Used car prices have never been higher than they're today. First, it was the pandemic and then the global microchip shortage that, according to iSeeCars, pushed the prices of one-year-old lightly-used vehicles to 1.3% more than their factory tags on average.
Surprisingly, some lightly-used cars saw dramatic price hikes (up to 50.4 percent more than their MSRP) around the US. iSeeCars analyzed over 1.5 million vehicles in early 2022 to identify which used cars are the most overpriced in each state. Here's what they found.
Alabama: Toyota Tacoma - 15.0%
Known for its beautiful beaches and college football, Alabama is one of the states to have more cars than people.
Though trucks make up just 20.5% of all vehicles in the Heart of Dixie, the Toyota Tacoma is in high demand here. So much so that a used model sells for 15% more than the cost of a new unit, at a difference of $5,701.
Arizona: Chevrolet Trailblazer - 18.8%
Arizona is known for the Grand Canyon, which also happens to contain the only two places in the US to receive their mail by mules.
Besides the mules, people in the Valentine State also find the Chevy Trailblazer quite helpful in tackling the state's terrain ranging from forests to mountains, which explains why a used model costs $5,004 more than a new unit here.
Arkansas: Toyota Tacoma - 16.3%
Home to former President Bill Clinton, the folks in the Natural State have a thing for SUVs, which make up 41.8% of total vehicles here.
However, the Toyota Tacoma is the most overpriced used vehicle in Arkansas, with consumers willing to pay $6,122 above the cost of a new unit for a used one.
California: Mercedes-Benz G-Class - 50.4%
California is the most populous state and has, therefore, over 30 million registered vehicles, more than any other state.
Being a celebrity stomping ground, it makes perfect sense that high-end luxury cars are always in demand in the Golden State. What doesn't make sense is that a used Mercedes-Benz G-Class sells for a whopping $87,614 more than a new unit here.
Colorado: Toyota 4Runner - 11.1%
Featuring a diverse landscape of deserts, canyons, and mountains, the Centennial State is a famous ski destination in the US.
Colorado's snow-covered terrain makes the Toyota 4Runner a suitable commuter, thanks to its incredible 4WD and traction control. The 4Runner is so much in demand here that its used units sell for $5,180 more than what a new one costs.
Connecticut: Toyota Tacoma - 16.1%
With a hilly, heavily forested terrain crisscrossed by river valleys and mountains, the people in Connecticut need to have vehicles with off-road capabilities.
But while 48% of the vehicles in the Constitution State are SUVs, the Tacoma is what's most in-demand here, with used units selling for $6,200 more than new.
Florida: Chevrolet Corvette - 24.0%
The theme park capital of the world, Florida is home to Disney World, Kennedy Space Center, and hundreds of miles of beaches. It has more than 18 million registered vehicles and an average one-way daily commute of 27.4 minutes.
Thanks to relatively flat terrain, sports cars and sedans are quite popular in the Sunshine State, with the Chevy Corvette being the most overpriced car. Its used units sell for $19,494 more than new.
Georgia: Kia Seltos - 19.1%
Besides its world-famous peaches, Georgia is known for its heavy traffic. It's also one of the longer commute states in the US, with an average one-way commute time of 28.4 minutes per day.
Georgians need to have a reliable and compact commute and maybe that's why the Kia Seltos is in crazy demand here, with used units costing $5,112 more than new.
Hawaii: Dodge Charger - 28.8%
Made up of 137 islands spanning over 1500 miles, Hawaii is known for its pineapples, breathtaking beauty, and fun water sports.
Understandably, people of the Aloha State prefer a ride that matches their state's charm. The Dodge Charger fits so perfectly here that its used units sell for $11,283 more than new.
Idaho: GMC Yukon - 11.9%
As the top potato producer in the US, Idaho grows 13 billion pounds of potatoes annually. The Gem State is also famous for its vast swaths of wilderness and mountainous landscapes, which explains why 40.2% of vehicles here are SUVs.
The GMC Yukon, in particular, is in great demand, with used units costing an additional $8,748 beyond the MSRP.
Illinois: Toyota Sienna - 17.4%
The financial capital of the Midwest, Illinois is known for its deep-dish pizza, iconic buildings like the Sears Tower, and for being the Land of Lincoln.
Though minivans make for just 3.4% of all vehicles in the Prairie State, the Toyota Sienna is so popular here that used models sell for $7,952 more than new.
Indiana: Ford Bronco Sport - 18.5%
The Hoosier State is known for hosting the famed Indy 500 race at the Indianapolis Motor Speedway, which also happens to be the world's biggest sporting venue with seating for 257k people.
Though it would've made more sense for sports cars to be in demand here, turns out, it's the Ford Bronco that sells for $6,160 above the MSRP in use.
Iowa: GMC Yukon - 11.9%
Located between the Mississippi and Missouri rivers, this midwestern state is known for its rolling plains, cornfields, and a highly robust farming community.
The Hawkeye State has more cars than people in it and 44.4% of its vehicles are SUVs. The Yukon is particularly in great demand, with people willing to pay $8,748 above the ex-factory tag for used versions.
Kansas: Dodge Charger - 20.5%
Home to three million people who take 19.3 minutes on average for a one-way commute to work, SUVs are the most popular vehicle type in the Sunflower State.
But that doesn't mean other cars sell cheap here. The Dodge Charger is the most overpriced used vehicle in Kansas, with people willing to pay $8,098 above the MSRP for a used version of the V8 sedan.
Kentucky: Dodge Charger - 24.1%
Besides its world-renowned fried chicken, Kentucky is known for hosting the famed Kentucky Derby horse race, the longest-running sports event in the US.
Like Kansas, the folks in the Bluegrass State have a thing for performance sedans, and used examples of the Dodge Charger sell for a whopping $9,379 beyond the factory tag here.
Louisiana: GMC Yukon - 17.0%
The Pelican State is famous for its Cajun and Creole cuisine, Mardi Gras celebrations, jazz music, colonial legacy, and diverse cultural heritage. It's also known as the crawfish capital of the world.
SUVs account for more than 40% of the vehicles in Louisiana. The GMC Yukon, in particular, is the most overpriced used vehicle here and sells for an extra $11,736 above the cost of a new unit.
Maryland: Dodge Charger - 17.7%
Drivers in the Free State have one of the longest commutes in the US with an average one-way time of 32.9 minutes.
While the SUVs make for 43.4% of all vehicles here, hatchbacks and sedans are the next most popular option at 41.7%. Like in many states, the used examples of the Dodge Charger sell for $6,750 more than new here.
Massachusetts: Toyota Tacoma - 14.6%
Home to numerous top colleges in the world including Harvard and MIT, the folks in the Bay State undoubtedly value education. Another thing they value is great SUVs!
The number of SUVs in this state is more than the number of all other vehicle types combined. However, it's the Tacoma that sells for $5,413 more in a slighty-used state than new here.
Michigan: Kia Telluride - 19.8%
With 36,000 miles of rivers and streams, the Great Lakes State is a paradise for water lovers. Oh, and it's also a car heaven!
Having one out of every five of the nation's auto-manufacturing jobs, Michigan is known as the car capital of the world. SUVs outnumber all other vehicles here, and the Telluride sells for $8,922 more in use than new units.
Minnesota: Toyota 4Runner - 14.4%
Though Minnesota has been proudly touting its "10,000 lakes" tagline on its license plates since 1950, the state actually has more than 14,440 lakes, according to the USGS.
Besides that, the North Star State is famous for having a lot of flour mills, butter plants, and the nation's biggest shopping mall. With 48.5% of vehicles being SUVs, the Toyota 4Runner sells for $6,747 more in use here than new.
Mississippi: Toyota Tacoma - 18.7%
Home to one of the most important rivers in the US, Mississippi has an abundance of hills, prairies, plains, lowlands, and forests.
It makes perfect sense that hardcore off-roaders like the Tacoma are in high demand in the Magnolia State. Used versions of the pickup sell for $6,706 above the MSRP here.
Missouri: Dodge Charger - 18.0%
The birthplace of Budweiser and home to thousands of caves, the state of Missouri has 91 cars for every 100 people, 33.4% of which are sedans and hatchbacks.
Like many other states, the Dodge Charger is the most overpriced used vehicle in the Cave State, with used examples selling for $6,929 more than what a new one costs.
Nevada: Kia Soul - 18.2%
Nevada's largest city Las Vegas is known around the world for its exciting nightlife, posh attractions, and savory dining. The city receives 40 million visitors every year and has more than 150,000 hotel rooms!
Thanks to the concentration of lights on its casinos and hotels, the Vegas Strip is the brightest spot on Earth, according to NASA. Surprisingly, it's a humble Kia, and not a crazy expensive sportscar, that sells for the most price in use.
New Hampshire: Subaru Crosstrek - 13.8%
The residents of New Hampshire have got the best license plates in all of the US because they proudly read: "Live Free or Die."
The Granite State has as many cars as it has people and 46.8% of all vehicles are SUVs. Subaru Crosstrek is the most overpriced used vehicle here, with slightly-used examples of the AWD crossover selling for $3,984 more than new.
New Jersey: Toyota RAV4 Hybrid - 22.2%
Known as the Diner Capital of the World, the Garden State features Italian, Mexican, Greek, and other cuisines, thanks to its diverse population.
With 68 cars for every 100 people, New Jersey has the second-lowest car ownership in the country. More than 48% of all vehicles are SUVs and the RAV4 Hybrid is the most overpriced used vehicle here.
New Mexico: Kia Sportage - 22.5%
Known for its town Los Alamos, the site of the Manhattan Project, New Mexico has 85 cars for every 100 people.
With 38.7% of all its vehicles being SUVs, the Kia Sportage is the most in-demand here. The used examples of this compact SUV sell for $6,534 more than what the new units cost in the Land of Enchantment.
New York: Ford Bronco Sport - 19.7%
Home to numerous attractions, NYC in New York state is one of the most visited cities in the world. With densely populated urban centres, it's understandable that the average one-way commute here is 33.3 minutes, one of the longest in the US.
New York state has the least car ownership rate in the nation, with just 58 cars for every 100 people (maybe because it has an ocean of taxis?). Anyways, 53% of all vehicles are SUVs here, with the Ford Bronco Sport being the most overpriced used vehicle.
North Carolina: Toyota RAV4 Hybrid - 18.0%
Being covered by the Appalachian Mountains in the west and Piedmont Plateau in the centre, SUVs are abundantly found in North Carolina.
The Toyota RAV4 Hybrid, in particular, is so much sought-after in the Tar Heel State that its used units sell for $6,570 more than what a new one costs.
Ohio: Dodge Charger - 18.9%
Known for the Rock and Roll Hall of Fame, the Pro Football Hall of Fame, and Cedar Point, there are more than 10.5 million vehicles in Ohio, with 43.5% being SUVs.
The Dodge Charger, however, is the most overpriced used vehicle in the Buckeye State, with people willing to pay $7,753 above the factory tag for used versions of the car.
Oklahoma: Toyota Tacoma - 18.8%
Known as the Land of the Red Man, Oklahoma has an extremely diverse topography ranging from forests to mountains to prairies to canyons.
Hardcore pickups form 24.5% of all vehicles in this state, with the Tacoma being in very high demand and selling for $7,102 above the MSRP in use. After all, you can't drive a Supra with a tornado swirling a mile from you!
Oregon: Toyota RAV4 Hybrid - 22.3%
Known for its mountainous regions, large valleys, deep lakes, evergreen forests, and mesmerizing hiking trails, Oregon is rightly called the Pacific Wonderland.
The wonders of nature offered by the Beaver State can only be enjoyed with a capable off-roader, which explains why 41.2% of all vehicles here are SUVs. The Toyota RAV4 Hybrid has a high demand and sells for $7,840 more in use than new.
Pennsylvania: Dodge Charger - 22.5%
Famous for its role in the American Revolution, Pennsylvania is rich in history and is home to the iconic Liberty Bell. It's also known for its coal and railroad industry, and more recently Hershey's chocolate production facilities.
Though 48% of all vehicles in the Keystone State are SUVs, many Pennsylvanians gladly pay $8,658 above the MSRP to buy used examples of the Dodge Charger.
South Carolina: GMC Yukon - 16.7%
Nicknamed the Palmetto State, South Carolina is known for its beautiful beaches and pleasant weather.
Almost 42% of all vehicles in this state are SUVs, with the GMC Yukon being one of the most sought-after models. So much so that it sells for $12,442 above the MSRP in use.
Tennessee: Kia Telluride - 14.7%
The stomping ground of numerous country music icons, Tennessee's capital city of Nashville is famously known as the "Music City." It is home to both the Country Music Awards and the Country Music Hall of Fame.
Besides country music, the residents of the Volunteer State are fans of SUVs, which make up 42.4% of all vehicles here. The Kia Telluride is in high demand, with used units selling for $6,594 more than new.
Texas: Toyota RAV4 Hybrid - 19.4%
Second largest state by both area and population, Texas has more than 22.4 million vehicles, 40.6% of which are SUVs.
Known for its hot weather, live music, and delicious barbecue, the topography of the Lone Star State has got everything from desert and mountains. And since it's so big, a hybrid off-roader makes for the perfect hauler here.
Utah: Toyota RAV4 - 12.5%
Known for its gorgeous national parks, copper hills, and dinosaur fossils, Utah is a mesmerizing state with an abundance of natural wonders.
Understandably, 39.9% of the vehicles are SUVs in the Beehive State. The Toyota RAV4 is one of the most sought-after SUVs here, with used units costing $4,171 more than new ones.
Virginia: Ford Bronco Sport - 14.1%
Famous for being the birthplace of 8 US presidents, including George Washington and Thomas Jefferson, Virginia is known as the Mother of Presidents. It's also known as the Mother of States as it was the first to be settled.
Virginians prefer to drive SUVs more than any other vehicle and the Ford Bronco Sport is highly in demand here, with used units costing $4,863 more than new.
Washington: Toyota RAV4 Hybrid - 20.2%
Home to the first Starbucks coffee shop, numerous snow-capped volcanic mountains, and multiple national parks, Washington is rightly known as the Evergreen State.
With numerous glaciers spread across its landscape, a capable AWD SUV is what most residents in this state look for, which is why the Toyota RAV4 Hybrid is in crazy demand here.
West Virginia: Chevrolet Trailblazer - 21.4%
Rightly known as the Mountain State, West Virginia is famous for its rugged land, rolling mountains, panoramic valleys, and scenic roads.
You need to have a stylish and capable ride to enjoy the beauty of this state. The Trailblazer ticks all the boxes and is, therefore, in great demand here, with used units costing $6,080 more than new.
Wisconsin: Chevrolet Trailblazer - 14.9%
Accounting for 30% of the nation's total cheese production, Wisconsin is known as America's Dairyland.
The Badger State has 97 cars for every 100 residents, with 46.7% of vehicles being SUVs. Much like in West Virginia, the Chevy Trailblazer is a highly sought-after vehicle here, with used examples selling for $3,974 more than what a new one costs.