over-year price change of $8,891.
Connecticut topped the list as the state with the greatest used car price increase in March 2022 compared to March last year at 35.2 percent, an increase of $8,426. The state of Washington came in second highest, with a 34 percent increase or a price change of $9,222. California was third with a year-over-year increase of 33.2 percent or $8,764 more.
On the other hand, Wyoming had the smallest increase at 18.9 percent, which amounts to $7,650, followed by Rhode Island, with a 19.4 percent from March 2021 or $5,227 more, and Alaska, where used car prices increased by 20.3 percent or $8,013.
The online automotive search engine and research website indicates contrary to earlier expectations, car prices – new and used, may not be falling soon; in fact, they may even steadily increase in light of new geopolitical and global factors, such as the Russia-Ukraine conflict and the Covid lockdown in China. These developments have resulted in product shortages and price increases in raw materials and exacerbated the global microchip shortage and delays in shipments. Additionally, inflation, which has caused the Feds to raise interest rates, could prolong the high cost of used cars.
To avoid paying higher prices, at least for the near future, car owners, if you can, should hang on to your current vehicle and maintain it properly. Another strategy is to widen the radius of your search. If you have to purchase a car, focus on vehicles that are not in high demand. Be flexible regarding color, trim and accessories.
Do your research and stay away from over-priced vehicles. For instance, in Iowa, compared to last year the price of a used Nissan Rogue appears to have increased more than other vehicles due to high demand and limited inventory, up 43.9 percent or costing $8,247 more than new. On the flip side, owners of this vehicle could consider selling theirs and make a hefty profit! Check iSeeCars’ list to see which vehicle has the greatest price increase in each state.
When in the market for a used car, stop by Carousel Preowned. Carousel Preowned serving Iowa City, Cedar Rapids, Davenport, North Liberty, Marion, and Coralville, IA, is proud to be an automotive leader in our community. We do our best to ensure your complete satisfaction every time you step into our car dealership. This is why we offer the widest selection of used and pre-owned cars, trucks, and SUVs and provide true ease of purchase in Iowa.