Shopping for a new or used car is pricey at the moment. Ever since the coronavirus pandemic upended new car production, the industry has been struggling to meet demand, forcing consumers to buy from the used market. That has increased prices, and they remain high in May 2022. However, some segments saw more considerable increases than others.
A new report from iSeeCars.com found that used car prices were $4,953 more expensive on average in May than for the same month last year. That is an increase of 16.9 percent. However, it’s not all bad news as May’s used car prices are down 23.9 percent compared with April 2022, and it’s the fourth straight decline according to iSeeCars.com’s research, which looked at two million 1-5-year-old used car sales in May.
Unsurprisingly, the high gas prices have consumers searching for more economical alternatives, and that’s driving up prices for hybrids and electric vehicles. According to the study, EV prices jumped 37.7 percent, and hybrids increased by 32.1 percent. EVs and hybrids saw prices jump so much that they occupy the top five spots for the cars with the biggest price increases.
The Hyundai Sonata Hybrid saw the largest increase, the 47.8 percent jump adding $8,530 to the price and bringing it to $26,358. The Nissan Leaf jumped 41.4 percent, $7,829, to $26,725. The Tesla Model S increased by 39 percent to $80,097. The Prius and Prius Prime are on the list, going up in price by 38.0 and 36.3 percent, respectively.
The high gas prices likely kept people away from trucks as the segment saw its prices only increase by 6.3 percent from May 2021 to May 2022. On average, the price of a used pickup went up by just $2,432, far below the nearly $5,000 average for the month. The Ford F-150, the Nissan Titan, and the Chevrolet Silverado saw some of the smallest price increases, with the average used F-150 going up by just 3.0 percent, or $1,221.
Hatchback saw their prices jump the most, at 23.7 percent, while wagons were right behind it at 23.5 percent. Sedan prices were also up 16.9 percent, while the SUV segment saw a 17.0 percent increase. Check out the complete study and dig through the data at the source link below. There are some interesting tidbits.
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