The overall price of used cars is starting to drop.
It is expensive to buy a used or new car. The industry has struggled to meet demand since the coronavirus pandemic that decimated new car production. This has forced consumers to shop in the used market. This has led to higher prices and they will remain high through May 2022. Some segments experienced greater increases than others.
A new report by iSeeCars.com It was found that used cars were on average $4,953 less expensive in May than they were last year. This is 16.9% more. It’s not all bad news. May’s used car price drops 23.9 percent when compared to April 2022. fourth straight decline According to iSeeCars.com The research was done by’s and included two million 1- to 5-year-old used cars sold in May.
It’s not surprising that consumers are looking for cheaper alternatives to high-priced gasoline , which is driving up the prices of hybrids and electric cars. The study found that hybrids rose by 32.1 percent and EV prices increased by 37.7 percent. Hybrids and EVs saw their prices soar that they now occupy the top five places for cars with the highest price increases.
The Hyundai Sonata Hybrid saw the biggest increase. It was up 47.8%, adding $8,530 to its price, and making it $26,358. The Nissan Leaf increased 41.4 percent to $26,725, an increase of $7,829 The Tesla Model S price rose by 39 percent to $80,000. The Prius, Prius Prime , and Prius are both on the list. Their prices have increased by 38.0 percent and 36.3 percent, respectively.
People stayed away from trucks due to high gas prices. Prices for this segment increased by only 6.3 percent between May 2021 and May 2022. The average price of a used pickup increased by $2,432, which is well below the $5,000 average. The Ford F-150 and the Nissan Titan had the lowest price increases. The average F-150 saw a 3.0 percent increase, or $1221.
Prices for Hatchbacks jumped the most at 23.7 percent while prices for wagons jumped at 23.5 percent. The prices of sedans rose 16.9 percent while SUV prices saw an increase of 17.0 percent. The complete study is available at the link below. You can also explore the data by clicking the source link. These are just a few of the interesting facts.