We’ve been seeing inflated prices in the vehicle market for a while now. After several months of declines, prices for used vehicles are inching up again. What are prices looking like in your state?
New data from vehicle research site iSeeCars shows the states with the greatest increases in used car prices. The site compiled the information from an analysis of more than 1.8 million used car sales in July 2022.
Let’s check out the states with the highest and lowest price increases for used cars, according to iSeeCars.
Which States Have the Highest Increase in Used Car Prices?
| Rank/State | Year-Over-Year % Price Change | Year-Over-Year $ Price Change |
|---|---|---|
| 1. South Carolina | 16.8% | $5,277 |
| 2. New York | 15.8% | $4,595 |
| 3. New Jersey | 15.2% | $4,486 |
| 4. Connecticut | 14.3% | $4,138 |
| 5. Massachusetts | 14.1% | $4,176 |
| 6. Arizona | 13.4% | $4,056 |
| 7. North Dakota | 13.4% | $4,411 |
| 8. California | 13.1% | $4,004 |
| 9. Florida | 13.0% | $3,842 |
| 10. Pennsylvania | 12.6% | $3,708 |
Which States Have the Lowest Increase in Used Car Prices?
| Rank/State | Year-Over-Year % Price Change | Year-Over-Year $ Price Change |
|---|---|---|
| 1. Oklahoma | 0.8% | $278 |
| 2. Alaska | 1.3% | $542 |
| 3. Rhode Island | 3.4% | $1,038 |
| 4; Hawaii | 5.0% | $1,562 |
| 5. Mississippi | 5.1% | $1,663 |
| 6. New Mexico | 5.5% | $1,788 |
| 7. Arkansas | 5.6% | $1,906 |
| 8. West Virginia | 5.8% | $1,885 |
| 9. Missouri | 5.9% | $1,891 |
| 10. South Dakota | 6.0% | $2,160 |
Read the complete list from iSeeCars to find your state.
Although prices may seem a bit topsy-turvy right now, money expert Clark Howard expects them to adjust for the better by year’s end or early 2023.
Aside from crazy prices, inventory issues have made getting the new car you may really want pretty difficult these days. With that in mind, Clark suggests you hold tight on buying a vehicle right now if you can.
If you absolutely must buy a vehicle, one way you may be able to get one you want is by expanding your search past your local area.
“What you do is you shop and even be willing to go farther to buy a new vehicle than you would have in the past,” Clark says.
When Clark employed this money-saving strategy to buy a car late last year, he saw price differences of more than $23,000.
What are you seeing in your state? Join the conversation in our Clark.com Community!
