Used Car Prices Increase an Average of 36.9% Across the Country
iSeeCars.com has been monitoring used car prices as they have continued to rise. Already in November 2021, the car search engine reported used car prices increased an average 27.9 percent, or $6,939 year-over-year.According to the latest iSeeCars.com study of over 1.8 million used car sales in January 2022, just two months later, used car prices increased a whopping 36.9 percent, or $9,409, compared to the same month in the previous year.
Comparing used car price increases by state, North Dakota had the greatest year-over-year increase of 43.5 percent, which amounts to $11,413. Delaware has the smallest used car price increase at 28.8 percent, which amounts to $7,714. In Iowa, used car prices rose 36.8 percent from the previous year.
The average one- to five-year-old used car cost $34,852. Connecticut had the lowest average used car price of $30,652, while Montana had the highest average used car price of $42,417. Iowa ranked 34th, with the highest average used car price of $34,318.
In another study, iSeeCars analyzed the top 20 fastest-selling used vehicles and found the average used car takes 46.2 days to sell. The top 20 fastest-selling vehicles average 28.2 days and sell 1.5 to 1.9 times faster than the average used vehicle.
The list of fastest-selling used vehicles is led by alternative-fuel vehicles, which includes nine hybrids and three fully electric vehicles. The Tesla Model Y electric crossover topped the list, taking an average 24.7 days to sell. The Model 3 was fourth on the list, taking an average of 26.5 days to sell.
Nine hybrid vehicles make the list, including the Toyota Prius Prime plug-in hybrid, the Honda Insight, the Toyota Prius, the Toyota Corolla Hybrid, the Chrysler Pacifica Hybrid, the Honda Accord Hybrid, the Toyota Venza, the Honda Clarity Plug-In Hybrid, and the Toyota Highlander Hybrid.
The list also includes three Ford vehicles that debuted in 2021 - the Ford Mustang Mach-E, the Ford Bronco Sport, and the Ford Bronco. Other fast-selling cars include the Chevrolet Trailblazer subcompact SUV, the Toyota GR Supra sports car, the luxury Audi A3 small sedan and the Cadillac XTS large sedan, and smaller vehicles such as the Mitsubishi Outlander compact SUV and the Mazda MAZDA3 compact car.
Since it is unlikely that used car prices will crash anytime soon, iSeeCars says the best way to avoid future price hikes is to purchase a used vehicle that is not in high demand. If you have an interest in any of the above-mentioned vehicles, be ready for stiff competition in price, as well as quantity, as these cars are not staying long on used car lots. If you eye one and are happy with its performance and reliability, don’t wait. Another tip is if you are able to widen your search and are willing to travel, purchase the vehicle from a state or region with lower price increases.
When in the market for a used car, stop by Carousel Preowned. CarouselPreowned 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.