(iSeeCars) — Used car prices have reached record highs with the average one- to five-year-old used car costing $34,852. 

How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.8 million used car sales in January, used car prices increased 36.9 percent, or $9,409, compared to the same period the previous year.  

Average 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: January 2022- iSeeCars
Rank StateYear-Over-Year % Price Change
1Delaware28.8%
2Idaho28.9%
3Vermont30.2%
4Oregon30.4%
5Michigan30.8%
6Texas32.3%
7Rhode Island32.4%
8Wyoming32.4%
9New Mexico32.6%
10Wisconsin32.6%
11New Hampshire33.0%
12Minnesota33.1%
13Nebraska33.2%
14Maine33.4%
15West Virginia34.1%
16South Carolina34.4%
17Washington34.8%
18Mississippi35.1%
19Colorado35.1%
20Missouri35.1%
21Massachusetts35.4%
22New Jersey35.9%
23Tennessee35.9%
24Utah35.9%
25Oklahoma36.0%
26South Dakota36.1%
27Alabama36.2%
28Pennsylvania36.2%
29Illinois36.5%
30Indiana36.7%
31Iowa36.8%
32Connecticut36.8%
33Virginia36.9%
34North Carolina36.9%
National Average36.9%
35Ohio37.1%
36Alaska37.2%
37Arkansas37.3%
38Georgia37.3%
39Arizona37.6%
40Maryland38.1%
41Hawaii38.3%
42Florida38.4%
43Kansas38.9%
44California39.7%
45Louisiana40.0%
46Nevada40.2%
47New York40.4%
48Kentucky40.8%
49Montana42.9%
50North Dakota43.5%
  • North Dakota is the state with the greatest used car price increase in 2022 compared to 2021 at 43.5 percent, which amounts to $11,413.
  • Delaware has the smallest used car price increase at 28.8 percent, which amounts to $7,714.

Average Used Car Prices by State

Some states pay more than others for used cars. Here is a ranking of the average used car price by state by ascending order:

Average Used Car Price by State – iSeeCars
RankStateAverage Used Car Price
1Connecticut$30,652
2Idaho$31,226
3Ohio$31,227
4Indiana$32,159
5Michigan$32,209
6Arizona$32,422
7Oklahoma$32,574
8South Carolina$32,591
9Nevada$32,606
10Maryland$32,634
11Wisconsin$32,834
12Hawaii$32,908
13Kentucky$32,916
14Tennessee$32,930
15Pennsylvania$32,950
16Massachusetts$32,953
17Alabama$32,970
18Minnesota$32,999
19Virginia$33,004
20New Jersey$33,063
21Oregon$33,071
22Missouri$33,121
23Utah$33,242
24Mississippi$33,327
25Louisiana$33,412
26New York$33,699
27North Carolina$33,774
28New Hampshire$33,820
29Rhode Island$33,906
30Texas$34,006
31New Mexico$34,104
32Florida$34,104
33Colorado$34,273
34Iowa$34,318
35Illinois$34,326
36Delaware$34,473
37Georgia$34,580
38Vermont$34,610
39Kansas$34,826
National Average$34,852
40Washington$35,111
41Arkansas$35,358
42California$35,417
43Nebraska$35,682
44South Dakota$36,369
45North Dakota$36,711
46Maine$36,856
47Alaska$37,714
48West Virginia$38,396
49Wyoming$39,195
50Montana$42,417
  • Connecticut is the state with the lowest average used car price of $30,652.
  • Montana is the state with the highest average used car price of $42,417.

What does this mean for consumers? The current state of the used car market presents a lucrative trade-in opportunity for consumers who have a used vehicle to sell. 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 for most of 2022. 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.

Methodology

iSeeCars.com analyzed over 1.8 million 1-5-year-old used car sales in January 2021 and 2022. 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 202a price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.

About iSeeCars.com

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