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The prices of some used cars continue to rise across the nation as factors like the ongoing chip shortage create inventory constraints, according to a recent study. While the industry average price increase was 10.9% in July, EVs and hybrids posted a significantly higher increase.
Website iSeeCars analyzed over 1.8 million used-car sales in July to arrive at that number, which is the increase over July 2021. For context, the year-over-year increase was pegged at 10.5% in June 2022 and 16.9% in May 2022. And drivers seeking an electric or a hybrid car will pay significantly more in 2022 than they would have in 2021.
The car that posted the highest year-over-year increase is the Nissan Leaf. The average used Leaf sold for $28,093 in July 2022, a 43.8% hike over July 2021. Karl Brauer, iSeeCars‘ executive analyst, noted that “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” explains the rise.
Several other electrified cars posted a similar increase, including the Hyundai Sonata Hybrid (43%), Toyota Prius (36.9%), Toyota Prius Prime (34.4%), and Toyota Avalon Hybrid (32.4%). All told, the price of used EVs and hybrids increased by 56.7% and 30.5%, respectively, due largely to rising gas prices.
Cars that posted a higher-than-average increase in value weren’t all electrified, however. The seventh spot on the list is occupied by the Fiat 500X with a 29.2% increase; ninth place goes to the Porsche Cayenne (26.9%). Here again, a diverse selection of factors influences those numbers. Brauer pointed out that the 500X is somewhat ironically positioned as one of the most affordable SUVs on the market, while the waiting time for a new Cayenne currently stands at over a year.
Breaking down the numbers by body style provides an interesting look at buying trends across the nation. Hatchbacks, sedans and wagons posted increases of 17.8%, 17.1%, and 16%, respectively; these are the body styles motorists have spent many years running away from. SUVs rose by 11.5%, while the average cost of used minivans and used pickups increased by 4.1% and 1.7%, respectively, in July 2022.
Some models got cheaper between July 2021 and July 2022. The cost of a used Nissan Armada dropped by 7.4%, while the price of a used Chevrolet Camaro and a used Nissan Titan fell by 6% and 2%, respectively. Finally, the Ford Mustang stayed flat while the Ford F-150, Volvo S90, Honda Ridgeline, and Toyota Tundra posted modest increases of 0.1%, 0.5%, 0.6%, and 0.7%, respectively.