How much have used car prices gone up in North Carolina?
(iSeeCars) – Used car prices edged up in November as the chip shortage continued to impact the market.
How much have used car prices increased in recent months? According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in November, used car prices were up 27.9%, or $ 6,939, from the same period the previous year. This comes after a 24.9% increase in October.
Used car prices increase by state
|Used car price increase by state: November 2021 – iSeeCars|
|Rank||State||Price change in% from one year to the next||Price variation in $ from one year to the next|
|seven||Rhode Island||24.3%||$ 5,711|
|13||North Dakota||25.5%||$ 7,221|
|14||New Hampshire||25.8%||$ 6,296|
|17||South Dakota||26.2%||$ 7,683|
|22||Caroline from the south||27.3%||$ 6,858|
|23||New York||27.6%||$ 6,854|
|Overall average||27.9%||$ 6,939|
|26||New Mexico||27.9%||$ 7,107|
|29||North Carolina||28.2%||$ 7,007|
|36||New Jersey||28.8%||$ 7,097|
|43||West Virginia||29.7%||$ 7,412|
ISeeCars used car price analysis shows that consumers are more likely to find an offer in some states than in others.
- Hawaii is the state with the largest increase in used car prices in 2021 from 2020 at 40.8%, which works out to $ 9,261.
- Wyoming has the lowest increase in used car prices at 22.8%, which works out to $ 7,424.
- Of the top 6 states with the smallest price increases, four are in the Rocky Mountain region.
- Of the top 10 states with the highest price increases, four are Midwestern states and three are Southeastern states.
What does this mean for consumers? The current state of the used car market presents a sales or trade-in opportunity for consumers who may have one of the vehicles with the biggest price increases. While consumers were previously advised to wait to buy a used car if they were able to do so, the microchip shortage is expected to persist for at least a year longer than originally anticipated. The best way to avoid sharp price increases for 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 city. region where price increases are lower.
Learn more about iSeeCars.com:
iSeeCars.com analyzed over 1.9 million sales of 1-5 year old used cars in November 2020 and 2021. The average listing prices for each car model were compared between the two time periods, and the differences were expressed both as a percentage difference from the 2020 price as well as a dollar difference. Heavy vehicles, low volume vehicles, discontinued vehicles from model year 2021 and vehicles with less than 4 of the 5 model years for each period were excluded from further analysis.
iSeeCars.com is a car search engine that helps buyers find the best car deals by providing key information and valuable resources, like free iSeeCars VIN check reports and top car ratings. iSeeCars.com Has Saved Users Over $ 309 Million So Far By Applying Big Data Analytics Powered By Over 25 Billion (And Growing) Data Points And Using Proprietary Algorithms to objectively analyze, rate and classify millions of new 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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