Increase in used car prices: these are the numbers by state

Increase in used car prices: these are the numbers by state

On average, US used car prices have risen 26% nationally, according to WNCT data.

Since the beginning of the pandemic caused by COVID-19, a good part of the prices in the automotive market have constantly changed and transformed. This fluctuation was influenced by the lack of inputs such as operating chips , tires and the workforce in the automotive production countries. In this sense, and for these reasons, the prices of used cars have increased significantly in the United States in recent months and thanks to the WNCT data we have been able to specifically quantify this increase.

Increase in used car prices: these are the numbers by state

According to data from ISeeCars, reported by WNCT, we have learned that the inspection of 1.9 million used car sales in August 2021 determined that their prices increased by 26.2%, thus representing an increase of $ 6,400 in each vehicle. In that sense, comparing the 2020 data with those of 2021 at the same point (June), the increase has been 31.6% .

Some of the states that have presented more pronounced increases are A laska, Hawaii, Utah, Louisiana, Iowa, Kentucky, South Dakota, Idaho, Kansas, Nebraska and Florida, with an increase range of between 27.3% and 45.2% . Alaska being the state most affected by the increase.

Another important factor to take into account in this research is the fact that the cars analyzed had a range of use of between 1 and 5 years between August 2020 and 2021 in regard to a cohort of 5 particular years. Likewise, this phenomenon led to the existence of higher prices in used cars than in new cars, which is still prevalent in the United States , being a fairly novel fact in the automotive field that had not experienced growth of that magnitude for more than a year. 40 years.

However, there are ways in which you can still get used cars for affordable prices such as trying to do a thorough research in the dealerships adjacent to your area of ​​residence, having a pre-approved credit and a good initial are some of the factors that They will be able to help you find and take advantage of the few bargains on new and used cars that still exist in today’s automotive landscape.

It is important to note that the prices described in this text are expressed in US dollars.

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