How rising used car prices compare across states

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(iSeeCars) — Used car prices are currently up 16.9% over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest used car price analysis of 2.0 million car sales in May. This is down from a 23.9% increase in April.

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: May 2022- iSeeCars
Rank StateYear-Over-Year % Price ChangeYear-Over-Year $ Price Change
1Wyoming8.6%$3,387
2Oklahoma9.9%$2,986
3South Dakota10.8%$3,793
4Mississippi11.3%$3,440
5Hawaii11.4%$3,335
6Michigan11.4%$3,359
7Utah12.0%$3,624
8Texas12.3%$3,728
9Idaho12.4%$4,136
10Oregon12.7%$3,924
11Rhode Island12.7%$3,418
12New Mexico12.8%$3,825
13Kansas12.8%$3,897
14Wisconsin13.6%$4,018
15West Virginia13.6%$4,039
16Montana13.6%$4,765
17Missouri13.7%$4,103
18Kentucky14.0%$4,158
19Alabama14.2%$4,229
20Arkansas14.2%$4,441
21Nevada14.3%$4,141
22Indiana14.8%$4,228
23Alaska15.1%$5,485
24Illinois15.4%$4,594
25Tennessee15.7%$4,601
26Louisiana16.0%$4,716
27Georgia16.1%$4,827
28Washington16.1%$5,041
29North Carolina16.1%$4,730
30Arizona16.2%$4,668
31Maryland16.5%$4,617
32South Carolina16.6%$4,907
33Maine16.8%$4,736
34Ohio16.8%$4,588
35New Hampshire16.8%$4,636
National Average16.9%$4,953
36Colorado17.4%$5,271
37Florida17.9%$5,015
38California18.0%$5,292
39Virginia18.1%$5,144
40Vermont18.3%$5,053
41Pennsylvania18.4%$5,116
42Nebraska18.6%$5,519
43Minnesota18.8%$5,470
44New Jersey19.1%$5,347
45North Dakota19.1%$6,105
46Iowa19.5%$5,792
47Delaware20.1%$5,379
48Massachusetts21.0%$5,765
49Connecticut22.2%$5,949
50New York25.7%$7,068

iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.

  • New York is the state with the greatest used car price increase in May 2022 compared to May 2021 at 25.7%, which amounts to $7,068.
  • Wyoming has the smallest used car price increase at 8.6%, which amounts to $3,387.
  • Of the 10 states with the highest price increases, six are Eastern Coast states.

Vehicles with the Highest Used Car Price Increases by State

iSeeCars also examined which used car has gone up the most in price in each state:

Vehicles with the Highest Used Car Price Increases by State: May 2022- iSeeCars
Rank StateYear-Over-Year % Price ChangeYear-Over-Year $ Price Change
1AlabamaTesla Model S42.2%$25,568
2AlaskaToyota Corolla27.1%$4,769
3ArizonaHyundai Sonata Hybrid68.2%$11,672
4ArkansasKia Rio46.8%$6,088
5CaliforniaHyundai Sonata Hybrid59.0%$10,830
6ColoradoAlfa Romeo Giulia43.3%$12,398
7ConnecticutToyota Prius46.6%$9,188
8DelawareMercedes-Benz GLE36.4%$14,899
9FloridaTesla Model S63.8%$35,965
10GeorgiaTesla Model S80.6%$44,356
11HawaiiVolkswagen Jetta31.6%$5,459
12IdahoHonda Odyssey35.3%$10,824
13IllinoisTesla Model S73.5%$39,131
14IndianaPorsche Cayenne69.2%$38,369
15IowaBMW X565.1%$22,915
16KansasLincoln Navigator L55.1%$31,251
17KentuckyToyota Camry Hybrid54.9%$12,157
18LouisianaAcura MDX37.1%$11,515
19MaineNissan Sentra31.2%$4,836
20MarylandMitsubishi Mirage57.3%$6,178
21MassachusettsMINI Hardtop 2 Door51.6%$8,682
22MichiganPorsche Cayenne65.0%$36,803
23MinnesotaTesla Model X54.7%$39,761
24MississippiHonda Odyssey55.5%$13,815
25MissouriKia Rio52.2%$6,978
26MontanaDodge Durango25.0%$9,908
27NebraskaVolkswagen Jetta31.1%$5,102
28NevadaPorsche Cayenne43.6%$26,605
29New HampshireVolkswagen Jetta32.3%$5,511
30New JerseyTesla Model S45.6%$24,454
31New MexicoVolkswagen Jetta32.0%$5,681
32New YorkBMW 5 Series44.1%$12,854
33North CarolinaHyundai Sonata Hybrid50.8%$9,034
34North DakotaHonda Civic27.6%$5,231
35OhioKia Rio47.1%$5,527
36OklahomaToyota RAV4 Hybrid50.2%$12,984
37OregonNissan LEAF48.2%$9,108
38PennsylvaniaHyundai Sonata Hybrid86.9%$13,267
39Rhode IslandVolkswagen Jetta31.3%$5,028
40South CarolinaAudi A638.0%$13,564
41South DakotaNissan Altima28.4%$5,391
42TennesseePorsche Cayenne47.8%$25,973
43TexasToyota Avalon Hybrid38.4%$10,785
44UtahBMW X549.3%$20,141
45VermontToyota RAV431.7%$7,059
46VirginiaHyundai Sonata Hybrid64.5%$11,428
47WashingtonHyundai Sonata Hybrid68.2%$11,936
48West VirginiaNissan Versa37.0%$4,673
49WisconsinINFINITI QX5051.4%$12,517
50WyomingToyota RAV422.7%$6,091
  • The used car that has the highest increase in the most states is the Hyundai Sonata Hybrid in six states.
  • The used car that has the highest increase across all states is the Hyundai Sonata in Pennsylvania with an 86.9% increase.

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 current 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 nearly 2 million sales of one- to five-year-old used cars in May 2021 and 2022. The average list 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 four of the five 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. 

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