It should be no surprise that the cost of used cars has increased significantly over the past year. The ongoing chip shortage and lack of inventory continue to plague dealerships all over the country. So much so that the prices of most used cars are matching their original MSRP when they were new. To track just how much used car prices have gone up, iSeeCars put together a list of the top 10 used cars that saw significant price jumps in the past year.
10. Kia Soul – Avg. Price: $16,940 – 30.6% increase
We won’t mention the hip hamsters, but if you’re looking for a cool and hip box on wheels, then it’s hard to beat the Kia Soul. The Souls has provided buyers for years, from young to old, with a unique look, good fuel economy, and a “good feature-per-dollar ratio,” according to Car and Driver. However, nowadays, buyers might find a little less value with the Kia Soul considering it has seen an average price increase of 30.6%, or $3,973, year over year as of August 2021.
9. Chevrolet Camaro – Avg. Price: $35,365 – 31% increase
The Chevrolet Camaro has been a staple in the muscle car segment for decades and its price has naturally increased every year. Newer engines and technology are responsible for that. However, no Camaro price jump has compared to this past year as the average price for a used Camaro went up by 31%, or $8,431, as compared to August 2020.
8. Lincoln Navigator L – Avg. Price: $66,934 – 32.3% increase
If you ever need a large three-row SUV that can easily seat seven or eight passengers and all of their luggage, the Lincoln Navigator L is right for you. That capability comes with a steep $66,934 average price tag, though. Keep in mind that price has been severely increased in the past year as it’s up by 32.3%, or an average of $16,325.
7. Kia Forte – Avg. Price: $16,770 – 32.6% increase
The Kia Forte has always provided a sensible means of transportation for those on a strict budget. However, it’s the current average price of $16,770 makes it a little less budget-friendly. The average price of a used Kia Forte has increased by 32.6%, or $4,125, year over year.
6. Lincoln Navigator – Avg. Price: $16,770 – 32.6% increase
The Lincoln Navigator provides a luxurious and comfortable ride for up to seven passengers. But that style and plushness come with a steep average price tag of $64,413. If you think that price is a little high, then you might want to consider that it’s even more elevated as it has risen by 32.6%, or $16,532, over its average price in 2020.
5. Mini Hardtop two-door – Avg. Price: $23,402 – 34.8% increase
The Mini Hardtop is a quirky, two-door hatchback that provides a fun and sensible means to get around town or go on long road trips. With an average price of $23,402 in 2021, buyers may want to wait to buy one. Compared to the average price of Mini Hardtops in 2020, the current price is 34.8% higher this year.
4. Mercedes-Benz G-Class – Avg. Price: $160,465 – 40.2% increase
If you’re looking for a car that doesn’t depreciate, then the Mercedes-Benz G-Class won’t let you down. Its military stature and lavish opulence have kept its value up over time. Especially considering the average price for on in 2021 sits at $160,465, which is a 40.2% increase over last year’s average price.
3. Chevrolet Spark – Avg. Price: $14,456 – 44.7% increase
Thanks to its minuscule size, the Chevrolet Spark is a great commuter car if you normally drive in dense urban populations with tight parking situations. The Spark is one of the most affordable new cars that you currently buy, however, its current used price tag of $14,456 makes it less affordable now. Not only is that average price almost in line with the MSRP of a new Chevy Spark, but it’s also up by 44.7%, or $4,467, year over year.
2. Nissan Leaf – Avg. Price: $19,990 – 46.8% increase
The Nissan Leaf provides an affordable gateway for anyone looking to get into the electric car segment. With a decent driving range and proven reliability, it’s hard to beat the value of a used Nissan Leaf. However, that value is a little diminished by its current average price of $19,990, which is an average of $6,370 higher a year ago.
1. Mitsubishi Mirage – Avg. Price: $13,398 – 49.9% increase
The Mitsubishi Mirage finally topped a list! What’s interesting is that the MSRP for a 2021 Mitsubishi Mirage is $14,295 and the current average price for a used one is $13,398. Considering those values alone – never mind that the Mirage is also one of the lowest-rated cars ever – we would say it’s not worth it to buy a used Mirage now, or maybe ever. It earned the top spot on this list because its current price is 49.9% higher year over year. Of course, that’s not hard to do when the initial price for one is so low from the get-go.
Will these prices ever come down?
Considering the chip and inventory shortages are the leading causes of these price hikes, there’s no telling when they might come back down. It could take another year or more, however, it’s safe to say that if you need a car, you might want to look into a new one. Or at least stay away from the ones on this list for now.