Used Car Prices In Lubbock Are On The Rise Again

If you’ve been shopping for a used car around the Hub City lately and thought, “Wait a minute…didn’t this cost less last year?” — you’re absolutely right.

The Study

According to a brand-new study from iSeeCars, used car prices in Lubbock have jumped by 4.1% over the past 12 months. That’s an average increase of $1,394, compared to just 2% or $630 nationally. iSeeCars analyzed over 2.4 million used vehicles between 1 and 5 years old and found that prices are on the rise again after falling through much of 2023 and early 2024.

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Here in Lubbock, the Toyota 4Runner takes the top spot for the biggest price hike, with the average price soaring to $44,377, a jaw-dropping $7,415 increase from last year — a 20.1% spike. Other major climbers include the Ford Expedition (+15.1%), Cadillac Escalade (+13.7%), Lexus RX 350 (+12.7%), and the Volkswagen Tiguan (+10%).

It’s Not All Bad News for Car Buyers

If you’ve had your eye on a Nissan Murano, now might be the perfect time to act. The Murano tops the list for the biggest price drop in Lubbock, now averaging $22,984, down $3,526 (13.3%) year-over-year. The Dodge Durango also saw a 13.3% dip, followed by the Chevy Traverse (-11.5%), Mazda CX-5 (-9.6%), and Ford Escape (-9.4%).

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Nationally, electric vehicles took the biggest hit — used Teslas especially. The study reports Tesla resale values are down 8.4%, with four Tesla models landing on the list of the Top 10 Biggest Price Drops in the U.S.

What’s Causing the Price Rollercoaster?

Karl Brauer, Executive Analyst at iSeeCars said:

Used car supply, or lack thereof, is the primary driver behind the recent price increases. This supply issue won’t resolve itself in the near term, suggesting we could continue to see average used car prices rise over the next six months.

The full study breaks it all down, including the top 20 cars with the biggest price drops and gains, month-by-month trends, and brand-specific insights. (Hint: it might be a great time to buy a used Tesla.)

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For now, buckle up, Lubbock. Whether you’re buying or selling, the used car market is still cruising in the fast lane.