Supply chain shortages keep popping up everywhere, prompting shoppers to purchase used cars rather than wait for new ones. However, combined with the aftermath of COVID-19 on used car availability, a lightly-used car is often more expensive. Inflation also keeps costs high, meaning you often can’t find a used car for cheaper than $20,000.
It’s even worse if you want to buy a popular sports car like the Dodge Charger. A recent study found it to be the least affordable used car in Hawaii.
How much should an affordable used car cost?
iSeeCars determines a car’s affordability threshold by researching how much the average car payment usually costs in each state. That amount gets compared to the state’s average household income. According to iSeeCars, the average annual car payment should only be 10% of a household’s income.
If there’s a big difference between these two numbers, that results in a lower affordability score. Both new and used cars were included in the latest affordability study, which includes data from April 2019-August 2022.
The Dodge Charger costs over $40,000 in Hawaii
If you buy a used Dodge Charger from the last three models years, you might pay almost $45,000 for it in Hawaii. That’s a 44.7% drop in iSeeCar’s reliability threshold for this state. Back in 2019, you could get a lightly-used Dodge Charger for an average of $20,634.
The Dodge Charger isn’t the only car that has experienced a massive decrease in affordability. In Delaware, a used Chevy Traverse is over 45% less affordable than it was in 2019.
The used Nissan LEAF has gotten very expensive in Ohio, with the average used model priced at $33,845. That makes it more than 48% less affordable compared to its average price of $20,193 almost four years ago. While not every used car demands such a high premium, most are about 27% more expensive.
A used Dodge Charger also costs more than a 2022 model with 0 miles on the odometer. The base trim currently retails for $32,645 and adding AWD is only $4,000 more. You could also get a 2022 Dodge Charger R/T for $42,780.
According to Motor1, the 2023 Dodge Charger SXT is even cheaper at $32,140. Instead of a used Dodge Charger, you could buy a 2023 Charger R/T and still have more than $4,000 to spare.
It also doesn’t help that sedans are the most popular kinds of cars in Hawaii, resulting in even bigger price hikes. Dodge Chargers from the 2019 model year and beyond have a good lineup of engine choices and available AWD. The GT models include a performance suspension and other enhancements, though they can be even more costly on the used market.
Other states where used muscle cars are too expensive
The Ford Mustang is now the priciest used car that you can buy in three states. Minnesota drivers have it the worst, often paying around $39,133 for a Mustang built in the past three years.
For comparison, you could get a Ford Mustang with comparable mileage for just under $18,000 in 2019. A new 2023 Ford Mustang only costs $27,770 to start. The 2023 Mustang GT, which features a standard 450-hp V8, is still more affordable than a used one at $38,345.
A used Ford Mustang in Connecticut now costs around $41,242, making it over 34% less affordable. In 2019, it was possible to buy a used Ford Mustang for $13,753 in New York. While it’s not as expensive now as a Dodge Charger in Hawaii, $34,385 is a high price for a used sports car.