Used Car Price Trends: A Year in Review

Introduction

The automotive market has undergone significant changes over the past year, with used car prices experiencing notable fluctuations. At MotorVero, we’ve analyzed used car listing data to provide you with insights into these trends, helping you make informed decisions when purchasing a vehicle.

Mercedes Benz EQE

$102310

electric

12 mi mi

Very Good Deal  

0 (5)

Toyota Grand Highlander

$55278

Gas

0 mi

Very Good Deal  

0 (5)

2016 Lexus ES 350

$23988

Gas

49923 mi

Very Good Deal  

0 (5)

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Market Overview

In the past year, the used car market has been heavily influenced by several factors, including the global chip shortage and ongoing supply chain disruptions. These challenges have led to a scarcity of new vehicles, driving more consumers to consider used cars. As a result, the demand for pre-owned vehicles has surged, leading to increased prices.

MotorVero’s analysis of used car listings from September 2021 compared to September 2020 reveals a significant rise in average advertised prices. Specifically, the average used car list price has increased by 31% year-over-year (YOY). This trend underscores the importance of understanding market dynamics before making a purchase.

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Key Findings

• Price Increases: The average used car list price rose by 31% YOY.
• Model Year Impact: Vehicles from model years 2016-2020 saw the most significant price changes.
• State-Level Variations: Price increases varied by state, with some regions experiencing more pronounced hikes.

Factors Driving Price Changes

Several factors have contributed to the rise in used car prices:

• Global Chip Shortage: This has limited the production of new vehicles, reducing the supply of new cars and increasing demand for used ones.
• Supply Chain Disruptions: Ongoing issues from 2020 have continued to affect vehicle availability.
• Increased Demand: With fewer new cars available, more consumers are turning to the used car market.
• Reduced Trade-Ins: Fewer new car sales mean fewer used vehicles are being traded in, further limiting supply.
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  Porsche 911

  $124900

  Petrol

  10,283 mi

  Good Deal  

  0 (5)

  

  2022 Lexus ES 350

  $36888

  Gas

  25516 mi

  Very Good Deal  

  0 (5)

  

  2019 Acura ILX FWD

  $21000

  Gas

  53000 mi

  Good Deal  

  0 (5)

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Regional Insights

Our analysis also highlights regional differences in used car pricing. For instance, states with higher population densities and greater demand for vehicles have seen more substantial price increases. Conversely, areas with lower demand have experienced more moderate changes.

Understanding these regional trends can help you better navigate the market, especially if you’re considering purchasing a vehicle in a different state.

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Tips for Buyers

Given the current market conditions, here are some tips to help you make a smart purchase:

• Research Thoroughly: Use tools like MotorVero to compare prices and find the best deals.
• Consider Timing: Prices can fluctuate based on the time of year, so consider buying during off-peak seasons.
• Expand Your Search: Look beyond your immediate area to find better deals in regions with lower demand.
• Negotiate: Even in a seller’s market, there’s often room for negotiation, especially if you’re well-informed.

Future Outlook

While the used car market remains volatile, there are signs that prices may stabilize as supply chain issues are resolved and new car production increases. However, it’s essential to stay informed and adaptable as market conditions continue to evolve.

MotorVero is committed to providing you with the latest insights and tools to navigate these changes effectively. Whether you’re buying or selling, our platform offers the resources you need to make informed decisions.

Audi e-tron 50 Quattro

$119680

electric

10000 mi

Good Deal  

0 (5)

2023 Jaguar I-PACE

$79999

electric

43 mi

Good Deal  

0 (5)

2024 Acura MDX

$64030

Gas

45002 mi

Good Deal  

0 (5)

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Conclusion

The past year has brought significant changes to the used car market, with prices reaching unprecedented levels. By understanding the factors driving these changes and leveraging the right tools, you can navigate this dynamic landscape with confidence. MotorVero is here to help you every step of the way, ensuring you get the best value for your next vehicle purchase.