Sunday, January 23, 2022
News Used Car Prices Jump An Average Of 16.8% Year-Over-Year

Used Car Prices Jump An Average Of 16.8% Year-Over-Year

Some pre-owned cars are 33% more expensive this year than they were in 2020


  • 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%

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Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

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