This is an unprecedented percentage jump.
The microchip shortage is partially responsible for this.
Used car demand is also unparalleled.
If you have got a gently used car, truck, or SUV that you’re thinking about trading in, now’s the time to do it. As with the real estate market, used car sales are nearly out of control. In the automotive world, the primary reason for these value increases is in large part due to the microchip shortage which has dramatically reduced new car inventories. This situation has driven used car values into the stratosphere.
According to iSeeCars’ latest study, used car prices in April 2021 (over April 2020) have increased by an average of 16.8%, or $3,926. As with most of these studies, the Chevrolet Corvette tops the list with an incredible 33.9% jump in value over the same period last year. The upside to these prices is that trade-ins can be massively lucrative however if you’re shopping for one of these 10 vehicles, it might be wiser to wait a while…
Here are the Top 10 Cars with the greatest price increases year-over-year:
Top 10 Cars with the Greatest Price Increases (YoY) – iSeeCars April 2021 Study | ||||
Rank | Used Vehicle | Average Used Car Price (April 2021) | $ Price Change from April 2020 | Year-Over-Year % Price Change |
1 | Chevrolet Corvette | $68,804 | $17,432 | 33.9% |
2 | Mercedes-Benz G-Class | $48,937 | $37,161 | 33.2% |
3 | Ram 1500 | $35,798 | $8,002 | 28.8% |
4 | GMC Sierra 1500 | $42,347 | $9,418 | 28.6% |
5 | Mercedes-Benz S-Class | $74,326 | $16,198 | 27.9% |
6 | Chevrolet Silverado 1500 | $37,324 | $7,960 | 27.1% |
7 | Chevrolet Camaro | $31,220 | $6,582 | 26.7% |
8 | Toyota Tundra | $40,470 | $8,356 | 26.0% |
9 | Mitsubishi Mirage | $11,242 | $2,313 | 25.9% |
10 | Land Rover Range Rover Sport | $59,579 | $11,969 | 25.1% |
Average | $27,297 | $3,926 | 16.8% | |
