Used car prices soar over 30% since 2021: Report
by Heather Hamilton, Social Media Reporter
| April 24, 2022 07:57 AM
Amid rising inflation, people in the United States are finding that buying a used car is not necessarily a sure way to cut costs, as used car prices have risen 30.4% over the last year.
Online car sales search website iSeeCars.com attributes the rising prices to a microchip shortage plaguing the automotive industry.
As of March, used cars were selling for an average of around $8,000 more than they did in the first quarter of 2021.
Connecticut leads used car prices, with an increase of 35.2% compared to last year, while Wyoming had the smallest increase, with prices rising 18.9%. Of the 10 states with the highest increases, seven are coastal states.
The average list price for a used car in March was reportedly $27,246, down from a record $28,193 in December.
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https://www.washingtonexaminer.com/news/used-car-prices-soar-over-30-since-2021-report
