How much have used car prices gone up in North Carolina?

(Getty Images)

(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

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 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
1 Wyoming 22.8% $ 7,424
2 Vermont 23.2% $ 5,901
3 Mississippi 23.2% $ 5,948
4 Colorado 23.6% $ 6,146
5 Idaho 23.9% $ 6,689
6 Montana 24.2% $ 7,218
seven Rhode Island 24.3% $ 5,711
8 Alabama 24.6% $ 6,323
9 Texas 24.6% $ 6,246
ten Tennessee 25.0% $ 6,281
11 Missouri 25.2% $ 6,413
12 Indiana 25.3% $ 6,185
13 North Dakota 25.5% $ 7,221
14 New Hampshire 25.8% $ 6,296
15 Arizona 26.1% $ 6,385
16 Minnesota 26.2% $ 6,670
17 South Dakota 26.2% $ 7,683
18 Illinois 26.2% $ 6,708
19 Washington 26.7% $ 7,088
20 Arkansas 27.0% $ 6,981
21 Wisconsin 27.1% $ 6,745
22 Caroline from the south 27.3% $ 6,858
23 New York 27.6% $ 6,854
24 Oklahoma 27.7% $ 7,000
25 Maine 27.7% $ 6,867
Overall average 27.9% $ 6,939
26 New Mexico 27.9% $ 7,107
27 Kentucky 28.0% $ 6,906
28 Utah 28.1% $ 7,015
29 North Carolina 28.2% $ 7,007
30 Oregon 28.3% $ 7,316
31 Nevada 28.3% $ 7,018
32 Alaska 28.3% $ 8,594
33 Pennsylvania 28.5% $ 6,921
34 Michigan 28.6% $ 7,015
35 Maryland 28.8% $ 6,867
36 New Jersey 28.8% $ 7,097
37 Georgia 28.8% $ 7,203
38 Massachusetts 28.8% $ 7,184
39 Delaware 28.9% $ 6,872
40 Florida 28.9% $ 6,866
41 Ohio 29.2% $ 6,790
42 Louisiana 29.3% $ 7,345
43 West Virginia 29.7% $ 7,412
44 Virginia 29.8% $ 7,282
45 Connecticut 30.1% $ 7,228
46 Kansas 30.3% $ 7,567
47 California 30.9% $ 7,635
48 Iowa 31.5% $ 7,929
49 Nebraska 32.1% $ 7,992
50 Hawaii 40.8% $ 9,261

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:

Methodology

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.

About iSeeCars.com

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.

Comments are closed.