How High Are Used Car Prices in Minnesota Right Now?
If you're looking for a used car, be prepared to spend a lot more money right now in Minnesota.
To say prices on used cars are skyrocketing right now in the Land of 10,000 Lakes might be a bit of an understatement. And even though the average price of a pre-driven car decreased slightly in March compared to February, prices are still way higher this spring than they were a year ago.
According to this new ISeeCars survey, prices on used cars right now are, on average, over 30 percent higher right now than they were in 2021:
Used car prices rose 30.4% nationally in March as the microchip shortage continues to impact the automotive industry. This is down from a 35.0% increase in February. Smaller cars and hybrid/electric vehicles are in high demand as a result of record gas prices.
Specifically, here in the North Star State, average used car prices are running 30.6% more in 2022 than they were last year, and cost an average of $8,000 more right now than they did in 2021!
These Cars Cost More Used Than New in MN
What's behind those big increases? Well, used cars are more in demand because the supply of new cars is also scarce due mainly to ongoing 'supply chain' issues which have been making microchips scarce. The ongoing war in Ukraine is also having an effect, ISeeCars noted, because Russia is a key supplier of materials used to make car parts and microchips.
Here are the Top Five Used Cars With the Greatest Price Increases in Minnesota
1. Mercedes-Benz C-Class - Up 54.7% for an increase of $15,738
2. Nissan Sentra - Up 46.5% for an increase of $6,310
3. Hyundai Elantra - Up 45.6% for an increase of $6,075
4. Volkswagen Jetta - Up 45.6% for an increase of $6,910
5. Hyundai Sonata - Up 44.9% for an increase of $7,101