Used Car Prices Are Dropping, But Not For Electric Cars
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. However, it seems there’s beginning to be a gradual shift back to the way things used to be. That said, prices for used hybrid and electric cars are still rising.
According to a recent report by Autoblog, the average price of a used car went up again in May, by about 17 percent year over year. However, compared to April 2022, used car prices dropped about 24 percent in May. In fact, May 2022 marks the fourth month in a row that used car prices have come 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 over 16 percent year over year, used electric car prices are up about 38 percent.
The report goes on to share that 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 percent on the used market, or ~$54,000 on the year.
On the flip side, the Nissan Leaf sees an increase of nearly $8,000 on the used market, a spike of over 40 percent year over year. While we don’t cover traditional hybrids at InsideEVs, Autoblog also notes that the Hyundai Sonata Hybrid tops 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, which is almost a 50 percent jump.
The report also shares that used prices for body styles that were previously unpopular on our shores – hatchbacks, sedans, and wagons – are rising even more than vehicles with other body styles.
Are you surprised? It seems we’ve had a pretty good idea this was coming, and it has already been happening for some time now. How much higher can used EV prices go before they begin to follow the downward trend? Is it time to take the plunge and buy before they’re too high, or will prices eventually ease up?
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