The rise in housing prices might be center stage these days, but used car prices are soaring at a rate that’s nearly as impressive (or forboding, depending on your circumstances).
A report from iSeeCars says the average used car is now 35% more expensive than it was a year ago, working out to a national average of $9,080 more. (That’s slightly lower than prices in January.)
The ongoing supply chain issues with microchips are at the heart of the problem, the site says.
Price increases vary by model, with the Hyundai Sonata Hybrid seeing the biggest gains in the past year. That vehicle has seen its average used price jump 61.2% in the past year, a $9,457 increase. The Chevrolet spark, Nissan LEAF and Mercedes-Benz G-Class also saw big percentage gains (with the G-Class selling for a whopping $73,963 more than a year ago).
Prices also vary depending on where you’re buying your used car. San Antonio, Texas, for instance, saw some of the smallest inflation for cars among the top 50 most populous cities, jumping just 17.6% (an average of $4,464).
Not every metro area was so lucky. Here’s how the top 10 shook out for cars:
Cincinnati, Ohio
Price change – 41.6% ($9,496)
Norfolk-Portsmouth-Newport News,VA
Price change – 41.2% ($9,539)
Columbus, Ohio
Price change – 40.3% ($9,064)
New Orleans, La.
Price change – 39% ($9,069)
West Palm Beach/Ft. Pierce, Fla
Price change – 38.5% ($9,123)
San Francisco/Oakland/San Jose, Calif
Price change – 37.1% ($9,239)
Hartford and New Haven, Conn.
Price change – 36.9% ($8,591)
Atlanta, Ga.
Price change – 36.9% ($9,427)
Los Angeles, Calif.
Price change – 36.3% ($8,865)
Harrisburg, PA
Price change – 36.3% ($8,614)
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