Five Used Cars Are No Longer Affordable in Minnesota
Inflation in 2022 has caused the price of many things to increase, like, for instance, the price of used cars. Here are five used cars a new survey says are no longer affordable here in Minnesota.
The crew over at car search engine iSeeCars just published a new survey looking into just how much the price of used (or 'pre-driven' as the auto industry used to say) cars have increased in 2022 compared to last year.
They found that car prices have increased as a result of changes in consumer behavior, supply chain issues, and other effects of the pandemic. However, the study also found that household incomes and wage growth have not kept pace. This means those used cars are now much less 'affordable' than before.
Overall, iSeeCars says that used car prices this summer increased an average of 10.9%, or an extra $3,364 year-over-year. Here in the Land of 10,000 Lakes, we're slightly under the national average, with used car prices having increased 'only' 9.8% compared to last year. That means, though, that we're paying an average of $3,097 more for the same used car this year than we did a year ago.
So, when it comes to affordability, iSeeCars also crunched the numbers and determined that the following five cars have increased in price so much, they're no longer affordable. So which cars are they?
- Mercedes Benz C-Class, priced now at $39,339, up 51.6% from 2019, now 22.8% above affordability.
- BMW 3 Series, priced now at $38,974, up 42.3% from 2019, now 21.7% above affordability.
- Ford Mustang, priced now at $38,445, up 77.4% from 2019, now 20% above affordability.
- Accura RDX, priced now at $38,262, up 46.8% from 2019, now 19.4% above affordability.
- Volvo S60, priced now at $38,250, up 72.7% from 2019, now 19.4% above affordability.
Speaking of affordability, home prices have also continued to increase here in Minnesota, along with the increasing cost of mortgage loans. But it's worse in some areas than others. Keep scrolling to check out the 10 Richest Neighborhoods in Rochester in 2022.
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