Vehicles with greatest price hikes in August bring sticker-shock come consumers, present rewarding trade-in opportunities
by: iSeeCars, Nexstar Media WirePosted: Oct 4, 2021 / 02:51 to be EDT / Updated: Oct 4, 2021 / 02:51 am EDT
The 2020 Nissan sheet on display screen at the 2020 Pittsburgh international Auto display Thursday, Feb.13, 2020 in Pittsburgh. (AP Photo/Gene J. Puskar)
Used auto prices in August increased an average 26.2%, or $6,454, over the previous 12 months, i m sorry is under from a 31.6 percent rise in July.The vehicles v the highest price increases are a mix of economic climate cars and also impractical cars.Cars with the the smallest price bumps are greatly luxury SUVs.
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Used vehicle prices came down slightly in respectable from July, but they room still significantly greater than they were a year ago as the microchip shortage proceeds to influence the brand-new and used vehicle marketplace.
According come iSeeCars.com’s latest analysis of over 1.9 million used auto sales in August, used auto prices increased 26.2 percent, or $6,454, compared to the same period the previous year. This come after a 31.6 percent boost in July and a 32.7 percent year-over-year boost in June.
“Used vehicle prices have been coming down slightly due to the fact that they peaked in June, however they room still significantly higher than they to be last year, v the median used automobile priced over $6,000 over where it to be last August,” stated Brauer. “As the microchip shortage-related tree shutdowns continue, and also with the aftermath of Hurricane Ida meant to more elevate prices, there appears to be no relief in sight for used auto shoppers.”
Although the average used automobile has considerably increased in price, iSeeCars’s analysis additionally found some vehicles have actually lower-than-average increases, making castle smarter buys for consumers in the sector for a offered car. “While these provided models are an ext expensive than they were a year ago, lock haven’t been as drastically impacted by price hikes,” stated Brauer.
Top 10 supplied Cars through the biggest Price Increases
The top ten vehicles v the greatest price increases have actually price changes from 1.2 come 1.9 time the median vehicle’s price increase and are primarily a mix of affordable cars and also luxury cars. “Small car have become the only affordable provided cars because that a larger segment of the population amid the present used automobile price hikes, and their price rises reflect the high need for this otherwise lower-demand vehicles,” said Brauer. “Conversely, buyers in search of less useful cars like the Mercedes-Benz G-Class or a sports car aren’t together price-conscious and are ready to salary a premium for these vehicles, particularly if they room in short supply in the brand-new car marketplace.”
|Top 10 Cars with the best Price boosts – iSeeCars august 2021 Study|
|Rank||Used Vehicle||Average Used vehicle Price (August 2021)||$ Price adjust from respectable 2020||% Price readjust from respectable 2020|
|5||MINI Hardtop 2 Door||$23,402||$6,044||34.8%|
|8||Lincoln Navigator L||$66,934||$16,325||32.3%|
|Average across All Cars||$30,766||$6,454||26.2%|
The automobile with the best price rise is the Mitsubishi Mirage subcompact car, which experienced a price boost of 49.9 percent over August 2020. It’s join by 4 other small, petrol cars, the subcompact Chevrolet Spark, the subcompact MINI Hardtop 2 Door, the compact Kia Forte, and the Kia spirit subcompact SUV. “The Chevrolet Spark and also the Mitsubishi Mirage are the two lowest-cost car on the market, if the Kia Forte and Kia spirit are amongst the lowest-priced alternatives in their respective vehicle classes,” claimed Brauer. “These vehicles, in addition to the MINI Hardtop that appeals to helpful buyers who want something much more refined, space attainable for brand-new drivers and those looking for cheap transportation, also with the big bump in prices over the previous year.”
The vehicle with the second-largest price boost is the Nissan LEAF, which has actually risen in price through 44.7 percent because August 2020. “While used auto prices because that all electric vehicles have actually increased in current months, the dramatic boost for supplied Nissan leaf prices could be attributed come the 2018 model, which featured a far-ranging bump in EV range, power improvements, and an exterior facelift, and also which just just gotten in the market this year in considerable numbers,” claimed Brauer.
Ranked fourth is the Mercedes-Benz G-Class, which enhanced by 40.2 percent or $45,992. “The Mercedes-Benz G-Class is one opulent off-roader and also a condition symbol that has soared in popularity, with 2020 its best sales year to date,” claimed Brauer. “Its demand has outpaced it is provided in current months, top buyers come the used car marketplace where they are willing to salary a premium, particularly for the variety topping G550 4X4² that was only available on 2017 and also 2018 models.”
Two similar American big SUVs do the list, consisting of the sixth-ranked Lincoln Navigator and the eighth-ranked Lincoln Navigator L, i m sorry is the Navigator’s longer wheelbase variant. “The Lincoln Navigator was fully redesigned in 2018, which was its very first full redesign in over a decade,” claimed Brauer. “With these redesigned models comes off-lease because that the very first time in 2021, and as the luxury full-size SUV market has boomed, buyers may be ready to pay more for these in-demand vehicles 보다 they were because that older versions.”
The Chevrolet Camaro classic sports auto rounds out the perform in the ninth position. “Sports dare surged in popularity during the pandemic as chauffeurs sought fun cars come combat boredom, and also because they aren’t useful purchases, the consumers seeking these vehicles are likely an ext willing to pay a premium because that them in the used auto marketplace,” stated Brauer. “New execution of the Camaro to be in brief supply in ~ dealerships together a an outcome of microchip-related shutdowns, which more increased need for supplied versions.”
Top 10 used Cars v the the smallest Price Changes
The top ten vehicles through the smallest price differences have boosted 1.8 to 3.2 times much less than the median vehicle and also are largely luxury SUVs.
|Top 10 Cars with the smallest Price boosts (YoY) – iSeeCars respectable 2021 Study|
|Rank||Used Vehicle||Average Used car Price (August 2021)||$ Price adjust from august 2020||% Price adjust from respectable 2020|
|4||Lexus IS 300||$31,987||$2,924||10.1%|
|Average throughout All Cars||$30,766||$6,454||26.2%|
The list is dominated by eight luxury SUVs throughout all sizes, consisting of the first-ranked compact Mercedes-Benz GLC, the second-ranked compact Audi SQ5, the third-ranked midsize Volvo XC90, the fifth-ranked compact Audi Q5, the sixth-ranked midsize Audi Q7, the seventh-ranked Porsche Macan, the eighth-ranked full-size INFINITI QX80, and also the ninth-ranked subcompact Audi Q3.
“The Mercedes-Benz GLC, the Porsche Macan, and also the Audi Q-Series vehicles are amongst the highest-rated vehicles in your classes, however they are additionally among the most expensive, which can explain why your price rises are reduced than compete models,” stated Brauer. “The Volvo XC90 and also the INFINITI QX80 are additionally quality vehicles with progressed technology, however their aging designs prevent them indigenous standing out in their respective segments.”
The Lexus IS 300 small luxury sedan likewise makes the list. “The Lexus IS 300 to be refreshed because that 2021 to encompass exterior styling and modern technology updates, i m sorry could aid explain why provided versions aren’t together desirable,” said Brauer.
Rounding the end the list is the Nissan Maxima big sedan. “While the Nissan Maxima is a highly-rated vehicle, the large sedan segment is decreasing in popularity, and those ready to pay because that a pricey sedan are much more likely come opt for a deluxe vehicle,” said Brauer.
“The present state the the used auto market gift a selling or trade-in chance for consumers that may have actually one the the vehicles v the greatest price hikes,” stated Brauer. “While consumers were previously advised to wait to acquisition a used automobile if they were able to do so, the microchip shortage is expected to persist for at the very least a year much longer than initially anticipated. The only means to protect against severe price hikes because that the foreseeable future is to purchase a used auto that no in really high demand.”
Used car Price increases by City
iSeeCars looked at the optimal 50 many populous metro areas to check out which metro locations had the smallest and largest boost in used automobile prices in august 2021 contrasted to respectable 2020.
|Average Used auto Price rise in respectable by City|
|Rank||City||% Price change from august 2020||$ Price readjust from august 2020|
|2||Salt Lake City, UT||34.4%||$7,832|
|3||Oklahoma City, OK||33.4%||$8,061|
|5||Orlando-Daytona Beach, FL||31.4%||$6,587|
|6||West Palm Beach-Ft. Pierce, FL||30.5%||$6,607|
|10||Hartford & new Haven, CT||29.4%||$6,383|
|12||Las Vegas, NV||29.1%||$6,466|
|14||St. Louis, MO||28.8%||$6,938|
|17||Albuquerque-Santa Fe, NM||27.8%||$6,859|
|19||Raleigh-Durham (Fayetteville), NC||27.6%||$6,534|
|21||Kansas City, MO||27.1%||$6,471|
|22||Minneapolis-St. Paul, MN||26.9%||$6,567|
|23||Cleveland-Akron (Canton), OH||26.9%||$5,791|
|26||San Diego, CA||26.3%||$5,953|
|27||San Antonio, TX||26.3%||$6,387|
|29||Greensboro-Winston Salem, NC||25.9%||$6,175|
|31||Washington, DC (Hagerstown, MD)||25.0%||$5,933|
|32||San Francisco-Oakland-San Jose, CA||24.9%||$6,002|
|33||Los Angeles, CA||24.8%||$6,124|
|35||Boston, MA-Manchester, NH||24.7%||$6,028|
|38||Grand Rapids-Kalamazoo, MI||24.5%||$5,961|
|40||Tampa-St Petersburg (Sarasota), FL||24.0%||$5,528|
|42||Miami-Ft. Lauderdale, FL||23.5%||$5,357|
|46||Dallas-Ft. Worth, TX||22.4%||$5,788|
|50||New York, NY||19.8%||$4,895|
New York had actually the smallest price boost at 19.8 percent, when Fresno-Visalia had actually the biggest used auto price boost at 36.9 percent.
More indigenous iSeeCars.com:
iSeeCars.com analyzed over 1.9 million 1-5 year old used automobile sales in respectable 2020 and 2021. The typical listing price of each vehicle model were compared between the 2 time periods, and also the distinctions were expressed as both a percentage distinction from the 2020 price and a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 version year, and also vehicles through fewer 보다 4 the the 5 design years because that each duration were excluded from additional analysis.
iSeeCars.com is a auto search engine the helps shoppers uncover the best auto deals through providing key insights and beneficial resources, prefer the iSeeCars totally free VIN examine reports and Best cars rankings. ISeeCars.com has saved individuals over $309 million so far by applying large data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and also rank millions of brand-new cars and used cars.
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This article, The supplied Cars with the Largest and also Smallest Price boosts Amid the Microchip Shortage, originally appeared on iSeeCars.com.