(iSeeCars) – The average one-to-five-year-old car cost an average of $34,392 in April. While this is down slightly from March when the average used car cost an average of $34,449, used car prices remain elevated from the ongoing microchip shortage.

How much have used car prices risen in recent months? According to iSeeCars.com’s latest analysis of over 1.5 million used car sales in April, used car prices increased 23.9 percent, or $6,631, compared to the same period the previous year. 

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Average Used Car Price Increases by State

Are used car price increases consistent across the country? Here are the average used car price increases by state in ascending order:

Used Car Price Increases by State: April 2022- iSeeCars
RankStateYear-Over-Year % Price Change
1Wyoming14.8%
2Idaho17.6%
3Rhode Island17.7%
4Utah17.8%
5South Dakota18.4%
6Oklahoma18.7%
7New Mexico18.8%
8Michigan18.8%
9Oregon18.9%
10Montana19.4%
11Alaska19.9%
12Arkansas20.4%
13Mississippi20.5%
14Vermont21.1%
15Texas21.1%
16Missouri21.1%
17Hawaii21.6%
18Tennessee21.8%
19Kansas22.0%
20Wisconsin22.2%
21Washington22.3%
22Nevada22.4%
23Arizona22.4%
24Alabama22.4%
25New Hampshire23.1%
26Maine23.2%
27Ohio23.3%
28North Carolina23.4%
29South Carolina23.6%
30Louisiana23.7%
31Georgia23.8%
Average Used Can Price Increase23.9%
32Virginia23.9%
33Indiana24.0%
34West Virginia24.2%
35Maryland24.4%
36Kentucky24.8%
37California24.9%
38Illinois25.0%
39Colorado25.1%
40New Jersey25.6%
41New York25.7%
42Florida25.9%
43Pennsylvania26.0%
44North Dakota26.2%
45Delaware26.6%
46Minnesota26.6%
47Massachusetts26.9%
48Iowa27.0%
49Nebraska27.5%
50Connecticut29.5%
  • Connecticut is the state with the greatest used car price increase in 2022 compared to 2021 at 29.5 percent, which amounts to $7,303.
  • Wyoming has the smallest used car price increase at 14.8 percent, which amounts to $5,599.

Average Used Car Prices by State

Some states pay more than others for used cars. Here is a ranking of the average used car price by state by ascending order:

Average Used Car Price by State – iSeeCars
RankStateAverage Used Car Price
1Rhode Island$31,190
2Ohio$31,488
3Vermont$31,907
4New Hampshire$31,940
5Connecticut$32,043
6Delaware$32,141
7Michigan$32,154
8New Mexico$32,279
9Utah$32,342
10Maryland$32,539
11Indiana$32,565
12Nevada$32,651
13Virginia$32,801
14Pennsylvania$32,822
15New York$33,001
16Hawaii$33,110
17Massachusetts$33,254
18Maine$33,284
19New Jersey$33,345
20Oregon$33,498
21Oklahoma$33,547
22Arizona$33,574
23Florida$33,627
24Alabama$33,663
25Tennessee$33,773
26West Virginia$33,827
27Kentucky$33,888
28Wisconsin$33,925
29North Carolina$33,930
30South Carolina$33,933
31Mississippi$33,994
32Missouri$33,995
33Kansas$34,049
34Minnesota$34,199
35Louisiana$34,260
36California$34,293
Average Used Car Price$34,392
37Texas$34,475
38Nebraska$34,656
39Illinois$34,724
40Georgia$34,954
41Iowa$35,332
42Colorado$35,399
43Arkansas$35,406
44Washington$35,526
45Idaho$36,529
46North Dakota$38,585
47South Dakota$39,643
48Montana$39,878
49Wyoming$43,496
50Alaska$43,935
  • Rhode Island is the state with the lowest average used car price of $31,190.
  • Alaska is the state with the highest average used car price of $43,935.

What does this mean for consumers? The current state of the used car market presents a lucrative trade-in opportunity for consumers who have a used vehicle to sell. While consumers were previously advised to wait to purchase a used car if they were able to do so, the microchip shortage is expected to persist until early 2023. The best way to avoid severe price hikes for the foreseeable future is to purchase a used vehicle that isn’t in very high demand, such as a sedan, and if possible, purchase it from a state or region with lower price increases.

More from iSeeCars.com:

Methodology

iSeeCars.com analyzed over 1.5 million 1-5-year-old used car sales in April 2021 and 2022. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.

About iSeeCars.com

iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $325 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.

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This article, How Much Have Used Car Prices Gone Up in Your State?, originally appeared on iSeeCars.com.