Hybrid and electric models lead used car price spike

Used car prices continue to rise, with hybrid and electric cars hit the hardest, new analysis finds iSeeCars.

The analysis, which is based on aggregate listing prices and not necessarily transaction prices, found that the average listing price of used hybrids and electric vehicles increased more than year over year. other than the other types of powertrains.

Used electric vehicles saw the biggest price increase, with average prices in July 56.7% higher than the same period last year. Used hybrid prices have increased by 30.5% compared to July 2021. This compares to an average of 10.9% for all used cars and an average of 10.2% for models not electrified.

car prices in the United States in July 2022 (according to iSeeCars)” alt=”Average increase in used car prices in the United States in July 2022 (according to iSeeCars)” width=”640″ height=”174″ class=”first_image lazy” data-width=”1024″ data-height=”279″ data-url=”https://images.hgmsites.net/lrg/average-u-s-used-car-price-increases-in-july-2022-from-iseecars_100851156_l.jpg” src-h=”https://images.hgmsites.net/hug/average-u-s-used-car-price-increases-in-july-2022-from-iseecars_100851156_h.jpg” data-src=”https://images.hgmsites.net/lrg/average-u-s-used-car-price-increases-in-july-2022-from-iseecars_100851156_l.jpg” src-l=”https://images.hgmsites.net/lrg/average-u-s-used-car-price-increases-in-july-2022-from-iseecars_100851156_l.jpg” src-m=”https://images.hgmsites.net/med/average-u-s-used-car-price-increases-in-july-2022-from-iseecars_100851156_m.jpg” src-s=”https://images.hgmsites.net/sml/average-u-s-used-car-price-increases-in-july-2022-from-iseecars_100851156_s.jpg”/>

Average increase in used car prices in the United States in July 2022 (according to iSeeCars)

The individual used models with the highest average price increases were also overwhelmingly electrified. The Nissan Leaf saw the biggest increase, at 43.8%, followed by the Hyundai Sonata Hybrid at 43.0%. They were followed by the Toyota Prius, the Prius Prime plug-in hybrid and the Avalon Hybrid, all of which saw average price increases of around 30% for used examples.

In all cases, these increases mean the difference between the four-digit and five-digit average prices. The Leaf, for example, went from an average list price of $8,563 in July 2021 to an average list price of $28,093 in July 2022.

And despite a price drop for the new Chevy Bolt EV, the price of a used vehicle has increased significantly. Average second-hand prices rose 30.2% between July 2021 and July 2022, according to the analysis, the sixth highest increase.

2020 Hyundai Sonata Hybrid

This continues a trend we saw last year when it came to electric vehicles. And iSeeCars noted this spring that prices for electric and hybrid vehicles were up more than a third from levels a year ago.

On a model-by-model basis, used EV prices had come down as a percentage of their original price, but we noticed a turnaround in early 2019, apparently with the arrival of some more affordable long-range EVs like the Bolt EV and Tesla Model 3 on the used market.

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