No one needs to tell you just how crazy car prices have gotten in recent years. Considering all the carryover effects of the pandemic, stifled vehicle production, supply chain shortages, and economic inflation, it’s no wonder used cars are much more expensive today than they’ve been in years past. Depending on which U.S. state you call home, your region’s used car pricing could be downright frightening right now.
A study conducted in October 2022 took a closer look at which states have some of the highest used car prices. Rooted in metrics, affordability data, and cost of living estimates, one used model per state is considered the least affordable to buy. For anyone who’s been eyeing the Jeep Compass, buying one used in West Virginia might cost you more than you expect. Here’s more about used Jeep Compass pricing and other findings from this least affordability study.
The study that determines what’s affordable
There are obviously going to be some cost of living considerations around the nation that dictate what’s affordable and what’s not. Used cars skyrocketed immediately following the manufacturer shutdowns but have also started to level out in recent months. However, iSeeCars took a data-driven approach to gauge just where used car pricing stands today and ranked each state while highlighting its least affordable model to buy.
According to the iSeeCars methodology, affordability can be determined by estimating and comparing various data, including household income averages and ideal car payments. Tapping into the ACS (American Community Survey) conducted by the U.S. Census Bureau and projections provided previously by the U.S. Bureau of Labor Statistics, household incomes were established for each state. Furthering its analytics, the iSeeCars team also reviewed Bankrate‘s auto loan interest rates guidelines.
The final result of these calculations is an affordability threshold. Values above 100 would mean less affordable. During a three-year period, the team began estimating which model vehicle would be the least affordable to buy in each state. For car buyers in West Virginia, it’s a used Jeep Compass with the biggest price increase.
The least affordable used car in West Virginia
In revealing its findings, the iSeeCars study listed each U.S. state, the least affordable used cars, the percentage differences in pricing, and the amounts needed to buy each vehicle in 2022. In West Virginia, the Jeep Compass is the least affordable vehicle.
Buying a Jeep Compass in August 2022 would set you back $25,381. That’s a 35.2% hike from the previous pricing. In 2019, it would have cost roughly $9,177 less to buy a used Jeep Compass. So, while it’s not necessarily the most expensive used car to buy, it certainly represents the most significant price surge of all used vehicles in West Virginia.
Other states where buying a used Jeep Compass may be pricey
If you don’t plan to buy your used Jeep Compass in West Virginia, don’t breathe a sigh of relief just yet. It’s also the least affordable to buy in a couple of other states, too. The study finds that purchasing a used Jeep Compass in Mississippi will cost you $26,106, a 46.3% hike and a $10,663 difference from the 2019 price tags. Additionally, if you live in Arkansas, buying a used Jeep Compass now will cost roughly $26,256, a 36.4% and $11,758 difference in pricing from 2019.
If you have your Jeep-loving heart set on buying a used Jeep Compass and happen to live in Mississippi, Arkansas, or West Virginia, be prepared to pay a bit more than you would have a few years ago. It’s the least affordable vehicle in those states, which might inspire you to consider a different model or buy your Compass elsewhere.