Used-Car Prices Jump 32.7%

By Staff Writer August 02, 2021

According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in June, used car prices increased 32.7 percent, or $7,583, compared to the same period the previous year. This comes after a 26.4 percent year-over-year increase in May and a 16.8 percent year-over-year increase in April.

“The microchip shortage has brought historic used car price increases, so much so that some lightly used cars are more expensive than new models,” said iSeeCars Executive Analyst Karl Brauer. “While used car prices are expected to remain elevated for the foreseeable future, we are waiting to see if prices are going to keep rising or if they will start to decline toward pre-microchip shortage levels.” 

Although the average used car has significantly increased in price, iSeeCars’s analysis also found some vehicles have lower-than-average increases, making them smart buys for consumers who can’t wait for prices to drop.

“While these used models are more expensive than they were a year ago, they haven’t been as drastically impacted by price hikes,” said Brauer.

The top 10 vehicles with the greatest price increases have price changes from 1.2 to 1.5 times the average vehicle’s price increase, and are primarily luxury cars, sports cars, and pickup trucks.

 

Top 10 Cars with the Greatest Price Increases (YoY) - iSeeCars June 2021 Study

Rank

Used Vehicle

 

Average Used Car Price

(June 2021)

 

$ Price Change

from June 2020 

 

% Price Change

from June 2020 

1

Nissan LEAF

$20,015

$6,501

48.1%

2

Mercedes-Benz G-Class

$158,835

$50,271

46.3%

3

Chevrolet Camaro

$36,163

$11,242

45.1%

4

Lincoln Navigator L

$66,508

$20,392

44.2%

5

Ram Pickup 1500

$40,200

$12,016

42.6%

6

Lincoln Navigator

$65,236

$19,411

42.4%

7

Audi A5

$44,376

$13,076

41.8%

8

GMC Sierra 1500

$47,791

$13,963

41.3%

9

Ford Mustang

$36,476

$10,656

41.3%

10

Chevrolet Spark

$13,892

$4,015

40.6%

Average

$30,766

$7,583

32.7%

 

The vehicle that has the greatest price increase is the Nissan LEAF, which has risen in price by 48.1 percent since June 2020.

“While used car prices for all electric vehicles have increased in recent months, the dramatic increase for used Nissan LEAF prices could be attributed to the 2018 model, which featured a significant bump in EV range, performance improvements, and an exterior facelift, and which only just entered the market this year in substantial numbers,” said Brauer. 

Ranked second is the Mercedes-Benz G-Class, which increased by 46.3 percent or $50,271. “The Mercedes-Benz G-Class is an opulent off-roader and a status symbol that has soared in popularity, with 2020 as its best sales year to date,” said Brauer.

Two classic American sports cars make the list, the third-ranked Chevrolet Camaro and the ninth-ranked Ford Mustang. 

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Last modified on Thursday, 05 August 2021 15:29