DETROIT (Michigan News Source) – If you’re looking for a used car that won’t cost you an arm and a leg, you’re in luck if you live in Michigan because, according to a study by The Clunker Junker, a car-buying website, the state comes in near the top in the rankings.
That is good news because the The Financial Times reports that the price of a used car has risen 49% in the United States since June 2020, with the median price for a used vehicle in October only decreasing a bit more than 3% from a year earlier to $23,488, according to cars.com.
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With the supply chain crisis easing and semiconductor chips becoming more available, there are more used cars on the market now to help with the better pricing – however with higher interest rates, some people are leery of taking out a loan.
Because of that, consumers looking for a good deal. In order to compare vehicle prices in different cities and states, The Clunker Junker looked at thousands of listings on cars.com studying the most popular car models, averaging prices and ranking different locations with data from October 2022.
Alaska came in as the most expensive state for used cars with prices 10.69% higher than the national average; however, when you take local wages into consideration, affordability came in pretty good.
Florida was the cheapest state for used cars with vehicles costing about 4.45% less than other places in the country but Michigan was a close second, only a few decimal points away from the sunshine state. Affordability compared to wages is also good news for Michiganders with vehicles only costing only 52.9% of the average annual salary while places like El Paso, Texas had people paying for vehicles that cost 79.8% of their average annual salary.
Detroit came in at number five on the list of best cities to find cheap cars. Their vehicles were almost 6% less than other cities on the list.
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