This used subcompact car's price has spiked 50%. Here's why

No, you're not seeing things. Prices for used examples of the Mitsubishi Mirage subcompact were up 49.9% in August as the semiconductor chip shortage continues to throttle new and pre-owned car supplies.

According to the latest market survey by iseecars.com, the average sale price during the month for a Mirage was $13,398, or $4,457 higher than last year.

The budget model is one of the lowest-priced vehicles in the U.S., starting at $16,290 new.

The Mirage was closely followed on the list by the Nissan Leaf electric with a bump of 46.% percent and the Chevy Spark, which is the cheapest new car currently on sale and was selling for prices 44.7% higher than in 2020.

The industry average for the month was 26.2% and it looks like the best way to beat it was to spend more money on a luxury SUV.

The Mercedes-Benz GLC had the smallest increase at 8.0%, followed by the Audi SQ5 (9.1%) and Volvo XC90 (9.3%).

Although the overall average was down sharply from June and July, the relative relief may be short-lived.

CLICK HERE TO GET THE FOX NEWS APP

The latest Manheim report on wholesale used car prices saw them begin to rise in September after several months of decline.