(iSeeCars) — Used car prices finally appear to be falling after two years of year-over-year price increases as a result of the global microchip shortage. According to a recent iSeeCars.com analysis of over 1.9 million used car sales, used car prices decreased 3.0 percent in December 2022 compared to the previous year.  

Despite the average used car decreasing in price, some used cars have increased in price. Here are the used cars that have had the highest price increases in each state:

Used Cars With the Greatest Price Increases By State – iSeeCars
StateCar with Largest Year-over-year Price Increase% Diff$ Diff
AlabamaMitsubishi Mirage G423.0%$3,265
AlaskaToyota Camry5.2%$1,346
ArizonaLexus ES 300h26.5%$9,794
ArkansasChevrolet Corvette12.5%$9,313
CaliforniaPorsche 91124.8%$39,617
ColoradoMINI Cooper Clubman32.7%$8,018
ConnecticutAudi Q321.1%$5,930
DelawareLexus ES 35017.6%$5,958
FloridaChevrolet Bolt EV27.5%$6,104
GeorgiaLexus ES 300h28.7%$9,881
HawaiiNissan Rogue5.8%$1,603
IdahoFord Mustang11.5%$3,982
IllinoisPorsche 91137.3%$55,381
IndianaBMW 7 Series66.0%$39,335
IowaToyota RAV4 Hybrid12.4%$4,012
KansasToyota RAV4 Hybrid12.4%$4,297
KentuckyToyota RAV4 Hybrid17.4%$5,547
LouisianaAudi Q321.7%$6,336
MaineSubaru Impreza9.8%$2,035
MarylandNissan LEAF19.7%$4,718
MassachusettsChevrolet Bolt EV38.9%$7,904
MichiganChevrolet Bolt EV31.6%$6,465
MinnesotaToyota RAV4 Hybrid22.1%$6,753
MississippiAcura MDX8.8%$3,560
MissouriMitsubishi Mirage G415.5%$1,952
MontanaToyota Corolla8.9%$1,726
NebraskaHonda Civic11.3%$2,566
NevadaToyota RAV4 Hybrid11.8%$4,158
New HampshireToyota RAV4 Hybrid13.6%$4,424
New JerseyNissan LEAF33.2%$7,086
New MexicoHonda Civic7.9%$1,944
New YorkChevrolet Bolt EV32.0%$6,933
North CarolinaNissan LEAF37.1%$8,569
North DakotaCadillac Escalade11.8%$8,755
OhioChevrolet Bolt EV29.2%$6,285
OklahomaCadillac Escalade11.7%$9,010
OregonNissan LEAF33.2%$7,779
PennsylvaniaPorsche 91122.6%$33,266
Rhode IslandBMW 3 Series12.5%$4,167
South CarolinaLexus ES 35012.5%$4,478
South DakotaHonda Civic9.3%$2,004
TennesseeChevrolet Bolt EV32.8%$7,265
TexasNissan LEAF32.4%$6,940
UtahAudi Q318.8%$5,385
VermontToyota RAV4 Hybrid14.0%$4,336
VirginiaBMW 4 Series32.0%$10,485
WashingtonNissan LEAF32.5%$7,387
West VirginiaMercedes-Benz GLE11.0%$5,885
WisconsinChevrolet Bolt EV31.9%$7,183
WyomingToyota Camry6.8%$1,841
  • The car with the highest year-over-year price increase is a tie between the Chevrolet Bolt and the Toyota RAV4 Hybrid, in seven states.
  • The vehicle with the highest price increase across all states is the Porsche 911 in Illinois with an 37.3 percent increase. 
  • Hybrid and electric cars account for 22 vehicles on the list.

What Does This Mean for Consumers?

Used car prices are dropping, which means that shoppers who are waiting for prices to come down are now becoming more likely to find a used vehicle in their price range. While prices are still above pre-pandemic levels, the trend of falling used car prices is expected to continue presenting a buying opportunity in the coming months for shoppers who have waited to buy a used car over the past two years.

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iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in December 2021 and 2022. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as a percentage difference from the 2021 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 $372 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.