However, it is still 30% higher than 2021.
The used car market is still extremely expensive. Based on 1.8million used car sales in March 2013, used cars cost 30.4 percentage more than last year. This is slightly lower than the 30.4 percent difference in March, which had a gap of 35 percent. There are many factors that affect the price of second-hand cars. Production disruptions are causing delays for new car deliveries. This means that there is a growing demand to buy used cars. There are now fewer used cars available than ever before. This means that the demand is increasing but there is less availability. This causes a natural rise in prices.
Karl Brauer, executive analyst at iSeeCars, says that there is a significant rise in demand for hybrid and electric vehicles due to high gas prices. “The cost of hybrids has increased by 40.5 percent while electric cars have increased by 36.3 percent compared with last year.”
Some cars experienced greater price increases than others. The Hyundai Sonata Hybrid saw the largest price rise year-over-year, with its price increasing by nearly 64 percent last month when compared to March 2021. From last month, the Sonata Hybrid remains at number one. The affordable Kia Rio came in second place with a 49.4 per cent increase in price YoY. With a 49.2 per cent increase, the Nissan Leaf came in third.
The table shows that the Top 10 most expensive cars includes five small gas cars and two hybrids as well as two electric cars. It shouldn’t surprise that people are opting for smaller and more efficient models due to current fuel prices. This drives up their prices.