If you’re old enough, you probably remember the days when you could buy a reliable used car for just a few thousand dollars. The recent pandemic, supply chain problems, and economic impact have pushed used car prices to all-time highs nationwide.
You may be wondering if used car prices are high everywhere, or if there are nuances in pricing from state to state and model to model. As with certain makes and models, it would be correct to assume that some parts of the country will be more expensive than others. If you want a Jeep Cherokee and live in Alaska, you should be prepared to fetch a good deal on the market today.
Definition of “affordable” according to this study
Affordability, like beauty, is in the eye of the beholder, right? In fact, when it comes to used car affordability, there’s data and science behind the definition of “affordable.” When iSeeCars began sifting through pricing metrics and analytics, the site carefully applied affordable, data-driven benchmarks.
First, the team turned to the US Bureau of Labor Statistics. So they studied the average worker’s income report and compared it with the Census Bureau’s American Community Survey to derive an estimate. The judge looked at household income and idealized car payments and decided that a value less than 100 meant that the house earned less than the average car payment. This data was used to determine the most affordable guidelines for ranking used cars.
Alaska’s Most Affordable Vehicle
If you’re an Alaska resident or plan to do some car shopping in Alaska, prepare for sticker shock with a used Jeep Cherokee. Purchasing the model will cost you $29,563. This is a margin of 3.7% above the affordability threshold. That’s a difference of $7,918 for him compared to buying the same car in 2019.
Now, if you live in Alaska, buying a sturdy, high-performance Jeep, regardless of cost, is well worth its weight. And some would argue that the Jeep has always been ranked as one of the best cars for preserving value. However, it’s the most affordable to buy in Alaska, so this report might persuade you to look elsewhere to buy that Jeep Cherokee.
Other states where Jeep models aren’t the most affordable
If you’re glad you don’t live in Alaska, don’t get too excited just yet. If you have your eye on some Jeep models and live in these states, be prepared for the high prices. The iSeeCars report shared that the Jeep Compass is her one of the most affordable vehicles. Specifically, if you live in Arkansas, Mississippi, or West Virginia, buying a used compass is expensive.
A used Jeep Compass sells for $25,256 in Arkansas, $26,106 in Mississippi, and $25,381 in West Virginia. The percentages above the affordability threshold are 36.4%, 46.3%, and 35.2%, respectively. Plus, if you’re planning on buying a used Jeep Wrangler in Virginia, prepare for the $39,671 price tag. That’s a $14,990 difference from the 2019 price.
The Jeep Cherokee, Compass, and Wrangler fall into the most affordable category of competitors, but not the most affordable of all. Based on these metrics, the Honda Accord is the vehicle with the highest volume and greatest drop in affordability among various states. And the only vehicle that is the worst offender of them all is the Florida Nissan Leaf, which is 55.5% above the affordability threshold. However, for those of you who live in Alaska and are adamant about buying a used Jeep, it may not help.
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