(iSeeCars) — The average one-to-five-year-old car cost an average of $33,582 in December. While this number seems high, used car prices have actually been 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.
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|
|Rank||State||Average Used Car Price|
|Average Used Car Price||$33,582|
- Vermont is the state with the lowest average used car price of $31,445.
- Wyoming is the state with the highest average used car price of $41,405.
- Seven of the 10 states with the lowest used car prices are East Coast states.
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.
More from iSeeCars.com:
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.
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.