In June of this year, a used Chevy Spark sold for an average of $13,892 – up by $4,015 from June 2020. That’s an increase of 40.6 percent in just 12 months on what is one of the most affordable new vehicles available today.
iSeeCars analysts believe lower than usual new vehicle inventory brought on by the microchip shortage is turning more buyers to the used market – in turn driving up prices of second-hand vehicles.
“The microchip shortage has brought historic used car price increases, so much so that some lightly used cars are more expensive than new models,” iSeeCars executive analyst Karl Brauer explained. “While used car prices are expected to remain elevated for the foreseeable future, we are waiting to see if prices are going to keep rising or if they will start to decline towards pre-microchip shortage levels.”
Brauer also said the Chevy Spark’s low price tag has made it a popular choice in the past year, with prices remaining low even amid rising vehicle prices due to the chip shortage.
“The Chevrolet Spark’s main appeal is its low price point, making it attainable for new drivers and those looking for cheap transportation, even with a big bump in prices over the past year,” said Brauer.
Sales of the Chevy Spark grew 46 percent year-over-year in Q2 2021 to 7,754 units. This enabled the city car to continue as the best-selling model in its segment, outpacing the Mitsubishi Mirage and Fiat 500. The configurator for the 2022 Chevy Spark went live this week, ushering it in the next model year of this increasingly popular subcompact.