A used Chevy Spark sold for an average of $15,672 in November 2021, which was up $5,275, or 50.7 percent, from November of last year. The subcompact hatchback has experienced steep year-over-year price increases so far this year due to high demand for second-hand vehicles in the U.S., coupled with a lack of inventory due to the semiconductor chip shortage and pandemic-related production setbacks.
In August, a used Chevy Spark sold for an average of $14,456 – a year-over-year price increase of $4,467 or 45.5 percent. That means that despite a slight improvement in chip supply and vehicle production output in recent months, the price of this typically bargain-basement subcompact car continues to rise.
Karl Brauer, Executive Analyst at iSeeCars, says that supply chain and production output improvements helped ease used vehicle price increases throughout the summer and fall months, but his company is beginning to see second-hand car prices rise once again.
“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,” Brauer said. “With microchip shortage-related plant shutdowns persisting throughout the year, automakers have not kept pace with pent-up demand, and lingering supply constraints that are expected to continue well into 2022.”
The Chevy Spark’s 50.7 percent price jump put it third on iSeeCars’ list of the top ten cars with the greatest YoY price increases for the month of November. The Nissan Leaf was first with an average price increase of $8,404 (64 percent), while the Mitsubishi Mirage was second with an average increase of $4,945 (52.3 percent).
Nine of the ten vehicles on the list were compact or subcompact cars, suggesting consumers that may have been apprehensive to shell out very much for a small vehicle in the past are more than willing to do so amid the current supply pinch.
Brauer says the increased popularity of small cars is due to the fact these vehicles “are attainable for new drivers and those looking for affordable transportation, even with their large increase in price over the past year.”