• June 11, 2021
 Study: Used Car Prices Up 14.5% in El Paso

Study: Used Car Prices Up 14.5% in El Paso

According to iSeeCars’ newest study, used car prices in April increased an unparalleled 14.5% or $3,361 in El Paso over last year in the wake of the microchip shortage.

Nationally, used car prices have increased 16.8 percent, or $3,926 compared to last year.

The global microchip shortage is restricting new car supply, which leads to restricted used car supply due to fewer people trading in their used cars. This combination of diminished supply and increased demand has caused used car prices to soar.

According to iSeeCars.com’s latest analysis of over 1.2 million used car sales in April 2021, used car prices increased 16.8 percent, or $3,926, compared to the same period the previous year. Used car prices typically remain relatively constant year over year, as 2019 had a 0.2 percent reduction over 2018, and 2020 had a 0.1 percent increase over 2019.

“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply,” said iSeeCars Executive Analyst, Karl Brauer. “We’ve identified the used cars with the greatest price increases, which can represent lucrative trade-in opportunities for their owners.”

“Some vehicles have increased more than average-which makes them the worst vehicles to buy while presenting lucrative trade-in opportunities,” researchers shared. “Other cars defied the trend by either decreasing in price or by only slightly increasing, proving that not all used car shoppers have to significantly overpay for a vehicle.”

Here are the cars with the greatest price increases:

Top 10 Cars with the Greatest Price Increases (YoY) – iSeeCars April 2021 Study

Rank

Used Vehicle

Average Used Car Price (April 2021)

$ Price Change from April 2020

Year-Over-Year % Price Change

1

Chevrolet Corvette

$68,804

$17,432

33.9%

2

Mercedes-Benz G-Class

$148,937

$37,161

33.2%

3

Ram 1500

$35,798

$8,002

28.8%

4

GMC Sierra 1500

$42,347

$9,418

28.6%

5

Mercedes-Benz S-Class

$74,326

$16,198

27.9%

6

Chevrolet Silverado 1500

$37,324

$7,960

27.1%

7

Chevrolet Camaro

$31,220

$6,582

26.7%

8

Toyota Tundra

$40,470

$8,356

26.0%

9

Mitsubishi Mirage

$11,242

$2,313

25.9%

10

Land Rover Range Rover Sport

$59,579

$11,969

25.1%

Average

$27,297

$3,926

16.8%

The study also includes:

  • Best used cars to buy right now: vehicles with the smallest price differences

  • Average price increases by body style

Key findings include:

  • Used car prices have increased 16.8%, or $3,926, over the past 12 months, compared to most years when they remain constant

  • Pickup trucks and sports cars had the highest price increases, which makes them the worst vehicles to buy and the best vehicles to sell

  • Best used vehicles to buy right now only saw minor price bumps including some small SUVs, hatchbacks, and minivans

  • Tesla’s Model S is the only used vehicle that has decreased in price

The full study can be found here.

Staff Report

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