According to iSeeCars’ newest study, used car prices came down slightly in August from July, but they are still significantly higher than they were a year ago as the microchip shortage continues to impact the new and used car marketplace.
After analyzing 1.9 million used car sales in August, iSeeCars found that used car prices increased 29.4% or $6,996 in South Bend over last year in the wake of the microchip shortage. Nationally, used car prices have increased 26.2 percent, or $6,454 compared to last year.
Some vehicles have increased more than average–which makes them the worst vehicles to buy while presenting lucrative trade-in opportunities. Other cars have lower-than-average increases, making smarter buys for consumers in today’s tough market.
Here are the cars with the greatest year-over-year price increases in South Bend:
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Used Cars with the Greatest Price Increases in August in South Bend |
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|
Rank |
Vehicle |
% Price Change from August 2020 |
$ Price Change from August 2020 |
|
1 |
Ram Ram Pickup 1500 |
28.1% |
$8,725 |
|
2 |
Chevrolet Silverado 1500 |
27.0% |
$8,859 |
|
3 |
Chevrolet Equinox |
26.7% |
$5,112 |
|
4 |
Jeep Grand Cherokee |
26.5% |
$7,240 |
|
5 |
Honda Civic |
25.5% |
$4,358 |
|
South Bend-Elkhart, IN Average |
29.4% |
$6,996 |
|
The full study can be found here.
1 comment
Perhaps creating money out of thin air so that the government could pay everyone to stay at home and not work for months on end wasn’t the best economic plan…
If nobody works, there is nothing to buy.