Used-car prices in the Albuquerque-Santa Fe metro area increased by an average of $8,956, or 33.7 percent, from February 2021 to February 2022, and across the country by an average 35 percent, or $9,080, a new study by iSeeCars determined by analyzing 1.8 million used-car sales.
Albuquerque-Santa Fe’s increase ranked No. 32 among the 50 largest U.S. metro areas and No. 51 among the largest 86 metro areas, stats reveal from iSeeCars, an automotive research firm and data-driven car search engine.
The top used-car price increases for the Albuquerque-Santa Fe region were for the Nissan Versa at 55.1 percent, or $6,439; the Dodge Charger at 54.8 percent, or $13,871; the Volkswagen Jetta at 49.7 percent, or $7,394; the Hyundai Elantra at 49.7 percent, or $6,920; and the Chevrolet Traverse at 44.4 percent, or $11,478.
“People are paying a premium for smaller cars that last year dealers would practically give away,” iSeeCars spokeswoman Julie Blackley said in an interview.
Used compact cars, electric cars and hybrid cars are seeing the highest price increases nationwide, driven by record-high gasoline prices, she said.
Since last year, used cars often cost more than new cars, primarily because continuing microchip shortages are delaying production of new cars.
“The average 1-year-old used car is more expensive than its new version,” Blackley said. “People would rather pay more than wait for a new car.”