In recent months, the Chevrolet Corvette has been the nation's fastest-selling vehicle. And if you are looking for a used 'Vette, good luck.
According to a new survey from ISeeCars.com, the Corvette saw the biggest jump in year-over-year used car price in April. The average used Corvette now goes for more than $68,000, an increase of $17,000 over Apr. 2020. On the whole, used car values rose 16.8% last month.
The deepening global shortage of semiconductors is a big reason for the bump, as the auto industry has had increasing trouble in cranking out new vehicles.
ISeeCars Executive Analyst Karl Brauer said some popular used pickup models also saw unprecedented price spikes, including the Ram 1500, GMC Sierra 1500, Chevy Silverado 1500 and Toyota Tacoma.
Brauer said decent deals remain in the used car market, but shoppers need to do their research to find them. Several used luxury SUVs have seen only nominal price increases in the past year, along with the Toyota Prius. Brauer said the only used vehicle to lose value in the last year is the Tesla Model S.
Brauer discussed the report with KRLD's Chris Sommer.
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