The American auto market is still feeling the impact of the microchip shortage. The average price of a used car has increased by 16.9% from May 2021 to May 2022. This means that the price of even the most affordable vehicle could have increased by thousands of dollars. (This is the cheapest car in America.)
Though car prices are up everywhere, the increases are much more pronounced in some major metro areas. There are 20 major U.S. population centers that have seen larger than typical increases in the cost of used cars over the past 12 months, including a handful of cities where used cars increased by over 20% on average.
To determine the 20 cities where used car prices are rising the fastest, 24/7 Wall St. reviewed data from automobile search engine iSeeCars’ report Used Car Prices Fall in May, Demand Remains High for Fuel-Efficient Vehicles. iSeeCars ranked America’s 50 most populous metro areas based on the average percentage price increase of used cars from May 2021 to May 2022.
The 20 cities where used car prices are rising the fastest are located in a dozen different states. Florida is home to four of the cities on the list, more than any other state. California and Pennsylvania have three cities apiece, and Ohio has two.
Though virtually every make and model of car is more expensive now than it was a year ago, the price of the average used hybrid or all electric car has skyrocketed by more than 30% over the last 12 months – particularly lately as gas prices continued to reach new highs. This is the state where drivers spend the most on gas.
Click here to see the cities where used car prices are rising fastest
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