Earlier this week we shared that new-vehicle prices hit a record high in July topping $48,000 for a second month. So it should not come as much of a surprise that used vehicles prices were up in July as well. iSeeCars says July used car prices were up nearly 11 percent year over year, with an average 1-5-year old vehicle price of $34,291, (up 10.9%). July also marked the second month of slight increases after four months of slowing price growth.
So why the higher used car prices? It all goes back to the ongoing microchip shortage and new vehicle inventory issues. With not enough new cars to go around to meed demand, more buyers continue to seek used vehicles, which in turn is raising prices. Add to all that, the high gas prices we've experienced this year. It's kept demand for fuel efficient used cars high. In July, alternative-fuel cars are the used vehicles with the largest prices increases, with the Nissan LEAF seeing the largest increase. iSeeCars reports that electric vehicle used car prices are up way up - to the tune of 56.7% while hybrids are up 30.5% compared to last year. Trucks have the smallest price changes.
Despite the high prices, iSeeCars says there are some used car money-saving options for consumers with five used vehicles actually decreasing in price compared to last year
iSeeCars' latest analysis included over 1.8 million used car sales in July. The top ten vehicles with the greatest price increases have price changes from 2.5 to 4.0 times the average vehicle’s price increase. Electric vehicles and hybrids make up most of the list. We have CarPro reviews of quite a few of them. The all-electric Nissan LEAF is the vehicle the the largest price increase - quite a turn around from 2016 when iSeeCars data found it to be the highest depreciating car on the market.
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Top 10 Cars with the Greatest Price Increases (YoY) - iSeeCars July 2022 Study |
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|
Rank |
Used Vehicle |
Average Used Car Price (July 2022) |
$ Price Change from July 2021 |
% Price Change from July 2021 |
|
1 |
$28,093 |
$8,563 |
43.8% |
|
|
2 |
$26,098 |
$7,851 |
43.0% |
|
|
3 |
$29,679 |
$7,997 |
36.9% |
|
|
4 |
$33,005 |
$8,454 |
34.4% |
|
|
5 |
Toyota Avalon Hybrid |
$38,544 |
$9,426 |
32.4% |
|
6 |
$28,910 |
$6,699 |
30.2% |
|
|
7 |
Fiat 500x |
$21,407 |
$4,834 |
29.2% |
|
8 |
Tesla Model S |
$82,492 |
$17,706 |
27.3% |
|
9 |
Porsche Cayenne |
$76,546 |
$16,211 |
26.9% |
|
10 |
$44,613 |
$9,438 |
26.8% |
|
|
Average Across All Cars |
$34,291 |
$3,364 |
10.9% |
|
Here's a look at the Electric and Hybrid vehicle pricing where you'll see that sizable price increase for EV's compared to a year ago.
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Electric and Hybrid Vehicle Pricing - iSeeCars Study |
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|
|
Average Used Car Price (July 2022) |
$ Price Change from July 2021 |
% Price Change from July 2021 |
|
Electric |
$60,228 |
$21,799 |
56.7% |
|
Hybrid |
$35,918 |
$8,403 |
30.5% |
|
Average for All Cars |
$34,291 |
$3,364 |
10.9% |
|
Non-hybrid/electric |
$34,074 |
$3,149 |
10.2% |
The top ten vehicles with the smallest price differences over the past year are primarily trucks and sports cars. iSeeCars says that five used vehicles have actually decreased in price compared to last year.
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Top 10 Cars with the Smallest Price Increases (YoY) - iSeeCars July 2022 Study |
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|
Rank |
Used Vehicle |
Average Used Car Price (July 2022) |
$ Price Change from July 2021 |
% Price Change from July 2021 |
|
1 |
Nissan Armada |
$37,922 |
-$3,022 |
-7.4% |
|
2 |
Chevrolet Camaro |
$34,334 |
-$2,187 |
-6.0% |
|
3 |
$38,044 |
-$757 |
-2.0% |
|
|
4 |
Nissan Titan XD |
$40,043 |
-$654 |
-1.6% |
|
5 |
$33,218 |
-$84 |
-0.3% |
|
|
6 |
$32,431 |
$6 |
0.0% |
|
|
7 |
Ford F-150 |
$42,837 |
$55 |
0.1% |
|
8 |
Volvo S90 |
$33,992 |
$164 |
0.5% |
|
9 |
Honda Ridgeline |
$36,266 |
$206 |
0.6% |
|
10 |
$44,958 |
$327 |
0.7% |
|
|
Average Across All Cars |
$34,291 |
$3,364 |
10.9% |
|
When it comes to the average used car price increases by city year over year - here's a look at CarPro markets and how they rank among the top 50 most populous metro areas. The numbers reflects the price change from July 2022 compared to July 2021.
For complete analysis and commentary from iSeeCars visit the iSeeCars website.