How hot is the used car market these days? Let’s put this way: Someone who bought a single Bitcoin last year has seen a 52-week return of $30,921. But someone who bought a used Mercedes-Benz G-Class has seen its value increase $45,992.
And on a percentage basis, that’s not even the biggest gain.
The typical used car has seen its price increase 26.2%—by an average of $6,454—since August 2020, according to iSeeCars. This follows a 31.6% increase in July and a 32.7% year-over-year increase in June.
While the Mercedes-Benz G-Class tops the raw dollar totals, selling for $160,465 each on average last month, it’s just third in terms of percentage increases. The Mitsubishi Mirage saw the biggest gains by that measure, increasing nearly 50% in the past 12 months.
“Used car prices have been coming down slightly since they peaked in June, but they are still significantly higher than they were last year,” said Karl Brauer, executive analyst for iSeeCars.com. “As the microchip shortage-related plant shutdowns continue, and with the aftermath of Hurricane Ida expected to further elevate prices, there appears to be no relief in sight for used car shoppers.”
Here’s a look at the 10 cars that have seen the biggest gains:
Mitsubishi Mirage – 49.9% change since August 2020 ($4,457)
Nissan LEAF – 46.8% change since August 2020 ($6,370)
Chevrolet Spark – 44.7% change since August 2020 ($4,467)
Mercedes-Benz G-Class – 40.2% change since August 2020 ($45,992)
MINI Hardtop 2 Door – 34.8% change since August 2020 ($6,044)
Lincoln Navigator – 34.5% change since August 2020 ($16,532)
Kia Forte – 32.6% change since August 2020 ($4,125)
Lincoln Navigator L – 32.3% change since August 2020 ($16,325)
Chevrolet Camaro – 31% change since August 2020 ($8,431)
Kia Soul – 30.6% change since August 2020 ($3,973)
Of course, not every used car saw these sorts of gains. The Mercedes-Benz GLC was only up 8% (some $2,832) since last August. And the Nissan Maxima was up just 14%, a little over $3,000.
Location plays a big role in the vehicle’s value as well. Prices in Fresno-Visalia, Calif. Saw the biggest gains, increasing 36.9% on average (more than $7,500).
The city with the smallest increases, surprisingly? New York City, where prices jumped just 19.8%, less than $5,000.
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