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
Source: Ron and Patty Thomas / iStock via Getty Images
20. San Diego, CA
> Pct. price increase, May 2021-May 2022: +17.0%
> Total price increase, May 2021-May 2022: +$4,838
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Source: bobbyuzda / iStock via Getty Images
19. Orlando-Daytona Beach, FL
> Pct. price increase, May 2021-May 2022: +17.0%
> Total price increase, May 2021-May 2022: +$4,656
Source: Alex Potemkin / iStock via Getty Images
18. Tampa-St Petersburg (Sarasota), FL
> Pct. price increase, May 2021-May 2022: +17.2%
> Total price increase, May 2021-May 2022: +$4,900
Source: peeterv / iStock via Getty Images
17. Philadelphia, PA
> Pct. price increase, May 2021-May 2022: +17.2%
> Total price increase, May 2021-May 2022: +$4,816
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16. Cincinnati, OH
> Pct. price increase, May 2021-May 2022: +17.4%
> Total price increase, May 2021-May 2022: +$4,678
Source: Ultima_Gaina / iStock via Getty Images
15. Harrisburg-Lancaster-York, PA
> Pct. price increase, May 2021-May 2022: +17.5%
> Total price increase, May 2021-May 2022: +$4,799
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14. Pittsburgh, PA
> Pct. price increase, May 2021-May 2022: +17.5%
> Total price increase, May 2021-May 2022: +$4,761
Source: huseyintuncer / iStock via Getty Images
13. New Orleans, LA
> Pct. price increase, May 2021-May 2022: +17.6%
> Total price increase, May 2021-May 2022: +$4,882
Source: SeanPavonePhoto / iStock via Getty Images
12. Greenville-Spartanburg, SC
> Pct. price increase, May 2021-May 2022: +17.6%
> Total price increase, May 2021-May 2022: +$5,193
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Source: Art Wager / E+ via Getty Images
11. Los Angeles, CA
> Pct. price increase, May 2021-May 2022: +18.0%
> Total price increase, May 2021-May 2022: +$5,292
Source: pascaluehli / iStock via Getty Images
10. Denver, CO
> Pct. price increase, May 2021-May 2022: +18.2%
> Total price increase, May 2021-May 2022: +$5,574
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Source: CHUYN / iStock via Getty Images
9. Miami-Ft. Lauderdale, FL
> Pct. price increase, May 2021-May 2022: +18.3%
> Total price increase, May 2021-May 2022: +$5,055
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Source: Grubish / Getty Images
8. Columbus, OH
> Pct. price increase, May 2021-May 2022: +18.6%
> Total price increase, May 2021-May 2022: +$4,911
Source: YinYang / E+ via Getty Images
7. Minneapolis-St. Paul, MN
> Pct. price increase, May 2021-May 2022: +18.7%
> Total price increase, May 2021-May 2022: +$5,443
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Source: MasaoTaira / iStock via Getty Images
6. San Francisco-Oakland-San Jose, CA
> Pct. price increase, May 2021-May 2022: +19.3%
> Total price increase, May 2021-May 2022: +$5,744
Source: peeterv / iStock Unreleased via Getty Images
5. Norfolk-Portsmouth-Newport News,VA
> Pct. price increase, May 2021-May 2022: +19.7%
> Total price increase, May 2021-May 2022: +$5,321
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Source: Ultima_Gaina / iStock via Getty Images
4. Hartford & New Haven, CT
> Pct. price increase, May 2021-May 2022: +21.1%
> Total price increase, May 2021-May 2022: +$5,513
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Source: DenisTangneyJr / E+ via Getty Images
3. Boston, MA-Manchester, NH
> Pct. price increase, May 2021-May 2022: +21.5%
> Total price increase, May 2021-May 2022: +$6,000
Source: JodiJacobson / iStock via Getty Images
2. West Palm Beach-Ft. Pierce, FL
> Pct. price increase, May 2021-May 2022: +21.9%
> Total price increase, May 2021-May 2022: +$6,223
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Source: Eloi_Omella / iStock via Getty Images
1. New York, NY
> Pct. price increase, May 2021-May 2022: +28.3%
> Total price increase, May 2021-May 2022: +$7,823
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