Used vehicle prices in OKC jump 25.9% in past year – Journal Record
Used vehicle prices in Oklahoma City increased by 25.9% on average year over year from March 2021 to March 2022, according to industry watcher and search engine iSeeCars.
While that may be depressing news, especially for consumers hard-pressed to find quality yet still affordable used wheels to buy in the metro, the fact is used-vehicle inflation in Oklahoma City actually lagged a little behind the rest of the nation. Among top 50 cities for used vehicle inflation, Oklahoma City was ranked 46th.
Driven by inflation sparked by several factors, including a drop-off in new vehicle production resulting from shortages of parts including critical computer microchips, used vehicle prices across the nation jumped on average by 30.4% year over year from March 2021 to March 2022, iSeeCars reported.
“After analyzing 1.8 million used car sales in March, iSeeCars found that used car prices increased 25.9% or (by an average) $6,758 in Oklahoma City over last year,” the site said in a news release.
Some higher demand used vehicles have been impacted even more. For example, a used Honda Odyssey in OKC in March 2022 was found to be priced on average 52.4% higher than a used Odyssey that might have been found on a local lot in March 2021.
Used cars with greatest percentage increase and average price changes found year-over-year from March 2021 to March 2022 in the Oklahoma City market included:
• Honda Odyssey, up 52.4%, or by an average of $13,532.
• Kia Sorento, up by 50.4%, or an average of $8,986.
• Honda Civic (sedan), up 49.4%, or by $8,384.
• Kia Soul, up 47.7%, or by $6,623.
• Nissan Sentra, up 46.1%, or $6,243.
According to the study, the average price nationwide for a 1- to 5-year-old used car in March was $34,429 – actually down from February’s average of $35,029.
Perhaps not surprisingly, as inflation has similarly affected gas prices nationwide, vehicles with the largest price increases were found to be economy and fuel-efficient cars, while vehicles with the smallest price increases were luxury SUVs and sports cars. Hybrid used car prices were up 40.5%, and electric used vehicle prices were up 36.3%.
“After coming down for the second consecutive month, used car prices remain elevated due to lingering supply constraints, and could rise again due to geopolitical factors as Russia is a key supplier of materials used to make car parts and microchips,” iSeeCars Executive Analyst Karl Brauer said. “We are also seeing a significant increase in demand for used hybrid and electric vehicles as a result of high gas prices.”
Top vehicles affected nationwide, with their prices and average percentage and price increases included:
• Hyundai Sonata Hybrid, priced at $25,620 – 63.9% or $9,991 higher than in March 2021.
• Kia Rio, priced at $17,970 – 49.4% or $5,942 higher.
• Nissan Leaf, priced at $25,123 – 49.2% or $8,288 higher.
• Chevrolet Spark, $17,039 – 48% or $5,526 higher.
• Mercedes-Benz G-Class, priced at $220,846 – 48% or $71,586 higher.
• Toyota Prius, $26,606 – 45.1% or $8,269 higher.
• Kia Forte, $20,010 – 44.8% or $6,193 higher.
• Kia Soul, $20,169 – 43.4% or $6,107 higher.
• Tesla Model S, $75,475 – 42.8% or $22,612 higher.
• Mitsubishi Mirage, $14,838 – 42.6% or $4,431 higher.
• Average across all cars nationwide, $34,429 – 30.4% or $8,032 higher year over year from March 2021 to March 2022.