Used Car Prices are Finally Subsiding

According to iSeeCars, used car prices in June jumped an unprecedented 37.7%. That put the sticker price for average used car in Houston at $8,828, slightly above the national average of $7,583.

We’ve reported several times this past year about how the chip shortage has severely impacted the auto trade, halting production of some models and sending used car prices through the roof.

We are finally seeing some relief.

“We’re starting to see a substantial decrease in the upper end trucks, those trucks in the $40-50,000 range,” says Roger Ellswich with Community Toyota and a board member of the National Automobile Dealers Association. He says the price for larger SUV’s is decreasing.

“Outside of that we’re starting to level off and things are starting to get back to normal. It doesn’t seem like we’re having the large escalations,” he adds.

The biggest price increase for a used vehicle year-over-year in Houston was the 70% increase in Lincoln Navigator, up to an average of almost 426,000. A Chevy Camaro saw a 58.9% increase to just over $14,000. The smallest increase iSeeCars found in Houston was for a Ford Mustang, down 50.6% to around $12,500.

photo: Getty Images

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