Used car prices continue to soar in Seattle as the nationwide microchip shortage impacts the market.
iSeeCars.com, an automotive research firm, recently examined over 1.9 million used car sales in November. In the study, it found used car prices increased 26.1% or $6,849 in Seattle over last year in the wake of the microchip shortage. Nationally, it found used car prices increased 27.9% or $6,939 compared to last year.
“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 iSeeCars Executive Analyst Karl Brauer.
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