The price of cheap, like the and is steadily going up — and no, not even looking for a used version will save you money.
A study from found that are increasing on the low-end of the market much more than at the high-end, meaning that, right now, economy cars aren’t really “economy” cars in the usual sense. And the study the higher prices probably won’t be going down through 2022.
This comes as a surprise not only because it’s not often that so-called econoboxes like the Mitsubishi Mirage or Chevy Spark get a price hike (especially when we’re talking about used cars) but also because used car prices had started to go down — maybe even back down to normal — since the middle of this year, per :
“Used car prices had drifted down, slightly, since they peaked in June, but they are back on the rise again, with the average used vehicle priced nearly over $7,000 above where it was last November,” said Karl Brauer, iSeeCars’ Executive Analyst. “With microchip shortage-related plant shutdowns persisting throughout the year, automakers have not kept pace with pent-up demand, and lingering supply constraints that are expected to continue well into 2022.”
Right now, a used Mirage is up 52.3 percent, or close to $5,000, from what it would have cost last year. That brings the average price for a used Mirage to $14,404. A used Chevy Spark is up 50.7 percent, or about $5,275, which brings the average price to $15,672.
Those used prices are uncomfortably close to the MSRP of both cars when new, but I guess I can’t harp on that too much because list prices .
The iSeeCars lists eight other used cars that have gotten more expensive in the last year, and they are the following:
Nissan LEAF: Up by $8,404 for an average price of $21,524.Kia Forte: Up by $5,369 for an average price of $18,046.Kia Rio: Up by $4,790 for an average price of $16,135.Mini Hardtop 2 Door: Up by $7,136 for an average price of $24,788.Toyota Prius: Up by $6,912 for an average price of $24,121.Toyota Corolla: Up by $5,693 for an average price of $20,092.Kia Soul: Up by $5,065 for an average price of $18,069.Lincoln Navigator: Up by $18,476 for an average price of $66,726.
Notice that the Lincoln Navigator went up by more than the cost of a whole-ass Chevy Spark, by the way. Yikes. But I think the Nissan LEAF makes sense, and we can thank for blowing up everyone’s . On the one hand, I’m happy that are getting attention. But on the other, I’m not happy for those buyers who would’ve scored a deal on a once-cheap car, made even cheaper through depreciation.