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. In typical years, used car prices remain relatively consistent: 2019 had a 0.2 percent reduction compared to 2018, and 2020 had just a 0.1 percent increase over 2019.
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 cars with the greatest price increases:
Sport and luxury cars seemed to have surged during the pandemic. Buyers have had additional resources this past year due to decreased travel and entertainment, so have been willing to spend more on cars.
Pickup trucks and sports cars had the highest price increases, which makes them the worst vehicles to buy and the best vehicles to sell.
The 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.