Among The Worst- Washington Used Car Prices Up 34% Year To Date
Supply chain issues, inflation, and high gas prices are an expensive hassle for everyone but maybe more so for car dealers than most.
A new study shows the surging demand for used vehicles has sent prices soaring, especially in Washington state where used car prices have increased 34% from March 2021 to 2022.
Connecticut (35%), Washington (34%) and California (33%) saw the largest increases in used car prices from a year earlier in March. Wyoming saw the smallest increase at 19%.
How Bad Is It
It's upside-down considering six of the 10 best-selling vehicles in America cost more used than new!
- The pandemic-driven disruption to vehicle production, including the chip shortage, has resulted in long wait times for new cars, forcing many consumers to the used car market.
Lightly used 2021 models of the Toyota RAV4, Honda CR-V, Toyota Highlander, Honda Civic, Toyota Camry and Nissan Rogue are more expensive than the sticker prices of their 2022 counterparts.
The study also found that two electric vehicles were selling for more used than new: the Volkswagen ID.4 and the Tesla 3
The Difference is $ignificant
The value of a new car previously fell by thousands of dollars as soon as you drove it off the dealer’s lot. The pandemic has changed that for many models. Recent data analysis by Jerry found that the 2021 models of the Toyota RAV4 ( $6,000 more), Honda CR-V ($5,000 more), Toyota Highlander ($3,500 more), Honda Civic ($1,700 more), Toyota Camry ($2,400 more), and Nissan Rogue ($4,000 more) are all selling for more than the list prices on new models.
The chip shortage and other supply chain problems have pushed used car prices to an all-time high, so shop with care with a dealer you trust. I personally endorse Bill Harris Used Cars in Selah.