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

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(Photo by Justin Sullivan/Getty Images)

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 StateYear-Over-Year % Price ChangeYear-Over-Year $ Price Change
1New Jersey18.1%$4,470
2New York20.4%$5,005
3Rhode Island22.3%$4,970
4Wyoming w22.5%$7,575
5Tennessee 23.3%$5,814
6Mississippi 23.7%$5,967
7New Hampshire24.2%$5,785
8Colorado 24.3%$6,057
9Pennsylvania24.3%$5,834
10Washington 24.4%$6,316
11Maryland24.5%$5,804
12Arizona24.7%$5,905
13Illinois24.9%$6,314
14Michigan25.2%$6,164
15Massachusetts25.4%$6,110
16California25.6%$6,315
17Oregon25.7%$6,532
18Georgia25.9%$6,493
19South Carolina26.0%$6,399
20Ohio26.2%$6,066
Overall Average26.2%$6,454
21Alabama26.4%$6,493
22Texas26.5%$6,725
23Virginia26.6%$6,359
24North Carolina26.6%$6,530
25Missouri26.8%$6,607
26West Virginia27.2%$6,509
27Florida27.2%$6,286
28Indiana27.3%$6,478
29New Mexico27.5%$6,778
30North Dakota27.5%$7,468
31Wisconsin27.8%$6,811
32Nevada27.9%$6,627
33Minnesota28.1%$6,898
34Connecticut28.4%$6,446
35Maine28.7%$6,798
36Nebraska28.8%$7,175
37Vermont28.8%$6,773
38Arkansas29.5%$7,405
39Delaware29.6%$6,667
40Montana29.7%$8,492
41Kansas29.8%$7,297
42Idaho 30.7%$8,105
43Oklahoma 31.2%$7,699
44South Dakota 31.3%$8,567
45Kentucky 31.5%$7,438
46Iowa 31.7%$7,763
47Louisiana 32.5%$7,939
48Utah 32.7%$7,586
49Hawaii 39.4%$8,940
50Alaska 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:

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.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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