Used car prices show relatively smaller increase in July 2022

According to a recent study, prices for some used cars continue to rise across the country as factors such as the ongoing chip shortage create inventory constraints. While the average industry price increase was 10.9% in July, electric and hybrid vehicles posted a significantly higher increase.

Website iSeeCars analyzed over 1.8 million used car sales in July to arrive at this number, which is the increase from July 2021. For context, the year-over-year increase was set at 10.5% in June 2022 and 16.9% in May 2022. And drivers looking for an electric or hybrid car will pay significantly more in 2022 than they would have in 2021.

The car that showed the biggest year-over-year increase was the Nissan Leaf. The average used Leaf sold for $28,093 in July 2022, up 43.8% from July 2021. Karl Brauer, iSeeCars‘ executive analyst, noted that “increasing gas prices along with the increased desirability of the redesigned 2018 model which offers increased range and is now coming out of the 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%). ). In total, the price of used electric and hybrid vehicles increased by 56.7% and 30.5%, respectively, largely due to higher gasoline prices.

However, not all cars that showed an above-average increase in value were electrified. Seventh place on the list is taken by the Fiat 500X with an increase of 29.2%; ninth place goes to the Porsche Cayenne (26.9%). Again, a varied selection of factors influence these numbers. Brauer pointed out that the 500X is somewhat ironically positioned as one of the most affordable SUVs on the market, when the wait time for a new Cayenne is currently over a year.

Breaking down the numbers by body style provides an interesting insight into buying trends across the country. Hatchbacks, sedans and wagons posted increases of 17.8%, 17.1% and 16%, respectively; these are the body styles motorists have spent many years shying away from. SUVs increased by 11.5%, while the average cost of used minivans and used pickup trucks increased by 4.1% and 1.7%, respectively, in July 2022.

Some models became cheaper between July 2021 and July 2022. The cost of a used Nissan Armada fell by 7.4%, while the price of a used Chevrolet Camaro and a Nissan Titan d opportunity fell 6% and 2%, respectively. Finally, the Ford Mustang remained stable 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.

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