Used Car Prices and Increases Vary Among States
Iowa ranks third highest in used car price increases
Used car prices are not moderating; in fact, they continue to climb every month. A recent iSeeCars analysis of over 1.9 million used car sales in November found used car prices increased an average of 27.9 percent, or $6,939, compared to the same period last year. This follows a 24.9 percent year-over-year increase in October.
The car search engine points out in today’s high-priced used car market, consumers are more likely to find a deal in some states more than others because prices and price increases vary from state to state. Hawaii is the state with the greatest year-over-year used car price increase, a whopping 40.8 percent, or $9,261. Nebraska came in second, where prices increased 32.1 percent or $7,992 from November 2020, and Iowa was the third highest state in which used car prices rose 31.5 percent year-over year or $7,929.
Wyoming had the smallest year-over-year used car price increase at 22.8 percent or $7,424. Vermont followed with an increase of 23.2 percent or $5,901, and Mississippi, 23.2 percent or $5,948.
The iSeeCars study also found vehicles with the largest increases were primarily small, economy cars, while cars with the smallest increases were luxury cars. Among smaller economy cars, the Nissan Leaf, had the highest increase, with average used car price of $21,524 in November 2021, up 64 percent or $8,404 from the same time last year. The Mitsubishi Mirage was second highest at $14,404, up 52.3 percent or $4,945, and Chevrolet Spark followed at $15,672, up 50.7 percent or $5,275.
Luxury cars, like a used Volvo XC90, had an average price of $42,501, a 9.3 percent increase or $3,619 more than last year. A used Nissan Titan XD was priced at $40,611, 10.2 percent increase or $3762 more, and a Porsche Macan at $51,546, was up 11.8 percent or $5,428 more than in November 2020.
The way the supply chain is looking, it may be sometime before car prices normalize. According to iSeeCars, if consumers want a good used vehicle today, searching for a car with lower-than-average increases may be a better way to go rather than waiting while prices continue to rise. Today’s used car market also presents a selling or trade-in opportunity for used car owners who have one of the vehicles that has greatly appreciated in value.
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.