Chip Shortage Leads to Prices Soaring

In an unexpected turn of events, there has recently been a severe shortage of chips worldwide. The chip shortage has not only limited the production and supply of new cars, but has also led to a limited supply of used cars as fewer people trade in used cars as well. With the supply of vehicles decreasing, but people's demand still increasing, used car prices are soaring. In April 2021, Autofun conducted a new analysis of more than 1.2 million used cars, and the survey showed that used car prices increased by 16.8%, or $3,926, year-over-year. Used car prices have typically remained relatively stable year-over-year, falling 0.2 percent in 2019 compared to 2018 and rising 0.1 percent in 2020 compared to 2019. Data analyst Karl Berry in Autofun said the current rise in used car prices is unprecedented. What's worse, prices will likely remain high in the foreseeable future due to the global chip shortage and limited supply of new vehicles. Through market research and data analysis, we have identified the used cars that are seeing the biggest price increases, which is good for owners because they can trade in their old cars and still make a killing.

Used car prices rose 16.8 percent over the past year, or about $3,926, while they remained the same in most years. Among all models, pickup trucks and sports cars saw the highest price increases. This has its benefits and drawbacks. On the one hand, it makes them the least desirable vehicles to buy; on the other hand, they have become the most desirable vehicles to sell. The most desirable used vehicles that have only seen a small increase in price include some small suv's, hatchbacks and minivans. Surprisingly Tesla's Model S was the only used car to see a price drop. While the average price of used cars rose sharply, Autofun's data experts also found that the prices of some vehicles either fell or rose only slightly. Berry showed that although used cars are now traded in less, they still exist, or at least some used cars don't cost as much as regular cars.

We have compiled a list of the top ten used cars with the biggest price increases to show readers the top ten cars with the biggest price increases. These cars are 1.5 - 2.0 times the price increase of the average car, mainly pickup trucks, sports cars and luxury cars. Berry added that these used cars have proven to be appreciating assets in the past year. But this situation is usually not related to the used cars themselves. So consumers interested in these cars should consider delaying their purchase, while those who have them in their garages and are willing to sell them can take advantage of the opportunity to take advantage of them.

Among the 10 cars, the biggest price increase is for Mitsubishi Mirage gl mt, which has risen 33.9 percent since April 2020. Chevrolet Camaro, another classic American sports car, ranks the second. These sports cars are cars that many consumers aspire to own, and they became popular during the flu epidemic when people were looking for fun cars to pass the boredom. But buying a sports car is not practical and expensive, especially because they are not commonly available on the used car market, so drivers may be more willing to pay a premium for them. The vehicles with the smallest price differences in the top 10 ranged from a 2 percent decline to a 7.6 percent increase and included a variety of models. Consumers looking to buy a used car should consider these models, as they were not significantly affected by the price increases.