Used Car Prices Spike - No Surprise For Car Pro Show Listeners


Used Car Prices Spike
Credit: Chevrolet.

I’m not an “I told you so” kind of guy, but I did, and have been for over two months.

According to iSeeCars' newest study, used car prices in April increased an unparalleled 16.8 percent, or $3,926, over last year in the wake of the microchip shortage. Remember, this is April data, prices went even higher in May.


Some vehicles had higher price increases than average--which makes them the worst vehicles to buy while presenting lucrative trade-in opportunities. Other cars defied the trend by either decreasing in price or by only slightly increasing, proving that not all used car shoppers have to significantly overpay for a vehicle.


Here are the 10 cars with the greatest price increases:


Top 10 Cars with the Greatest Price Increases (YoY)
Source: iSeeCars April 2021 Study

Rank
Used Vehicle
Average Used Car Price (April 2021)
$ Price Change from April 2020
Year-Over-Year % Price Change
1Chevrolet Corvette$68,804$17,43233.9%
2Mercedes-Benz G-Class$148,937$37,16133.2%
3Ram 1500$35,798$8,00228.8%
4GMC Sierra 1500$42,347$9,41828.6%
5Mercedes-Benz S-Class$74,326$16,19827.9%
6Chevrolet Silverado 1500$37,324$7,96027.1%
7Chevrolet Camaro$31,220$6,58226.7%
8Toyota Tundra$40,470$8,35626.0%
9Mitsubishi Mirage$11,242$2,31325.9%
10Land Rover Range Rover Sport$59,579$11,96925.1%
Average$27,297$3,92616.8%

Some of iSeeCar’s key findings include:

  • Used car prices are up 16.8%, or $3,926, over the past 12 months, compared to most years when they remain constant
  • Pickup trucks and sports cars are seeing the highest price increases, which makes them the worst vehicles to buy and the best vehicles to sell
  • Best used vehicles to buy right now only saw minor price bumps including some small SUVs, hatchbacks, and minivans
  • Tesla’s Model S is the only used vehicle that has decreased in price

For a list of the top 10 used cars with the smallest price change, click here.

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