Don't Waste Durham Duke Law and Policy Clinic Durham City Council Environmental Health House Bill 259 Minority Health MountainTrue National News NC General Assembly NC Retail Merchant Association News NFL North Carolina Panthers Plastic bag ordinance plastic pollution Public Health Sen. Julie Mayfield single-use plastics
State budget provision stymies local plastic reduction efforts in North CarolinaPublished
2 years agoon
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 | State | Year-Over-Year % Price Change | Year-Over-Year $ Price Change |
1 | New Jersey | 18.1% | $4,470 |
2 | New York | 20.4% | $5,005 |
3 | Rhode Island | 22.3% | $4,970 |
4 | Wyoming w | 22.5% | $7,575 |
5 | Tennessee | 23.3% | $5,814 |
6 | Mississippi | 23.7% | $5,967 |
7 | New Hampshire | 24.2% | $5,785 |
8 | Colorado | 24.3% | $6,057 |
9 | Pennsylvania | 24.3% | $5,834 |
10 | Washington | 24.4% | $6,316 |
11 | Maryland | 24.5% | $5,804 |
12 | Arizona | 24.7% | $5,905 |
13 | Illinois | 24.9% | $6,314 |
14 | Michigan | 25.2% | $6,164 |
15 | Massachusetts | 25.4% | $6,110 |
16 | California | 25.6% | $6,315 |
17 | Oregon | 25.7% | $6,532 |
18 | Georgia | 25.9% | $6,493 |
19 | South Carolina | 26.0% | $6,399 |
20 | Ohio | 26.2% | $6,066 |
Overall Average | 26.2% | $6,454 | |
21 | Alabama | 26.4% | $6,493 |
22 | Texas | 26.5% | $6,725 |
23 | Virginia | 26.6% | $6,359 |
24 | North Carolina | 26.6% | $6,530 |
25 | Missouri | 26.8% | $6,607 |
26 | West Virginia | 27.2% | $6,509 |
27 | Charlotte | 27.2% | $6,286 |
28 | Indiana | 27.3% | $6,478 |
29 | New Mexico | 27.5% | $6,778 |
30 | North Dakota | 27.5% | $7,468 |
31 | Wisconsin | 27.8% | $6,811 |
32 | Nevada | 27.9% | $6,627 |
33 | Minnesota | 28.1% | $6,898 |
34 | Connecticut | 28.4% | $6,446 |
35 | Maine | 28.7% | $6,798 |
36 | Nebraska | 28.8% | $7,175 |
37 | Vermont | 28.8% | $6,773 |
38 | Arkansas | 29.5% | $7,405 |
39 | Delaware | 29.6% | $6,667 |
40 | Montana | 29.7% | $8,492 |
41 | Kansas | 29.8% | $7,297 |
42 | Idaho | 30.7% | $8,105 |
43 | Oklahoma | 31.2% | $7,699 |
44 | South Dakota | 31.3% | $8,567 |
45 | Kentucky | 31.5% | $7,438 |
46 | Iowa | 31.7% | $7,763 |
47 | Louisiana | 32.5% | $7,939 |
48 | Utah | 32.7% | $7,586 |
49 | Hawaii | 39.4% | $8,940 |
50 | Alaska | 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.
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.
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.
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.
Source link
#State #state #Here039s #car #prices #August
'There’s a ripple effect': CMPD honors Charlotte homicide victims on National Remembrance Day
Charlotte affordable housing projects approved using more than $17 million in public funds
'Going to happen at some point': Owners have faith in eventual Charlotte social districts
Charlotte artist’s use of color inspired by Colombia childhood
All Time Low headlining first official show at new Charlotte music venue
Mother's injuries classified as 'LEVEL 5' after taking NE Charlotte dog attack for small child: report