Study: Used car prices spike 28.5% in Salt Lake City
SALT LAKE CITY – If you’ve purchased a used car in the last year, you know prices are way up in Salt Lake City. A new study from iSeeCars.com showed prices spiked 28.5%, which equated to $7,059.
That’s higher than the nationwide figures which showed a 27.9 percent increase, or $6,939 compared to last year.
“Used car prices had drifted down slightly since they peaked in June, but they are back on the rise again, with the average used vehicle priced nearly over $7,000 above where it was last November,” said Karl Brauer, iSeeCars’ Executive Analyst. “With microchip shortage-related plant shutdowns persisting throughout the year, automakers have not kept pace with pent-up demand, and lingering supply constraints that are expected to continue well into 2022.”
Earlier this year KSL’s Matt Gephardt reported on the declining number of vehicles at used cars lots. The shortage has led to increasing prices.
The iSeeCars.com study showed that the Acura RDX was the car with the highest price increase in Salt Lake City. Other cars in the top five include the Kia Soul, Toyota Corolla, Kia Forte, and Toyota Cambry.
Nationally, the top five is the Nissan LEAF. It was followed by the Mitsubishi Mirage, Chevrolet Spark, Kia Forte, and the Kia Rio.
You can read the study here, along with information on cars with the smallest price increase.
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