Amid rising inflation, people in the United States are finding that buying a used car is not necessarily a sure way to cut costs, as used car prices have risen 30.4% over the last year.
Online car sales search website iSeeCars.com attributes the rising prices to a microchip shortage plaguing the automotive industry.As of March, used cars were selling for an average of around $8,000 more than they did in the first quarter of 2021.
Connecticut leads used car prices, with an increase of 35.2% compared to last year, while Wyoming had the smallest increase, with prices rising 18.9%. Of the 10 states with the highest increases, seven are coastal states.The average list price for a used car in March was reportedly $27,246, down from a record $28,193 in December.
“The anniversary of the chip shortage — when prices started to skyrocket — is approaching,” Cox Automotive senior economist Charlie Chesbrough said, noting that once the anniversary has passed, year-over-year price comparisons will not look as dramatic. “However, prices will not go negative. Rather they should return to more normal growth trends but from a higher base.”Although the demand for used cars remains high, sales have slowed recently.
More than 1.8 million sales of used cars between 1 and 5 years old in March 2021 and 2022 were analyzed by iSeeCars.com, the website said.
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