Looking for a car? With the microchip shortage still impacting auto production, many buyers have turned to the used car market and found surprisingly steep prices. But according to a recent study by ISeeCars, pricing for most used cars, while still high, at least seemed to level off in the second half of 2022 — unless you were shopping for an electric car.
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Though used gas-powered car prices went up just 10.1% from July 2021 prices, used electric cars tallied a whopping 54.3% increase in the same period. “Until recently, mainstream electric vehicles typically depreciated rapidly due to improvements in battery technology and a lack of demand in the secondary market,” said iSeeCars Executive Analyst Karl Brauer. “However, soaring gas prices, improvements in public charging infrastructure, and a lack of inventory for new EVs have led to soaring demand for used electric vehicles.”
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The used EV with the biggest percentage boost in price was the Nissan Leaf, which jumped 45%, up almost $9,000 to $28,787, followed by the Chevrolet Bolt, which rose $6,417 to $28,291. “The price increase for the Nissan Leaf, which was once the highest depreciating car on the market, is likely due to 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,” Brauer said.
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Behind the Bolt and the Leaf were three Teslas, the S, X, and 3 (the Y comes in after the Kia Niro EV, which is in sixth place). The S jumped $17,906 to $83,078, the X went up $14,863 to $90,484, and the "cheap" Model 3 went up $7,781 to $55,766. Three luxury cars were at the bottom of the rankings (the Audi E-tron, the Jaguar I-Pace, and the Porsche Taycan), with the Taycan dropping 3.5% to $138,033, suggesting there may be a limit to what drivers want to spend on a used EV.
The 10 cars that have seen the highest percentage price increases year-over-year:
|Rank||Electric Vehicle||% Y-o-Y Price Increase||$ Y-o-Y Price Increase||Average Used Car Price|
|2||Chevrolet Bolt EV||29.3%||$6,417||$28,291|
|3||Tesla Model S||27.5%||$17,906||$83,078|
|4||Tesla Model X||19.7%||$14,863||$90,484|
|5||Tesla Model 3||16.2%||$7,781||$55,766|
|6||Kia Niro EV||15.7%||$5,124||$37,732|
|7||Tesla Model Y||13.6%||$8,381||$70,065|