The microchip shortage is still having a significant impact on the American auto market. Even though the average price of a used car declined for four straight months as of May 2022, the price is still thousands of dollars higher than what it was a year earlier.
In May 2022, the average used car price was just over $34,000 – an increase of nearly $5,000, or 16.9%, from May 2021. But not all used cars prices have appreciated by that amount – some particularly in-demand autos have become over 30% more expensive over the past 12 months.
To determine the 10 most overpriced used cars, 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 reviewed nearly 2 million purchases of 1-5-year-old used cars in May 2021 and May 2022 to determine the vehicles with the greatest price increase over that time.
Many of the used cars with skyrocketing prices are alternative fuel vehicles like hybrids or all-electric cars. iSeeCars executive analyst Karl Brauer attributes this to record-high gas prices, as the national average reached $5 per gallon for the first time in June 2022. Costs for both electric and hybrid models have average increases of more than 30%. These are cars from five years ago that get the best gas mileage
Even with the price increases, many of the most overpriced used cars are still relatively inexpensive. Eight of the 10 cars on this list cost less than $40,000, and the prices of six of the 10 are well under the national average of $34,119 for all used cars. This is the cheapest car in America.
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