Used-car prices continue to surge, with hybrids and electric cars most affected, according to new analysis by iSeeCars.
The analysis, which is based on aggregated listing prices and not necessarily transaction prices, found that average listing price for used hybrids and EVs increased more year-over-year than other powertrain types.
Used EVs saw the highest price increase, with average prices in July 56.7% higher than the same time last year. Used hybrid prices increased 30.5% from July 2021. That’s compared to a 10.9% average for all used cars, and a 10.2% average for non-electrified models.
Average U.S. used-car price increases in July 2022 (from iSeeCars)
The individual used models with the biggest average price increases were also mostly electrified. The Nissan Leaf saw the largest increase, at 43.8%, followed by the Hyundai Sonata Hybrid at 43.0%. They were followed by the Toyota Prius, Prius Prime plug-in hybrid, and Avalon Hybrid, which all saw average price increases of around 30% for used examples.
In all cases, these increases mean the difference between four-figure and five-figure average prices. The Leaf, for example went from an average $8,563 list price price in July 2021 to a $28,093 average listed price in July 2022.
And despite a price drop for the new Chevy Bolt EV, the price on a used one rose significantly. Average used prices increased 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 noted last year with respect to EVs. And iSeeCars noted this spring that prices on EVs and hybrids were up more than a third versus year-ago levels.
On a model-by-model basis, used EV prices had been tracking lower as a percentage of their original price, but we noted a turnaround in early 2019—seemingly with the arrival of some more affordable long-range EVs like the Bolt EV and Tesla Model 3 on the used market.