Used car prices are still skyrocketing and these are the worst
Pickups and SUVs lead the way
New car transaction prices have reached record highs due to the ongoing semiconductor shortage affecting supplies, but don't head over to the used car lot expecting to find a deal.
Prices on pre-owned models were up 32.7%, or $7,583, in June compared to last year, according to the latest survey by online marketplace iseecars.com.
"While used car prices are expected to remain elevated for the foreseeable future, we are waiting to see if prices are going to keep rising or if they will start to decline towards pre-microchip shortage levels," iSeeCars Executive Analyst Karl Brauer.
The increase in prices has been steadily climbing in recent months. They were up 16.8% in April and 26.4% in May, which look like bargains compared to June. Relief could be on the way in the coming weeks, as the Manheim wholesale price index dropped 1.3% in June, but it usually takes about two months for that to be reflected in retail sales.
Coupes, convertibles and pickups are leading the way with spikes of 41.3%, 40.9% and 38.6%, respectively, while hatchback cars are at the bottom of the list at 26.3%.
Regardless of the model, people with a spare car to sell are sitting in the driver's seat, but some are set to make out much better than others.
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Prices for used Nissan Leaf electric were up 48.1% in June, topping the list ahead of the Mercedes-Benz G-Class – which was selling for an average of $158,835 or $50,271 more than last year. The Chevrolet Camaro, which is currently struggling to find customers as a new car, was third, going for a 45.1% premium.
Here are the 10 vehicles with the largest price increases:
Nissan LEAF - 48.1%
Mercedes-Benz G-Class - 46.3%
Chevrolet Camaro - 45.1%
Lincoln Navigator L - 44.2%
Ram Pickup 1500 - 42.6%
Lincoln Navigator - 42.4%
Audi A5 $44,376 - 41.8%
GMC Sierra 1500 - 41.3%
Ford Mustang - 41.3%
Chevrolet Spark - 40.6%