PROVIDENCE, R.I. (WPRI) — If you’re in the market for a used car, you may want to start saving up some money sooner rather than later.

Data collected by iSeeCars estimates that nationwide, the average price of a used car has increased by 10.9% over the past year.

Those price increases can likely be attributed to the ongoing microchip shortage and inflation, according to iSeeCars.

Gregory Costa, owner of Safeway Automotive Services, said these are factors to keep in mind while searching for a new car.

“If you’re going to buy a used car in today’s market, you need to determine whether you need that new used car or want to keep the one you have,” he said.

Rhode Island Attorney General Peter Neronha tells 12 News his office has been keeping a close eye on the price of used vehicles.

“You could negotiate a car price three or four years ago,” Neronha said. “The reality is, because the supply has shrunk, it is much harder to do.”

When asked what potential car buyers should keep in mind, Neronha said they should make sure they’re only paying for what is advertised.

“Our view is, whatever price you see advertised, and that is typically is the MSRP price, they can’t charge more than that,” he said. “There are some dealers that have charged an addendum fee up to $5,000 more over the MSRP.”

Costa recommends potential car buyers do their research online before heading to the dealership.

“We use Kelley Blue Book and NADA for our customers if they come in looking at a used car or a new car,” Costa said.

Potential buyers should also have the vehicle they’re considering checked out by a trusted mechanic.

“Find out that it is either good to purchase or not good to purchase instead of making that purchase and losing a lot of money,” he said.