iSeeCars analysts crunched nearly two million used cars sales (cars between one and five years old) in July 2022 and 2021 to see how used car sales in America's biggest cities have changed. Here's what they found.
Key Takeaways
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Used car prices increased on average by 10.9 percent, or roughly $3,364, year-over-year in July 2022.
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Used cars in New York City have become the most expensive in the US over the past year, with an 18.1 percent change in price, or roughly $5,292.
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Overall, used car prices went up by at least $3,000 in 21 big American cities.
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Used truck prices were the least affected, while used alternative-fuel cars had the highest price increases.
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Used EV prices are up by an estimated 56.7 percent, whereas used hybrid car prices saw a 30.5 percent bump. Non-hybrid/EV vehicles saw a 10.2 percent increase over the same period.
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Among used cars, the Nissan Armada had the biggest dip in price since July 2021, followed by the Chevrolet Camaro and Nissan Titan.
Top Ten Used Cars with the Greatest Price Increases from July 2021–22
- Nissan LEAF — 43.8 percent
- Hyundai Sonata Hybrid — 43 percent
- Toyota Prius — 36.9 percent
- Toyota Prius Prime — 34.4 percent
- Toyota Avalon Hybrid — 32.4 percent
- Chevrolet Bolt EV — 30.2 percent
- Fiat 500x — 29.2 percent
- Tesla Model S — 27.3 percent
- Porsche Cayenne — 26.9 percent
- Lexus ES 300h — 26.8 percent
Used car prices remained steady in July compared to June, and both months marked the first time in 2022 that saw a decrease in price for some used car models. We are also continuing to see a significant increase in demand for used electric and hybrid cars as a result of high gas prices, with the average cost of electric vehicles increasing by 56.7 percent and hybrid cars increasing by 30.5 percent compared to last year.
This is good news for used car shoppers, and suggests a sufficient number of used cars are starting to enter the market after being far short of used-car demand for well over a year
[iSeeCars Executive Analyst Karl Brauer]
Via iSeeCars.
[Photo by Obi - @pixel6propix on Unsplash]