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Increased demand leads to even higher prices on used cars

In the market for a used Prius? Expect to pay a premium for Toyota's popular hybrid. These models have all gone up in price from one year ago.

CHARLOTTE, N.C. — If you’re in the market for a used car, don’t expect to find any deals. 

According to iSeeCars.com, prices for used cars nationwide have increased 10.9% over the past year. Experts blame the price hike on the microchip shortage that continues to plague the auto industry. The shortage means fewer new cars are available, which is driving up the cost of pre-owned vehicles. 

So just how much more can you expect to pay for a used car in Charlotte? Used car prices have increased 8.6% from July 2021 to July 2022, according to iSeeCars analysis. That's not as high as the national average, but it's still a significant increase. On average, Charlotte used car buyers are paying $2,676 more year over year. 

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The used car with the biggest price increase in Charlotte according to iSeeCars is the Toyota Prius. It’s hard to believe, but Charlotteans are paying 51.7% more for a Toyota Prius that’s 1 to 5 years old. That price increase equals $10,428 more than it would have cost one year ago. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

The next used car with the largest price hike in Charlotte is the Porsche Cayenne, which is up 41.7% from last July. That's a $25,675 increase. 

If you’re in the market for a Toyota RAV4, expect a 32.6% price hike for models 1 to 5 years old. That's about $9,600 more than it was in July of 2021.

Contact Carolyn Bruck at cbruck@wcnc.com and follow her on FacebookTwitter and Instagram.

WCNC Charlotte is committed to reporting on the issues facing the communities we serve. We tell the stories of people working to solve persistent social problems. We examine how problems can be solved or addressed to improve the quality of life and make a positive difference. WCNC Charlotte is seeking solutions for you. Send your tips or questions to newstips@wcnc.com.


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