The COVID-19 pandemic and global microchip shortage have thrown a wrench in the auto market, resulting in dramatic fluctuations in used car prices. That includes used GMC Sierra pickups, which saw a dramatic rise in prices over the past year.
According a recent analysis from automotive search engine and research website iSeeCars, used GMC Sierra 1500 models were among the top 10 vehicles with the greatest year-over-year increase in average price, rising to $42,347, a 28.6-percent increase, or $9,418, compared to prices from April of 2020.
The iSeeCars analysis is based on more than 800,000 used car sales ranging between the 2016 and 2020 model years, collected in April of 2021, and more than 400,000 used car sales ranging between the 2015 and 2019 model years, collected in April of 2020. Heavy-duty models, low-volume vehicles, vehicles with fewer than four of the five model years for each period, and vehicles discontinued as of the 2021 model year were excluded from the analysis.
Overall, average used car prices increased 16.8 percent, or $3,926, in the past 12 months. Traditionally, used car prices remain somewhat static – for example, average used vehicle prices were reduced by 0.2 percent year-over-year in 2019, and increased 0.1 percent year-over-year in 2020.
Pickups and sports cars saw the biggest price increases this year. As such, they are considered the best segments to sell, and the worst to buy. The best segment to buy right now are hatchbacks, minivans, and small SUVs, which saw relatively minor price increases compared to the broader used car market.
“The current used car price increase is unparalleled, and prices will likely remain elevated for the foreseeable future due to the magnitude of the global microchip shortage and restricted new car supply,” said Karl Brauer, iSeeCars Executive Analyst.
Beyond used GMC Sierra pickups, other notable used vehicle price increases include those for the Chevy Corvette, Chevy Silverado 1500, and Chevy Camaro, all of which are in the list of top 10 cars with the biggest price increase year-over-year.