Used car prices in Little Rock increased more than 30%
Little Rock, Arkansas – Over the last year, the price of used cars in Little Rock have increased more than 30%.
Used car prices increased 32.6%, or $9,156 on average, in Little Rock from February 2021 to February 2022, according to data from iSeeCars.com.
The study shows the top five vehicles with the greatest price increase, giving the GMC Yukon the number one spot with a 47.1% jump, or a price change of $18,511, since last year. The other cars seeing the highest increases in used prices were the Toyota Camry and the Chevrolet Equinox.
While that jump may seem painful for Arkansas car shoppers, the study shows that used car prices are up 35.0%, or $9,080, on a national level. The Hyundai Sonata Hybrid was ranked as the vehicle with the largest price increase over the last year with an increase of 61.2% or $9,457.
The study also looked at the increase of vehicle body types and fuel types. The study suggests that a buyer should expect to pay $21,206 for a wagon, which is a 41.6% or $6,227 increase. Buyers should also expect to pay $33,210 for a hybrid, an increase of 46.9% or $10,604.
The Ford F-150 was ranked as the vehicle with the lowest price change in the top 10 used cars, with an increase of 20.5% or $7,448, according to the study.
The study credits the price increase to a microchip shortage. According to the study, microchip production was halted in the beginning of the COVID-19 pandemic, which caused automakers to order less computer chips.