Buying a used car is usually a smart financial move—new cars can lose 20%-30% of their value within the first year. But these days, buying any car might not be a smart move, with new car inventory low and prices high, thanks to a global microchip shortage, which in turn has created demand for used cars.
The average price of a new car was expected to reach an all-time high of $41,044 in July, according to J.D. Power, 17% higher than July 2020.
On the flip side, if you’re thinking of selling your car, now might be the time. An analysis by car research site iSeeCars.com found that the average price of a used car in June was $30,766—that’s $7,583, or 32.7%, higher than in June of 2020.
Several used luxury cars, sports cars, and pickup trucks were selling for more than 40% higher than last year, according to iSeeCars.
To find the cars with the greatest price increases, and the ones with the smallest increases, iSeeCars analyzed over 1.1 million used car sales from model years 2016 to 2020 in June 2021, and over 800,000 used car sales from model years 2015 to 2019 in June 2020. The average listing prices of each car model were compared between the two time periods.
Here are the 10 models with the greatest price increases, the 10 with the smallest increase, and which body types have gone up the most.
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1995-2005 Chevrolet Astro/GMC Safari | Utilised Car Highlight
How to get prime dollar for your used automobile