Used EV, Hybrid Prices Rise

By Staff Writer August 12, 2022 367

Used car prices are up 10.9 percent over last year as the microchip shortage continues to impact the auto industry, according to iSeeCars.com’s latest analysis of over 1.8 million used car sales in July. This is slightly up from a 10.5 percent increase in June and marks the second month of slight increases after four months of slowing price growth.

“Used car prices remained steady in July compared to June, and both months marked the first time in 2022 that saw a decrease in price for some used car models,” said iSeeCars Executive Analyst Karl Brauer. “We are also continuing to see a significant increase in demand for used electric and hybrid cars as a result of high gas prices, with the average cost of electric vehicles increasing by 56.7 percent and hybrid cars increasing by 30.5 percent compared to last year.” 

Although the average used car has significantly increased in price, iSeeCars’s analysis also found some vehicles have decreased in price or have lower-than-average increases.

The used car with the greatest price increase is the Nissan LEAF, which has risen in price by 43.8 percent compared to last year.

“The price increase for the LEAF, which was once the highest depreciating car on the market, is likely due to heightened gas prices as well as the heightened desirability for the redesigned 2018 model that offers increased range and is now coming off lease to enter the used car market,” said Brauer.

Two additional electric cars making the list are the Tesla Model S and Chevrolet Bolt. “Demand for used versions of the Model S waned in recent months as consumers embraced the more affordable Model 3 and the Model X SUV, but the long wait times for new versions of the Model S, which include March 2023 as the earliest availability for the base model, have driven consumers to the used market,” said Brauer. “The Chevrolet Bolt’s affordability, plus heightened interest in all electric vehicles, has led to its steep used car price increase.”

Five hybrid vehicles make the list including the Hyundai Sonata Hybrid, the Toyota Prius Prime plug-in hybrid, the Toyota Prius, the Toyota Avalon Hybrid, and the Lexus ES 300h. “Hybrid vehicles are in high demand due to soaring gas prices, with the hybrid category as a whole increasing in price by 30.5 percent,” said Brauer. “Hybrid sedans have seen a resurgence in popularity after falling out of favor when consumers previously embraced hybrid SUVs, again reflecting these sedans’ more affordable price and fuel-efficient drivetrains.”

The Fiat 500x subcompact SUV also makes the list. “The Fiat 500x is one of the most affordable SUVs on the market, with an average price of $21,407, making it attainable for drivers seeking affordable and fuel-efficient transportation,” said Brauer. 

The Porsche Cayenne luxury midsize SUV rounds out the list. “The wait time for a new version of the Porsche Cayenne is over a year, sending buyers who want this luxury SUV to the used car marketplace,” said Brauer. 

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Last modified on Thursday, 18 August 2022 13:36