(iSeeCars) — Used car prices have increased as a result of changes in consumer behavior, supply chain issues, and other effects of the pandemic; however, household incomes and wage growth have not grown at the same rate.

According to the latest iSeeCars.com analysis, these used car price increases have resulted in a 26.7% drop in used car affordability from August 2019 to August 2022. 

Used Cars That Have Dropped the Most in Affordability in Each State

iSeeCars determined the used cars that have had the most significant decreases in affordability in each state.  

Used Cars That Have Dropped the Most in Affordability in Each State
StateUsed Car Model% Above Used Car Affordability Threshold, August 2022$ Over Aug 2019 Used Car PriceAvg 3yo Used Car Price Aug 2022
AlabamaToyota Camry40.3%$11,164$27,720
AlaskaJeep Cherokee3.7%$7,918$29,563
ArizonaVolvo S6029.5%$13,676$32,762
ArkansasJeep Compass36.4%$11,758$26,256
CaliforniaToyota RAV4 Hybrid27.6%$14,965$39,691
ColoradoBMW 3 Series33.5%$15,586$40,231
ConnecticutFord Mustang34.4%$16,020$41,242
DelawareChevrolet Traverse45.1%$15,436$37,783
FloridaNissan LEAF55.5%$23,418$35,919
GeorgiaToyota Prius36.4%$13,836$33,254
HawaiiDodge Charger44.7%$20,634$44,995
IdahoSubaru Legacy44.7%$17,957$35,231
IllinoisVolvo S6035.8%$15,961$35,922
IndianaHonda Accord28.9%$11,806$29,637
IowaGMC Terrain30.0%$11,538$31,236
KansasHonda Accord29.9%$10,915$30,513
KentuckyVolkswagen Tiguan40.1%$12,977$28,527
LouisianaVolkswagen Tiguan47.2%$11,977$28,093
MaineHonda CR-V29.9%$11,221$30,832
MarylandAudi A637.3%$19,637$45,361
MassachusettsChevrolet Camaro22.9%$17,407$40,366
MichiganToyota Camry Hybrid45.2%$14,561$33,768
MinnesotaFord Mustang37.4%$17,945$39,133
MississippiJeep Compass46.3%$10,663$26,106
MissouriHonda Accord35.0%$12,954$30,597
MontanaHonda Civic19.4%$10,441$27,661
NebraskaHonda Accord28.3%$12,798$31,405
NevadaToyota Prius29.4%$11,038$31,425
New HampshireChevrolet Traverse11.6%$13,162$36,173
New JerseyAudi A642.3%$20,304$46,539
New MexicoToyota Camry48.2%$13,882$29,308
New YorkFord Mustang26.3%$13,753$34,385
North CarolinaToyota Camry Hybrid37.5%$12,994$31,213
North DakotaToyota RAV441.5%$13,088$34,478
OhioNissan LEAF48.4%$20,193$33,845
OklahomaHonda Accord42.9%$11,527$29,232
OregonNissan LEAF34.7%$21,762$35,325
PennsylvaniaVolvo S6043.4%$14,936$36,225
Rhode IslandChevrolet Traverse29.0%$12,549$34,974
South CarolinaHonda Accord43.4%$12,974$31,171
South DakotaHonda Accord24.9%$11,190$30,269
TennesseeHonda Accord37.2%$11,976$30,005
TexasVolvo S6036.0%$12,018$33,358
UtahToyota RAV4 Hybrid30.9%$13,261$38,103
VermontToyota RAV416.4%$9,970$30,891
VirginiaJeep Wrangler33.7%$14,565$39,671
WashingtonChevrolet Traverse30.4%$14,990$40,258
West VirginiaJeep Compass35.2%$9,177$25,381
WisconsinMINI Countryman39.2%$15,714$34,244
WyomingFord Escape17.1%$7,363$27,975
  • The used car that has dropped the most in affordability in the most states is the Honda Accord in eight states.
  • The used car that is priced the highest above the used car affordability threshold is the Nissan LEAF in Florida at 55.5 percent.

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iSeeCars calculated its Car Affordability Index for new and used cars monthly from April 2019 to August 2022. The Car Affordability Index was calculated as the ratio between median household income (obtained from the U.S. Census Bureau’s American Community Survey (ACS) one-year estimates and projected using the U.S. Bureau of Labor Statistics’ Earnings reports) and an idealized income for car payments, based on new cars’ and three-year-old used cars’ pricing. An index of 100 means the idealized income for car payments exactly matches household income; values above 100 mean household income is greater than the idealized income for car payments, while values below 100 mean household income is less than the idealized income. Car payments were estimated using Bankrate.com’s published auto loan interest rates and loan terms, and the idealized household income was estimated assuming car payments should be no more than 10% of a household’s annual income. The iSeeCars Car Affordability Index was calculated for new and three-year-old used cars both nationally, by state, and by the Census Bureau’s Metropolitan Statistical Areas (MSAs).

About iSeeCars.com:

iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars VIN check report and Best Cars rankings. iSeeCars.com has saved users over $354 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.