Want a Used Car? These are the Top 10 That Have Spiked the Most
The microchip shortage is driving up prices of both new and used cars. But you knew that. What you may not know is which used cars have seen the highest price hikes from this industry-wide problem.
This is not the best time to new or used cars
If you’re buying, you will pay more now than maybe ever. There are some used cars selling for more than when they were new. Yes, these are crazy times.
But if you’re selling, you may have a hot commodity on your hands. That means you could be in line for a serious payday. It all depends on what you’ve got.
Used car prices have jumped one-third, year-over-year
According to iSeeCars, it looked at the highest-priced used cars in June of 2021. It found that used car prices jumped by a third, or over $7,500 on average compared to 2020. April has seen a year-over-year increase of 16.8-percent, with June increasing to 26.4-percent. So prices have continued to rise. In all 1.9 million cars were sold in June.
The biggest gainers were luxury cars, sports cars, and pickup trucks. They have appreciated by 1.2 to 1.5 times when they should have been depreciating as in almost all other times. So, if you want one, it’s best to wait. If you own one and are thinking about getting into a new car, you’re in the driver’s seat.
That’s because trade-in values will be high. Surprisingly, the car seeing the largest increase is the Nissan Leaf. Prices have risen almost 50-percent year-over-year.
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Nissan Leafs topped the list of increased prices
The increase applies mostly to 2018-up Leafs because that model saw a restyle with an increase in range, and other performance improvements. As three-year leases of Leafs are now coming in, there is just now starting to be more inventories seen at car lots. So, definitely hold off on purchasing a used one if you’re in the market.
The second-ranking is for the Mercedes G-Class. It saw an increase of 46.3-percent, which represents $50,271. Since new G-wagons have dried up at Mercedes-Benz dealerships, interested buyers are going to the used market. The top-of-the-line G550 4×4 is the one most in demand.
Both the Camaro, which we have discussed previously, and Mustang both made the top 10 for price increases. IseeCars says that because these are two-doors and not practical purchases like a sedan or SUV, people are willing to pay more for them. Also, these two brands are the last cars built by Chevy and Ford, with the exception of the Corvette depending on how you define it.
Used pickups and SUVs made it to the list
You knew that pickups would make the list because they’re so popular. The Ram 1500 came in at number five. GMC’s Sierra 1500 came in eighth. Shutdowns due to both COVID and microchip shortages have caused new truck inventories to plunge.
Two Lincoln Navigator SUVs made the list as well. Lincoln’s Navigator L came in fourth place, and the Lincoln Navigator was sixth. The Navigator L is a stretched version of the Nav. Redesigned in Nav 2018 it is just now coming onto the secondary market from three-year leases.
Coming in seventh is the Audi A5 sedan. The redesigned A5 looks to be the one with the biggest increase. Last on the list is Chevy Spark, priced at above $13,500. It hits the sweet spot for those looking for a cheap or first-time car. Either way, you can see that prices have risen across the board in 2021.
