Used car prices are up 35.0 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest analysis of 1.8 million used car sales in February. This is down from a 36.9 percent increase in January.
“After coming down slightly in February, used car prices remain elevated due to lingering supply constraints, and they are expected to rise again due to geopolitical factors as Russia is a key supplier of materials used to make car parts and microchips,” said iSeeCars Executive Analyst Karl Brauer. “We are also seeing a significant increase in demand for used hybrid and electric vehicles as a result of high gas prices, with the cost of hybrids increasing by 46.9 percent and electrics increasing by 43 percent compared to last year.”
Although the average used car has significantly increased in price, iSeeCars’s analysis also found some vehicles