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Used car prices in Detroit increased more than 20% over the last year, study found

A bargain hunter’s guide to used car shopping
Posted at 12:32 PM, Jun 02, 2021
and last updated 2021-06-02 12:32:57-04

(WSYM) — A new study found used car prices in Detroit increased 20.8% in the last year.

According to the study from iSeeCars, which analyzed more than 1.2 million used car sales in April 2021, used car prices increased 16.8% in the country.

In Detroit, the average price increase for used cars was $4,482 over the past year in the wake of the microchip shortage.

“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply,” said iSeeCars Executive Analyst, Karl Brauer. “We’ve identified the used cars with the greatest price increases, which can represent lucrative trade-in opportunities for their owners.”

Some cars have increased more than average, which presents a trade-in opportunity for some owners.

The top 10 cars with the greatest price increases are:

  1. Chevrolet Corvette – $68,804, up 33.9%
  2. Mercedes-Benz G-Glass – $148,937, up 33.2%
  3. Ram 1500 – $35,798, up 28.8%
  4. GMC Sierra 1500 – $42,347, up 28.6%
  5. Mercedes-Benz S-Class – $74,326, up 27.9%
  6. Chevrolet Silverado 1500 – $37,324, up 27.1%
  7. Chevrolet Camaro – $31,220, up 26.7%
  8. Toyota Tundra – $40,470, up 26%
  9. Mitsubishi Mirage – $11,242, up 25.9%
  10. Land Rover Range Rover Sport – $59,579, up 25.1%