Used car prices remained insanely high in August.
The average price increase was 26.2% or $6,454.
This percentage is down from June and July.
The impact of the global microchip shortage continues to be felt in the industry. We’ve all seen how pre-owned car prices have skyrocketed and though they’ve slowed slightly, they are still far more expensive in 2021 than they were in 2020.
2020 Chevrolet Spark | Photo: Chevrolet
On average, a pre-owned vehicle cost 26.2% more in August 2021 compared to the same period the previous year. This amount is down from July (+31.6%) and June (+32.7%) but the jump is still considerable.
Interestingly, the largest spikes in price, as noticed by iSeeCars, belong to a mix of economy and impractical cars. And contrary to the recent past, luxury vehicles are not as impacted.
Among the top three, we find two of the least expensive new cars anyone can buy in the country and they are the Mitsubishi Mirage and the Chevrolet Spark. In fact, six of the top 10 vehicles are small cars.
Here are the Top 10 Cars with the greatest price increases in August 2021:
Rank | Used Vehicle | Average Used Car Price (August 2021) | $ Price Change from August 2020 | % Price Change from August 2020 |
1 | Mitsubishi Mirage | $13,398 | $4,457 | 49.9% |
2 | Nissan LEAF | $19,990 | $6,370 | 46.8% |
3 | Chevrolet Spark | $14,456 | $4,467 | 44.7% |
4 | Mercedes-Benz G-Class | $160,465 | $45,992 | 40.2% |
5 | MINI Hardtop 2 Door | $23,402 | $6,044 | 34.8% |
6 | Lincoln Navigator | $64,413 | $16,532 | 34.5% |
7 | Kia Forte | $16,770 | $4,125 | 32.6% |
8 | Lincoln Navigator L | $66,934 | $16,325 | 32.3% |
9 | Chevrolet Camaro | $35,635 | $8,431 | 31.0% |
10 | Kia Soul | $16,940 | $3,973 | 30.6% |
Average Across All Cars | $30,766 | $6,454 | 26.2% | |
