by: Julie Blackley, iSeeCars
(iSeeCars) Used car prices have hit record highs, with the average one- to five-year-old used car costing $34,852.
How much have used car prices increased in recent months? According to iSeeCars.com’s latest analysis of more than 1.8 million used car sales in January, used car prices rose 36.9%, or $9,409, from the same period the previous year.
Average Used Car Price Increases by State
Are used car price increases uniform across the country? Here are the average used car price increases by state in ascending order:
|Used Car Price Increases by State: January 2022 – iSeeCars|
|Rank||State||% price change year over year|
|16||Caroline from the south||34.4%|
- North Dakota is the state with the largest used car price increase in 2022 over 2021 at 43.5%, which equates to $11,413.
- Delaware has the smallest used car price increase at 28.8%, which equates to $7,714.
Average Used Car Prices by State
Some states pay more than others for used cars. Here is a ranking of the average price of used cars by state in ascending order:
|Average Used Car Price by State – iSeeCars|
|Rank||State||Average price of a used car|
|8||Caroline from the south||$32,591|
- Connecticut is the state with the lowest average used car price of $30,652.
- Montana is the state with the highest average used car price of $42,417.
What does this mean for consumers? The current state of the used car market presents a lucrative trade-in opportunity for consumers who have a used vehicle for sale. While consumers were previously advised to wait to buy a used car if they were able, the shortage of microchips is expected to persist for most of 2022. The best way to avoid steep price increases in the foreseeable future is to buy a used vehicle. that is not in high demand, such as a sedan, and if possible, buy it in a state or region with lower price increases.