The demand for new and used cars plunged early last year as the COVID-19 pandemic cut commuting activity, vacation driving and the ability to visit dealerships. Demand has surged back, and car sales since late last year have been near all-time highs. This has caused an increase in prices across most used and new car models. A shortage of chips for auto electronics systems also has been driving the price increases. The shortage has shuttered some manufacturing facilities and pushed inventory to extremely low levels.
Price increases of used cars vary substantially from model to model. According to iSeeCars, across all models, the price increase of used cars was 16.85% in April, up by $3,926, from the same month last year. iSeeCars used a sample of 1.2 million used cars sold last month. iSeeCars Executive Analyst, Karl Brauer commented: “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.”
Two models had increases of over 30% in April, compared to April of last year. The price of the Chevy Corvette rose 33.9% to $68,804. The Corvette is also the fastest-selling new car in America, according to another study from iSeeCars. The other car with a price increase of over 30% is the Mercedes-Benz G-Class with a rise of 33.2% to $148,937.
The 20 used cars with the largest increases in price in April include several pickups. Pickups are the best-selling category among all cars and light trucks sold in the United States. For example, the price of a Ram 1500 rose 28.8% to $35,798 and the price of a Chevrolet Silverado 1500 rose 27.1% to $37,324.
These are the 20 use cars with the fastest rising prices in April:
|Vehicle||Average Price||Year-Over-Year Change|
|GMC Sierra 1500||$42,347||28.6%|
|Chevrolet Silverado 1500||$37,324||27.1%|
|Land Rover Range Rover Sport||$59,579||25.1%|