(ISeeCars) – Used car prices have risen 30.4 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest used car price analysis of 1.8 million car sales in March. This is down from a 35.0 percent increase in February.

Used Car Price Increases by State

Are used car price increases consistent across the country? Here are the average used car price increases by state in ascending order:

Used Car Price Increases by State: March 2022- iSeeCars
Rank StateYear-Over-Year % Price ChangeYear-Over-Year $ Price Change
1Wyoming18.9%$7,650
2Rhode Island19.4%$5,227
3Alaska20.3%$8,013
4Idaho22.5%$6,902
5North Dakota24.0%$7,574
6Texas24.7%$6,698
7South Dakota24.7%$7,916
8Mississippi25.2%$6,676
9Maine25.3%$6,915
10Montana25.3%$8,384
11Vermont25.8%$6,995
12Oregon26.0%$6,983
13Nebraska26.5%$7,298
14Utah27.3%$7,043
15Alabama27.4%$7,160
16Michigan27.9%$7,065
17Hawaii27.9%$7,276
18Tennessee28.0%$7,258
19New Hampshire28.1%$6,972
20New Mexico28.5%$7,557
21North Carolina28.5%$7,404
22Oklahoma28.6%$7,406
23Arkansas29.2%$7,921
24Wisconsin29.4%$7,622
25West Virginia29.4%$7,943
26Indiana29.5%$7,391
27Georgia29.6%$7,954
28Kentucky29.8%$7,513
29South Carolina30.0%$7,737
30Colorado30.0%$7,980
31Maryland30.2%$7,402
32Louisiana30.3%$7,751
33Virginia30.3%$7,573
Average Across All States30.4%$8,032
34Delaware30.5%$7,280
35Ohio30.6%$7,370
36Nevada30.8%$7,535
37Arizona30.8%$7,867
38Pennsylvania30.9%$7,740
39Minnesota31.1%$8,153
40Missouri31.2%$8,027
41Illinois31.5%$8,252
42New York31.6%$8,061
43Florida31.7%$8,201
44Massachusetts31.8%$7,984
45Iowa32.6%$8,891
46New Jersey32.6%$8,307
47Kansas33.0%$8,618
48California33.2%$8,764
49Washington34.0%$9,222
50Connecticut35.2%$8,426

iSeeCars’ used car pricing analysis shows that consumers may be more likely to find a deal in some states than others.

  • Connecticut is the state with the greatest used car price increase in March 2022 compared to March 2021 at 35.2 percent, which amounts to $8,426.
  • Wyoming has the smallest used car price increase at 18.9 percent, which amounts to $7,650.
  • Of the 10 states with the highest price increases, seven are coastal states.

What does this mean for consumers? While consumers were previously advised to wait to purchase a used car if they were able to do so, new geopolitical factors are expected to exacerbate and prolong the present used car price increases. The best way for consumers to avoid significantly higher prices while car shopping for the foreseeable future is to either maintain their current vehicle or purchase a used vehicle that isn’t in high demand, and to be as flexible as possible with factors such as color and trim.

Methodology

iSeeCars.com analyzed over 1.8 million 1-5-year-old used car sales in March 2021 and 2022. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2021 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.

About iSeeCars.com

iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $339 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.

This article originally appeared on iSeeCars.com.