HOUSTON (CW39) – Used car prices are on the rise as the global chip shortage continues. According to a study by iSeeCars.com, used car prices has increased 16.8%, or $3,926, over the past 12 months, compared to most years. In Houston, used cars have increased 14.6%, with a year-over-year price change of $3,579. Pickup trucks and sports cars are seeing the highest price increases, making them the worst vehicles to buy and the best vehicles to sell. Small SUVs, hatchbacks, and minivans saw the best minor price bumps and the Telsa Model S is the only used vehicle that has decreased in price.
The latest analysis from iSeeCars.com compared over 1.2 million used car sales in April 2021 to the same period the previous year. It found used car prices increased 16.8 percent, or $3,926. Typically, used car prices remain relatively constant year over year. For example, 2019 had a 0.2 percent reduction over 2018, and 2020 had a 0.1 percent increase over 2019.
The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply. We’ve identified the used cars with the greatest price increases, which can represent lucrative trade-in opportunities for their owners.”iSeeCars Executive Analyst, Karl Brauer
iSeeCars analysist also found some vehicles defied the trend by either decreasing in price or by only slightly increasing. Here’s a list of the top 10 used cars with the smallest increases.
|Rank||Used Vehicle||Average Used Car Price (April 2021)||$ Price Change from April 2020||Year-Over-Year % Price Change|
|1||Tesla Model S||$53,212||-$1,077||-2.0%|