CHARLOTTE, N.C. — If you looked into buying a used car during the pandemic, you know the prices were sky high and in some cases, more expensive than buying the new version -- if you could find one.
The chip shortage forced so many people who would typically purchase new vehicles into buying used models simply because there weren’t enough new vehicles being manufactured. That caused prices for used cars to skyrocket. Now, according to automotive search engine iSeeCars, used car prices nationwide are finally dropping, decreasing an average of 3.6 percent, or $1,237, in June compared to a year earlier.
In Charlotte, the decrease was a little less – 2.8% or $947. However, there are some used car models seeing a more significant drop and others experiencing the exact opposite.
Here are the 5 used cars with the greatest price drops in Charlotte and the 5 models with the largest price increase according to iSeeCars:
Price drops
- Tesla Model 3; down -25.2% from June 2022 which equals a price change of -$13,413.
- Land Rover Range Rover; down -22.5% from June 2022 which equals a price change of -$22,890.
- Land Rover Range Rover Velar; down -17.9% from June 2022 which equals a price change of -$10,349.
- Audi Q5; down -14.7% from June 2022 which equals a price change of -$5,924.
- Ford Mustang; down -14.2% from June 2022 which equals a price change of -$4,930.
Price increases
- Cadillac Escalade ESV; up 28.5% from June 2022 which equals a price change of $19,467.
- Mercedes-Benz S-Class; up 26.2% from June 2022 which equals a price change of $20,121.
- GMC Yukon XL; up 21% from June 2022 which equals a price change of $10,517.
- GMC Yukon; up 13.6% from June 2022 which equals a price change of $7,483.
- Cadillac Escalade; up 11.4% from June 2022 which equals a price change of $7,111.
Contact Carolyn Bruck at cbruck@wcnc.com and follow her on Facebook, Twitter and Instagram.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.