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Thursday, 23 June 2022 12:30

Used Car Prices Dropping, But Not for Electric Cars

Written by Steven Loveday, InsideEVs

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The car market has been messy for some time now, to say the least. A lack of parts, reduced new-car inventory and rising prices on both the new and used market have made a big impact on consumers.

While it seems there's beginning to be a gradual shift back to the way things used to be, prices for used hybrid and electric cars are still rising.

 

According to a recent report by Autoblog, the average price of a used car was up year-over-year 17% in May. However, compared to April, used car prices dropped about 24%. In fact, May marked the fourth month in a row that used car prices came down compared to the previous month.

 

Based on data from iSeeCars, hybrid and electric vehicles are causing the average used car price to rise. While used car prices as a whole are on a downward trend month-over-month, the price of used EVs is rising. At a time when used car prices are up more than 16% year over year, used electric car prices are up about 38%. 

 

The report said the used cars with the lowest prices tend to be those that return poor fuel economy, such as the Chevrolet Camaro, Ford F-150 and other full-size pickup trucks and SUVs. However, there are certainly exceptions. The pricey Mercedes-Benz G-Class is up about 36% on the used market, or about $54,000 on the year.

 

On the flip side, the Nissan Leaf saw an increase of nearly $8,000 on the used market, a spike of more than 40% year over year.

 

While we don't cover traditional hybrids at InsideEVs, Autoblog also noted the Hyundai Sonata Hybrid topped the list of used cars with the largest increase in year-over-year pricing. It costs an average of about $8,500 more than it did at the same time last year, almost a 50% jump.

 

The report also said used prices for body styles previously unpopular on our shores---hatchbacks, sedans and wagons---are rising even more than vehicles with other body styles. 

 

We thank InsideEVs for reprint permission.