prices tend to remain fairly static year over year, or even decline as newer models enter the market, but 2021 is set to buck this trend.
According to a recent study by iSeeCars, the average cost to buy a used car has gone up by 16.8% in the last 12 months, an increase of $3,926! Second-hand pickup trucks and sports cars have seen the greatest price increases, with the
Experts attribute the boom to wealthy individuals, who haven’t been able to splash the cash during COVID-19, looking to alleviate boredom by purchasing high-end sports cars. These are not practical vehicles, but they sure are fun to drive.
Which other used vehicles have increased in price?
Another of Chevy’s iconic sports cars, the Camaro, and several luxury models join the Corvette in the list of used vehicles with the biggest price increases. All of these cars have seen their price go up by at least 25% in the last 12 months:
Out of every car in the iSeeCars study, the Tesla Model S was the only used vehicle that has decreased in price since April 2020. And they still cost well over $50,000 used.
While this makes for depressing reading for anyone trying to buy a used car, some models are still close to their pre-pandemic price. Most hatchbacks, SUVs and minivans for example, have increased less than the 16.8% average.
Also, depending on where you live, the price increases in second-hand autos might not be so bad. Cars in Milwaukee, WI have seen the lowest year over year price increases (10.6% more expensive than in April 2020), while cars in Las Vegas, NV, have seen the biggest (25.2%).
When it comes to used cars, it is a good time to sell and a bad time to buy. If you are in a position to sell or trade in your vehicle, you might be pleasantly surprised by its value. If you desperately need a new car but have been priced out by the increases, look for direct sellers who are willing to negotiate.
A new car, even a new used car, rarely comes cheap. But you can keep the cost of car ownership down by getting a great deal on insurance.
If you want cheap car insurance quotes fast, go to
"Alex Healey is an insurance writer specializing in car insurance and personal finance. Alex’s mission is to create informative, just-in-time content for car owners and buyers. Alex has written articles for Jerry on topics ranging from hybrid vehicle rankings to used car costs. Before joining Jerry, Alex worked as a digital content specialist and editor for brands including InsuranceHotline.com, Rates.ca, and Booking.com. When not writing for Jerry, Alex continues to build his freelance digital content portfolio in the insurance and automotive industries. "