WOBURN, Mass. -

It may arguably be the most expensive place to rent an apartment, catch a play or enjoy a steak, but when it comes to having the best deals on used cars, the Big Apple might as well be the Big Steal.

According to iSeeCars, New York City tops the list of cities when it comes to the most underpriced cars as a percentage of all cars for sale.  

With 37.6 percent of its used cars for sale being considered “underpriced,” New York beat out peers like Los Angeles and Chicago quite handily. All three of these U.S. people population leaders had more than 300,000 used-car listings, but only 18.9 percent of listings in L.A. were considered good deals, putting it 35th on the list.

The Windy City ranked No. 15 at 26.4 percent.

Outside of NYC, the rest of the top five markets for used car deals looked like this, according to iSeeCars (based on percentage of cars for sale that iSeeCars found to be underpriced*):

2. Buffalo, N.Y. 36.5 percent
3. Providence, R.I./New Bedford, Mass., 36.3 percent
4. Detroit, 36.2 percent
5. Cleveland-Akron (Canton), Ohio, 35.1 percent

The top of the list was dominated by the East Coast (with eight of the top 10), but a good portion of the U.S. was represented, as cities from the South, Midwest, Southwest and West Coast dotted the rankings.

And interestingly enough, sometimes a city’s close proximity to another city didn’t necessarily correlate into used prices being the same.

“We learned that Washington D.C., had close to four times the number of deals as nearby Baltimore,” said Phong Ly, chief executive officer and founder of iSeeCars.com. ”Similarly, Dallas and Austin are only about a few hours away, but there were three times as many underpriced cars in Dallas than Austin.”

*Here’s an explanation provided by company on how it arrived with list of 50 cities:

iSeeCars analyzed more than 30 million used cars for sale in the U.S. over the last 12 months and studied the used cars which were priced $15,000 and below. A used car is a deal if the price is at least five percent below iSeeCars’ estimated “market value”. The (percentage) of deals is used to rank the cities — it is calculated as the number of deals in a given city divided by the total number of cars for sale in that market.

 Only city DMA’s which had 40,000 used cars or more listed for sale were included in the study. “Market value” of a used car is determined using a proprietary algorithm that analyzes similar cars for sale nationwide —those with the same year, make, model, trim, options, mileage, and other factors.

The full list can be seen here. To learn more, visit iSeeCars.com.

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