The average price of a used Chevy Spark jumped more than 50 percent year-over-year in February amid sustained high demand for affordable, second-hand vehicles.
According to iSeeCars, the average transaction price of a used Chevy Spark last month stood at $16,949. This was up from just $5,980 in February 2021, representing a massive 54.5 percent year-over-year increase.
Second-hand examples of the Chevy Spark had the second-highest year-over-year price jump in the used car market last month, surpassed only by the Hyundai Sonata Hybrid, which jumped in price by 61.2 percent. It’s worth noting that an all-new Sonata Hybrid was introduced for the 2020 model year, so this price jump could be due to the fact that these more up-to-date examples have begun to hit the used market in larger numbers this year. The Chevy Spark, by comparison, has remained largely unchanged since the second-generation model was introduced for the 2015 model year.
The Kia Rio, a direct competitor to the Spark, also saw a significant year-over-year price increase of 51.4 percent on the used market last month. With the price of both new and used vehicles spiking over the past year, affordable cars like the Chevy Spark and Kia Rio are becoming more popular among American consumers, explained iSeeCars analyst Karl Brauer. Rising gas prices could make these vehicles even more popular going forward, too.
“The Chevrolet Spark and the Kia Rio are among the lowest-cost cars on the market, while the Kia Forte and Kia Soul are among the lowest-priced options in their respective vehicle classes,” said Brauer. “These vehicles, along with the always-popular Toyota Corolla, are attainable for new drivers and those looking for affordable transportation, even after with their large increase in price over the past year.”
Brauer said consumers feeling the pressure of high new and used car prices can instead pour money into maintaining their current vehicle, or look for vehicle types that may not be particularly popular.
“The best way for American consumers to avoid significantly higher prices for the foreseeable future is to either maintain their current vehicle or purchase a used vehicle that isn’t in high demand, and to be as flexible as possible with factors such as color and trim,” he explained.