• September 25, 2021
 Report: Used car prices up 38.6% in El Paso

Report: Used car prices up 38.6% in El Paso

According to iSeeCars’ newest study, used car prices in June increased an unparalleled 38.6% or $8,272 in El Paso over last year in the wake of the microchip shortage.

Nationally, used car prices have increased 32.7 percent, or $7,583 compared to last year. This comes after a 26.4 percent year-over-year increase in May and a 16.8 percent year-over-year increase in April.

“The microchip shortage has brought historic used car price increases, so much so that some lightly used cars are more expensive than new models,” said iSeeCars Executive Analyst Karl Brauer. “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.”

Although the average used car has significantly increased in price, iSeeCars’s analysis also found some vehicles have lower-than-average increases, making them smart buys for consumers who can’t wait for prices to drop.

“While these used models are more expensive than they were a year ago, they haven’t been as drastically impacted by price hikes,” said Brauer.

Some vehicles have increased more than average-which makes them the worst vehicles to buy while presenting lucrative trade-in opportunities. Other cars have lower-than-average increases, making them smart buys for consumers who can’t wait for prices to drop.

Here are the cars with the greatest year-over-year price increases in El Paso:

Used Cars with the Greatest Price Increases (YoY) in El Paso

Rank

Vehicle

% Price Change from June 2020

$ Price Change from June 2020

1

Nissan Versa

51.3%

$5,861

2

Ram 1500

43.5%

$12,376

3

GMC Sierra 1500

43.2%

$15,071

4

Dodge Challenger

42.2%

$10,857

5

Honda Accord

41.2%

$8,109

iSeeCars.com 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, and the differences were expressed as both a percentage difference from the 2020 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2021 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.

For our previous coverage of this on-going story, click here.

Staff Report

Staff Reports are just that, Staff Reporting the news. No skew, no opinion just the news. We pride ourselves on making sure that we bring you the news as soon as it is published, submitted or sent to us. No need to have a reporter rewrite or give their opinion. The facts or information, nothing more.

Related post

El Paso Herald Post Download the new ElPasoHeraldPost.com app and get notifications for community news, deals and community calendar info. Your info is never shared and we would love for you to share our app with your friends!
Dismiss
Allow Notifications