Used cars have risen in value by as much as 69% over the past year

The price of used cars has soared over the past year by an average of 40%, though some have even gone up as high as 69% in value, according to a new report.

The value of a three-year-old Dodge Grand Caravan, Nissan Versa and Toyota Prius have all risen by over 60% compared to their prices a year ago, finds a study from auto market research firm Edmunds that lists the top 10 used cars that surged in price.

Prices of used cars are soaring so high because of a slowdown in production of new cars due to ongoing issues, and a semiconductor microchip shortage. The drop in new car production has, in turn, created a high demand for used cars.

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