As you've heard Car Pro Show host Jerry Reynolds say on the show, used car prices remain high right now, great news if you have a trade-in. According to new iSeeCars.com data, used car prices were up nearly 17 percent in May year over year. But Reynolds says he is seeing signs of a drop off. That is also reflected in new data from iSeeCars.
iSeeCars.com analyzed 2 million used car sales in May and found used car prices were up 16.9 percent year over year. However, this is down from a 23.9 percent increase in April and it the fourth month in a row we've seen declining used car prices.
When it comes to MSRP, iSeeCars.com says the average 1-5-year-old used car price in May was $34,199, down from $34,392 in April.
Other takeaways from the May data, hybrid and EV used car prices are way up thanks to high gas prices.
If you're in the market for a used car, these are the ones identified by iSeeCars as those with the greatest price increases. They have price changes from 1.9 to 2.8 times the average vehicle’s price increase and - as you'll note there are a lot of hybrids and EVs on the list.
|
Top 10 Cars with the Greatest Price Increases (YoY) - iSeeCars May 2022 Study |
||||
|
Rank |
Used Vehicle |
Average Used Car Price (May 2022) |
$ Price Change from May 2021 |
% Price Change from May 2021 |
|
1 |
$26,358 |
$8,530 |
47.8% |
|
|
2 |
$26,725 |
$7,829 |
41.4% |
|
|
3 |
Tesla Model S |
$80,097 |
$22,483 |
39.0% |
|
4 |
$30,922 |
$8,514 |
38.0% |
|
|
5 |
$27,421 |
$7,299 |
36.3% |
|
|
6 |
Mercedes-Benz G-Class |
$204,649 |
$53,868 |
35.7% |
|
7 |
$35,138 |
$8,990 |
34.4% |
|
|
8 |
Kia Rio |
$18,205 |
$4,503 |
32.9% |
|
9 |
$38,756 |
$9,380 |
31.9% |
|
|
10 |
$20,602 |
$4,953 |
31.6% |
|
|
Average Across All Cars |
$34,119 |
$4,953 |
16.9% |
|
To see the complete study that also lists used cars prices by body and fuel type, as well as to check out used car prices by city along with a list of vehicles with the smallest used car price increases, visit iSeeCars.com.
