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UTAH (ABC4) – Looking to buy a used car?
As new and used car prices continue soaring across the nation, there are some vehicles that will take out a larger chunk of your savings than others.
A new study by iSeeCars takes a look at the Top 5 used cars with the highest price hikes in Utah right now.
Across the country, used car prices rocketed a staggering 30.4 percent in March or an average of $8,032 as a global microchip and semiconductor shortage continues plaguing the automotive industry. March’s average prices dipped slightly though, following a peak of 35% in February 2022.
The new study analyzed 1.8 million used car sales throughout March 2022. The vehicles analyzed were newer models, ranging anywhere from 1 to 5 years old.
In Utah alone, used car prices jumped 26.9% or around $6,965 in Salt Lake City from March 2021 to March 2022.
Here are the Top 5 used cars with the highest price increases in Salt Lake City right now:
Even though car prices are high across the board, certain types of vehicles are seeing higher demand than others from prospective buyers.
The study found the types of cars seeing the largest price increases are mainly economy and fuel-efficient cars, specifically hatchbacks, wagons, and sedans, respectively.
The cars seeing the smallest price changes are luxury SUVs and sports cars.
“Small cars have become the only affordable used car option for a growing segment of the population, and their price increases reflect the high demand these otherwise low-demand vehicles have experienced in recent years,” says iSeeCars Executive Analyst Karl Brauer.
Demand for hybrid vehicles remains at an all-time high with used hybrid prices increasing 40.5%. Electric vehicles saw a 36.3% rise in prices, as well.
Throughout the country, the Top 10 used cars seeing the highest prices are the Hyundai Sonata Hybrid, with an increase of 63.9 percent and the Toyota Prius, which saw a 45.2 percent increase.
“Affordable transportation has seen a surge in demand in the wake of heightened used car prices, and these hybrid cars are less expensive than the average used car,” says Brauer.” Hybrid and electric vehicles had used car price increases well above the average for all fuel types. The rapid increase in gas prices over the past few months has led to a surge in demand for hybrid and electric vehicles.”
The Top 10 cars with the highest price increases in the U.S. right now are:
| Top 10 Cars with the Greatest Price Increases (YoY) – iSeeCars March 2022 Study | ||||
| Rank | Used Vehicle | Average Used Car Price (March 2022) | $ Price Change from March 2021 | % Price Change from March 2021 |
| 1 | Hyundai Sonata Hybrid | $25,620 | $9,991 | 63.9% |
| 2 | Kia Rio | $17,970 | $5,942 | 49.4% |
| 3 | Nissan LEAF | $25,123 | $8,288 | 49.2% |
| 4 | Chevrolet Spark | $17,039 | $5,526 | 48.0% |
| 5 | Mercedes-Benz G-Class | $220,846 | $71,586 | 48.0% |
| 6 | Toyota Prius | $26,606 | $8,269 | 45.1% |
| 7 | Kia Forte | $20,010 | $6,193 | 44.8% |
| 8 | Kia Soul | $20,169 | $6,107 | 43.4% |
| 9 | Tesla Model S | $75,475 | $22,612 | 42.8% |
| 10 | Mitsubishi Mirage | $14,838 | $4,431 | 42.6% |
| Average Across All Cars | $34,429 | $8,032 | 30.4% |
If you’re looking to avoid hefty price increases on a used car, some models have seen a much smaller increase in price surging.
Comprised of luxury vehicles, sports cars and a few trucks, these are the Top 10 cars seeing the smallest price increases in the nation:
| Top 10 Cars with the Smallest Price Increases (YoY) – iSeeCars March 2022 Study | ||||
| Rank | Used Vehicle | Average Used Car Price (March 2022) | $ Price Change from March 2021 | % Price Change from March 2021 |
| 1 | Maserati Levante | $59,975 | $4,945 | 9.0% |
| 2 | Nissan Titan XD | $41,382 | $4,626 | 12.6% |
| 3 | Chevrolet Camaro | $33,414 | $4,012 | 13.6% |
| 4 | Jaguar F-Pace | $45,390 | $5,555 | 13.9% |
| 5 | Land Rover Discovery | $51,581 | $6,395 | 14.2% |
| 6 | Porsche Macan | $57,305 | $7,140 | 14.2% |
| 7 | Honda Ridgeline | $36,079 | $4,523 | 14.3% |
| 8 | Nissan Titan | $38,715 | $5,101 | 15.2% |
| 9 | Mazda MX-5 Miata rf | $31,066 | $4,262 | 15.9% |
| 10 | Ford Mustang | $31,694 | $4,587 | 16.9% |
| Average Across All Cars | $34,429 | $8,032 | 30.4% |
“While consumers were previously advised to wait to purchase a used car if they were able to do so, new geopolitical factors are expected to exacerbate and prolong the present used car price increases,” says Brauer. “The best way for American consumers to avoid significantly higher prices while car shopping for the foreseeable future is to either maintain their current vehicle or purchase a used vehicle that isn’t in high demand, and to be as flexible as possible with factors such as color and trim.”
To check out the full report or for more auto buying tips, click here.
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