State by state: Here’s how much used car prices went up in August

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Used car prices came down slightly in August since peaking in June, but they are still significantly higher than they were last year. As the microchip shortage-related plant shutdowns continue, and with the aftermath of Hurricane Ida expected to further elevate prices, there appears to be no relief in sight for used car shoppers.

How much have used car prices gone up? According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in August, used car prices increased 26.2 percent, or $6,454, compared to the same period the previous year. This comes after a 31.6 percent year-over-year increase in July and a 32.7 percent year-over-year increase in June.

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: August 2021- iSeeCars

Rank 
State
Year-Over-Year % Price Change
Year-Over-Year $ Price Change

1
New Jersey
18.1%
$4,470

2
New York
20.4%
$5,005

3
Rhode Island
22.3%
$4,970

4
Wyoming w
22.5%
$7,575

5
Tennessee 
23.3%
$5,814

6
Mississippi 
23.7%
$5,967

7
New Hampshire
24.2%
$5,785

8
Colorado 
24.3%
$6,057

9
Pennsylvania
24.3%
$5,834

10
Washington 
24.4%
$6,316

11
Maryland
24.5%
$5,804

12
Arizona
24.7%
$5,905

13
Illinois
24.9%
$6,314

14
Michigan
25.2%
$6,164

15
Massachusetts
25.4%
$6,110

16
California
25.6%
$6,315

17
Oregon
25.7%
$6,532

18
Georgia
25.9%
$6,493

19
South Carolina
26.0%
$6,399

20
Ohio
26.2%
$6,066

Overall Average
26.2%
$6,454

21
Alabama
26.4%
$6,493

22
Texas
26.5%
$6,725

23
Virginia
26.6%
$6,359

24
North Carolina
26.6%
$6,530

25
Missouri
26.8%
$6,607

26
West Virginia
27.2%
$6,509

27
Florida
27.2%
$6,286

28
Indiana
27.3%
$6,478

29
New Mexico
27.5%
$6,778

30
North Dakota
27.5%
$7,468

31
Wisconsin
27.8%
$6,811

32
Nevada
27.9%
$6,627

33
Minnesota
28.1%
$6,898

34
Connecticut
28.4%
$6,446

35
Maine
28.7%
$6,798

36
Nebraska
28.8%
$7,175

37
Vermont
28.8%
$6,773

38
Arkansas
29.5%
$7,405

39
Delaware
29.6%
$6,667

40
Montana
29.7%
$8,492

41
Kansas
29.8%
$7,297

42
Idaho 
30.7%
$8,105

43
Oklahoma 
31.2%
$7,699

44
South Dakota 
31.3%
$8,567

45
Kentucky 
31.5%
$7,438

46
Iowa 
31.7%
$7,763

47
Louisiana 
32.5%
$7,939

48
Utah 
32.7%
$7,586

49
Hawaii 
39.4%
$8,940

50
Alaska 
46.2%
$13,278

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

Alaska is the state with the greatest used car price increase in 2021 compared to 2020 at 46.2 percent, which amounts to $13,728.
New Jersey has the smallest used car price increase at 18.1 percent, which amounts to $4,470.
Of the top 10 states with the lowest price increases, five are Northeastern states.
Of the top 10 states with the highest price increases, four are Western states and three are Midwestern states.

What does this mean for consumers? The current state of the used car market presents a selling or trade-in opportunity for consumers who may have one of the vehicles with the greatest price increases. While consumers were previously advised to wait to purchase a used car if they were able to do so, the microchip shortage is expected to persist at least a year longer than originally anticipated. The best way to avoid severe price hikes for the foreseeable future is to purchase a used vehicle that isn’t in very high demand, such as a sedan, and if possible, purchase it from a state or region with lower price increases.

More from iSeeCars.com:

The Used Cars with the Largest and Smallest Price Increases Amid the Microchip Shortage 

How to Buy a Used Car
Best Midsize SUVs

Methodology

iSeeCars.com analyzed over 1.9 million 1-5 year old used car sales in August 2020 and 2021. 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 2020 price as well as a dollar difference. The average used car prices in each state were calculated. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 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. iSeeCars.com has saved users over $305 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.

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