CHARLOTTE, N.C. — If you’re in the market for a used car, expect to pay a premium. According to iSeeCars.com, prices nationwide have increased 16.9% over the past year.
Experts blame the price hike on the microchip shortage that continues to plague the auto industry. New cars need microchips, and with fewer new cars available, consumers have turned to used cars out of necessity driving up the cost.
RELATED: 'Complete disappointment' | Car manufacturer slow downs causing long wait times for new cars
Just how much more can you expect to pay for a used car in North Carolina? iSeeCars analysis found used car prices have increased 16.1% from May 2021 to May 2022. That increase means, on average, consumers in North Carolina are paying $4,730 more year over year.
If you’re in South Carolina, you’re paying even more. iSeeCars analysis found used car prices in South Carolina have increased 16.6% from May 2021 to May 2022 which equals $4,907 more year over year.
The used car in North Carolina with the biggest price increase according to iSeeCars is the Hyundai Sonata Hybrid. Consumers in North Carolina are paying 50.8% more year over year for that particular make and model.
In South Carolina, the Audi A6 is the make and model with the sharpest increase. iSeeCars found consumers to be paying 38% more for a used Audi A6 in May 2022 than they did in May 2021.
Contact Carolyn Bruck at email@example.com and follow her on Facebook, Twitter and Instagram.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing firstname.lastname@example.org.
ALSO ON WCNC CHARLOTTE: Matthews launches e-scooter program with Bird