The Mazda Mazda6 increased in value by 49.2% or $7,995 in the Fresno-Clovis area last month. Image via Mazda
Written by The Business Journal Staff
The Fresno-Visalia area saw an average used car price increase of 34.4% in June, which equates to a price change of $7,304.
That ranks the Central Valley No. 16 on a list of the 50 most populous US metros for the highest price hikes compared to last year, according to a new analysis.
According to iSeeCars.com’s latest analysis of over 1.9 million used car sales in June, used car prices on average in the US increased 32.7%, or $7,583, compared to the same period the previous year. This comes after a 26.4% year-over-year increase in May and a 16.8% year-over-year increase in April.
“The microchip shortage has brought historic used car price increases, so much so that some lightly used cars are more expensive than new models,” said iSeeCars Executive Analyst Karl Brauer. “While used car prices are expected to remain elevated for the foreseeable future, we are waiting to see if prices are going to keep rising or if they will start to decline towards pre-microchip shortage levels.”
Some used cars increased as much as 48.1% nationally, with the lowest price change at 11.4%
Sports cars and pickup trucks had the highest price increases, which makes them the worst vehicles to buy and the best vehicles to sell, according to iSeeCars.com.
Small SUVs, hatchbacks and minivans only saw minor price bumps
Here are the vehicles in the Fresno area that saw the greatest price increases by percentage as well as price change compared to June 2020.
- 1. Mazda Mazda6; 49.2%; $7,995
2. GMC Sierra 1500; 46.4%; $15,885
3. Acura TLX; 46.2%; $9,685
4. Ram 1500; 45.6%; $13,110
5. Chevrolet Silverado 1500; 39.2%; $12,456
Jacksonville, Florida saw the largest price change compared to last year, increasing 39.8% or $8,473. New York City saw the smallest increase at 21.8% or $5,161.