Used car prices have skyrocketed in recent months as the semiconductor chip shortage continues to wreak havoc on new vehicle inventory, leading to new records each and every month. Last month, the average used vehicle listing reached $25k for the first time ever, while even higher-mile used vehicles are selling for big money these days. However, some models are selling for greater premiums than others, and that includes the Lincoln Navigator, as Ford Authority reported yesterday, while used Ford Mustang prices are on the rise as well.
This news comes to us from iSeeCars, which just released new data revolving around the best and worst used cars to buy right now. Of the top ten used vehicles with the largest year-over-year price increases, the Mustang ranked ninth. Average used Ford Mustang prices have risen to $36,476, a whopping $10,656 or 41.3 percent more than last June.
“These sports cars are aspirational cars for many consumers, and even with a price increase, they are still relatively affordable compared to other vehicles in the segment,” said iSeeCars Executive Analyst Karl Brauer. “Sports cars surged in popularity during the pandemic as drivers sought fun cars to combat boredom, and since they aren’t practical purchases, people are likely more willing to pay a premium for them in the used car marketplace.”
While this is bad news for anyone in the market for a used Ford Mustang (or most used vehicles in general), there are signs that things may soon cool off at least a little in the coming months. Inventory actually improved in the month of June, and many experts believe that prices will begin to follow suit and start to decline in Q3.
“These used vehicles have proven to be appreciating assets over the past year – a circumstance not typically associated with used cars,” Brauer said. “Shoppers interested in these vehicles should consider holding off on purchasing them, while consumers who have these vehicles in their garage and are willing to part with them can take advantage of significantly higher trade-in values.”