How much have used car prices gone up in Florida?
(ISeeCars) – Used car prices have risen 30.4 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest used car price analysis of 1.8 million car sales in March. This is down from a 35.0 percent increase in February.
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: March 2022- iSeeCars | |||
Rank | State | Year-Over-Year % Price Change | Year-Over-Year $ Price Change |
1 | Wyoming | 18.9% | $7,650 |
2 | Rhode Island | 19.4% | $5,227 |
3 | Alaska | 20.3% | $8,013 |
4 | Idaho | 22.5% | $6,902 |
5 | North Dakota | 24.0% | $7,574 |
6 | Texas | 24.7% | $6,698 |
7 | South Dakota | 24.7% | $7,916 |
8 | Mississippi | 25.2% | $6,676 |
9 | Maine | 25.3% | $6,915 |
10 | Montana | 25.3% | $8,384 |
11 | Vermont | 25.8% | $6,995 |
12 | Oregon | 26.0% | $6,983 |
13 | Nebraska | 26.5% | $7,298 |
14 | Utah | 27.3% | $7,043 |
15 | Alabama | 27.4% | $7,160 |
16 | Michigan | 27.9% | $7,065 |
17 | Hawaii | 27.9% | $7,276 |
18 | Tennessee | 28.0% | $7,258 |
19 | New Hampshire | 28.1% | $6,972 |
20 | New Mexico | 28.5% | $7,557 |
21 | North Carolina | 28.5% | $7,404 |
22 | Oklahoma | 28.6% | $7,406 |
23 | Arkansas | 29.2% | $7,921 |
24 | Wisconsin | 29.4% | $7,622 |
25 | West Virginia | 29.4% | $7,943 |
26 | Indiana | 29.5% | $7,391 |
27 | Georgia | 29.6% | $7,954 |
28 | Kentucky | 29.8% | $7,513 |
29 | South Carolina | 30.0% | $7,737 |
30 | Colorado | 30.0% | $7,980 |
31 | Maryland | 30.2% | $7,402 |
32 | Louisiana | 30.3% | $7,751 |
33 | Virginia | 30.3% | $7,573 |
Average Across All States | 30.4% | $8,032 | |
34 | Delaware | 30.5% | $7,280 |
35 | Ohio | 30.6% | $7,370 |
36 | Nevada | 30.8% | $7,535 |
37 | Arizona | 30.8% | $7,867 |
38 | Pennsylvania | 30.9% | $7,740 |
39 | Minnesota | 31.1% | $8,153 |
40 | Missouri | 31.2% | $8,027 |
41 | Illinois | 31.5% | $8,252 |
42 | New York | 31.6% | $8,061 |
43 | Florida | 31.7% | $8,201 |
44 | Massachusetts | 31.8% | $7,984 |
45 | Iowa | 32.6% | $8,891 |
46 | New Jersey | 32.6% | $8,307 |
47 | Kansas | 33.0% | $8,618 |
48 | California | 33.2% | $8,764 |
49 | Washington | 34.0% | $9,222 |
50 | Connecticut | 35.2% | $8,426 |
iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.
- Connecticut is the state with the greatest used car price increase in March 2022 compared to March 2021 at 35.2 percent, which amounts to $8,426.
- Wyoming has the smallest used car price increase at 18.9 percent, which amounts to $7,650.
- Of the 10 states with the highest price increases, seven are coastal states.
What does this mean for consumers? While consumers were previously advised to wait to purchase a used car if they were able to do so, new geopolitical factors are expected to exacerbate and prolong the present used car price increases. The best way for consumers to avoid significantly higher prices while car shopping for the foreseeable future is to either maintain their current vehicle or purchase a used vehicle that isn’t in high demand, and to be as flexible as possible with factors such as color and trim.
More from iSeeCars.com:
Methodology
iSeeCars.com analyzed over 1.8 million 1-5-year-old used car sales in March 2021 and 2022. 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 2021 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 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 and Best Cars rankings. iSeeCars.com has saved users over $339 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.
This article, How Much Have Used Car Prices Gone Up in Your State?, originally appeared on iSeeCars.com.