Buying used cars these days has proven to be an anomaly. During the pandemic, used vehicle pricing surged, with the lopsided demand and limited availability of new cars. And while some of those imbalances have stabilized in recent months, the country is still being impacted by inflation and supply chain shortages. What once was an affordable model to buy, in many instances, is now the most expensive.
The cost of living in your neck of the woods is going to be different from other parts of the country, which plays a role in how much you should expect to pay for a used car. A recent study outlined which vehicles in each U.S. state are the most expensive to buy right now. Here’s a look at the Ford Escape, a popular model that happens to be the least affordable car you can buy in Wyoming.
How to gauge affordability metrics
Used car affordability is in the eye of the beholder, right? What you consider to be expensive might not be for someone else. However, iSeeCars defined affordability using a few key metrics. And it’s how their judges evaluated which used cars are the most expensive to buy in each state.
In this iSeeCars study, the judges captured data from April 2019 through August 2022. The calculations used the ratio between household incomes (as provided by the ACS or the American Community Survey within the U.S. Census Bureau) and the estimated costs for car payments.
These payments were assessed using new car prices and three-year-old used car pricing. Combined with data provided by Bankrate to support estimated car payments and household earnings from the U.S. Bureau of Labor Statistics, iSeeCars found a data-driven way to determine affordability.
Now, to apply those analytics to each U.S. state, this study highlights which vehicles are the least affordable to buy in each.
The least affordable used car in Wyoming
Getting back to the Ford Escape, steer clear if you’re looking to buy a used car in Wyoming. According to the study, the average three-year used car price of a Ford Escape in August of 2022 is $27,975. This is a 17.1% hike over the iSeeCars affordability threshold and used Escape pricing in 2019. So, buying a used model in Wyoming today will cost you $7,363 more than it would have back then.
Other states and their most expensive used cars
What about other states and their least affordable used cars to buy, you ask? This study can be a great guide to reference if you’re shopping for used cars right now.
If you live in Alabama, you want to avoid the Toyota Camry, with its $27,720 price, up $11,164 from its price in 2019. If you’re in Illinois, it’s the Volvo S60 that will sting the worst to buy used, with its $35,231 price, a whopping $15,961 more than its 2019 price.
Some vehicles are repeat offenders, earning the least affordable to buy distinction in multiple states. The Ford Mustang, for example, is Connecticut’s, Minnesota’s, and New York’s least affordable to buy right now. New Yorkers can expect to pay 26.3% more, Minnesotans can expect to pay 37.4% more, and Connecticut residents will pay 34.4% more for the used Mustang.
If you’re curious about the biggest surge in pricing, at least according to this iSeeCars report, residents of Ohio should avoid buying a used Nissan LEAF. Demonstrating the highest percentage above used car affordability thresholds of all, with 48.4%, used LEAF pricing jumped $33,845. It’s $20,193 over used car pricing from 2019.
Before you buy used, see how the cost of living and data are impacting your state. And if you’re in Wyoming, you can probably find a more affordable option than the Ford Escape.