The global shortage of microchips has caused many products to disappear, including cars. As the vehicle supply contracts, prices are booming for some makes and models.
The price of used cars in April jumped by an average of 16.8%, or $3,926, year over year, according to iSeeCars.com’s latest analysis of more than 1.2 million recent used car sales.
That is a sea change from the normal pattern, in which used car prices typically don’t fluctuate that much.
In a press release, iSeeCars executive analyst Karl Brauer says:
“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply.”
After poring over the data, iSeeCars identified the used cars with the greatest increase in price. As the site notes, if you own any of these cars and are thinking of selling it or trading it in, now could be the right time.
The data below includes the percentage of increase, followed by the average used-car selling price in April:
- Chevrolet Corvette: 33.9% ($68,804)
- Mercedes-Benz G-Class: 33.2% ($148,937)
- Ram 1500: 28.8% ($35,798)
- GMC Sierra 1500: 28.6% ($42,347)
- Mercedes-Benz S-Class: 27.9% ($74,326)
- Chevrolet Silverado 1500: 27.1% ($37,324)
- Chevrolet Camaro: 26.7% ($31,220)
- Toyota Tundra: 26% ($40,470)
- Mitsubishi Mirage: 25.9% ($11,242)
- Land Rover Range Rover Sport: 25.1% ($59,579)
Four pickup trucks made the list, and iSeeCars notes that the shortage of new trucks — and their corresponding rise in price — is a result of the growing popularity of such vehicles in recent years. Brauer says people who need trucks for work also are willing to pay up for them.
With used car prices soaring, Brauer recommends holding off on a purchase if you can until values come back down to earth.
However, if you must buy now, shop carefully. Brauer says some used cars are bucking the trend and are only slightly increasing, or even falling, in value.
Examples of used car models that are increasingly only modestly higher in value — if at all — are:
- Tesla Model S: -2% ($53,212)
- BMW i3: 0.4% ($20,868)
- Subaru Crosstrek: 1.4% ($22,440)
- Mercedes-Benz GLC: 2% ($35,393)
- Audi Q7: 3.1% ($40,626)
- Toyota Prius: 5.4% ($19,087)
- Volvo XC90: 5.5% ($39,641)
- Mazda CX-3: 6.3% ($17,950)
- Honda HR-V: 6.9% ($18,669)
- Subaru Impreza: 7.6% ($18,003)
Are you planning to shop for a used vehicle? Before you do, check out “5 Steps You Must Take Before Buying a Used Car.”