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

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(iSeeCars) – The global microchip shortage continued to impact used car prices in June as restricted new car supply has led to fewer people trading in their used cars. This diminished supply and increased demand caused used car prices to soar.

How much have used car prices gone up? 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.

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:

Used Car Price Increases by State – June 2021
Rank StateYear-Over-Year % Price ChangeYear-Over-Year $ Price Change
1New Jersey22.3%$5,238
2New York22.5%$5,284
3Pennsylvania26.6%$6,152
4Vermont27.0%$6,143
5Rhode Island27.3%$5,729
6Connecticut28.3%$6,250
7Massachusetts28.6%$6,535
8New Hampshire28.8%$6,496
9Wisconsin28.9%$6,862
10West Virginia29.0%$6,957
11Mississippi29.0%$7,008
12Colorado29.2%$7,087
13Washington29.3%$7,378
14Maine30.0%$6,874
15Michigan30.5%$7,068
16Delaware30.7%$6,702
17Iowa30.8%$7,442
18Illinois30.9%$7,404
19Minnesota31.0%$7,256
20Ohio31.6%$6,912
21Maryland31.8%$6,970
22Indiana31.9%$7,195
Overall Average32.7%$7,583
23New Mexico32.7%$7,838
24California32.8%$7,586
25South Dakota32.8%$8,507
26Arizona33.0%$7,292
27North Dakota33.1%$8,361
28Missouri33.2%$7,746
29Nebraska33.4%$7,985
30Virginia33.8%$7,497
31Wyoming34.3%$10,237
32Oregon34.3%$8,108
33Arkansas34.6%$8,377
34Florida34.9%$7,609
35Alabama35.2%$8,154
36Kansas35.4%$8,325
37Montana35.4%$9,658
38Idaho35.4%$8,918
39South Carolina35.6%$8,136
40Tennessee35.6%$8,109
41Utah 35.9%$8,236
42Texas 36.6%$8,631
43North Carolina36.7%$8,282
44Georgia36.7%$8,518
45Oklahoma 37.3%$8,840
46Louisiana37.7%$8,890
47Nevada 37.7%$8,422
48Kentucky38.6%$8,819
49Hawaii 41.2%$8,505
50Alaska 43.0%$12,788

iSeeCars’ used car pricing analysis shows consumers may be able to get a better used car deal by crossing state lines.

  • Alaska is the state with the greatest used car price increase in 2021 compared to 2020 at 43.0 percent, which amounts to $12,788.
  • New Jersey has the smallest used car price increase at 22.3 percent, which amounts to $5,238.
  • Of the top 10 states with the lowest price increases, eight are Northeastern states.
  • Of the top 10 states with the highest price increases, four are Southeastern states, four are Western states, and two are Southwestern states.

What does this mean for consumers? The rise in used car prices presents lucrative sell or trade-in opportunities for consumers who can get rid of a vehicle or who are willing to trade one in for a lower-demand vehicle, like small SUVs, hatchbacks, or minivans. And for used car shoppers who are willing to travel, you may find a better deal on a used car in a nearby state. 

Although the average used car has significantly gone up in price, iSeeCars’s used car price analysis also found some vehicles have lower-than-average increases, making them smart buys for consumers who can’t wait for prices to drop. And while used car prices are expected to stay elevated for the foreseeable future, it remains to be seen if prices are going to keep rising or if they will start to decline toward pre-microchip shortage levels.

More from iSeeCars.com: 

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.

This article, State By State: Here’s How Much Used Car Prices Went Up in June, originally appeared on iSeeCars.com. 

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

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