Used car prices skyrocketing across the country, Phoenix is no exception
PHOENIX (3TV/CBS 5) - Much like the prices of many other items lately, used car prices are significantly increasing. In Phoenix, prices increased by 21.7% in April. That’s $5,998 more than April 2021.
iSeeCars Executive Analyst Karl Brauer said in a press release, “The average lightly used car is currently just 1.0 % or $454 less than its new version, and when you compare that to prices before the microchip shortage when the average lightly-used car cost 17% less, you see that used car prices are still well above normal.”
These prices started escalating earlier this year due to the microchip shortage brought on in part by the pandemic and also by the ongoing war between Russia and Ukraine.
In a study by iSeeCars, many lightly-used cars are still more expensive than their newer versions. Here’s a brief list of the top 15 lightly-used cars in Phoenix that have the greatest price difference when compared to their new versions.
- Honda Odyssey – 27.6% used more than new which means $11,800 used more than new.
- Chevrolet TrailBlazer – 21.3% used more than new which means $5,542 used more than new.
- Toyota Sienna – 19.9% used more than new which means $8,545 used more than new.
- Toyota Tacoma – 17.8% used more than new which means $6541 used more than new.
- Kia Seltos – 12.5% used more than new which means $3263.
Brauer said, “Used car shoppers can still save money buying a lightly-used car instead of a new car, but the savings are 25 to 30% lower than what we saw pre-pandemic.”
In Phoenix overall, the most expensive used car compared to its newer versions was the Toyota RAV4 Hybrid. The lightly-used cost for the vehicle was 12.9% higher or $4,629.
3 On Your Side gets answers on surging car prices
The chip shortage for new cars is still ongoing. So, how long will it last and how is it affecting consumers as well as car dealers? Today, we’re talking to Karl Brauer. He’s an auto analyst with iseecars.com and he’s also worked for Kelly Blue Book, Auto Trader, and Edmunds. Due to the chip shortage, he’ll tell us what new cars are the hottest on the market. What used cars are persuading consumers to buy in this time of uncertainty and what used cars last the longest.
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