{"id":112,"date":"2022-08-11T17:08:32","date_gmt":"2022-08-11T17:08:32","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=112"},"modified":"2025-05-05T10:24:31","modified_gmt":"2025-05-05T10:24:31","slug":"used-cars-price-increases-in-may-and-july-show-small-signs-of-slowing-continued-strong-demand-for-evs","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2022\/08\/11\/used-cars-price-increases-in-may-and-july-show-small-signs-of-slowing-continued-strong-demand-for-evs\/","title":{"rendered":"Used Cars Price Increases in May and July Show Small Signs of Slowing; Continued Strong Demand for EVs"},"content":{"rendered":"\n
\"Nissan
Nissan Leaf, a popular EV, had the highest increase in used value from last year, with an average price in July 2022 of $28,093, representing a 43.8 percent jump over July 2021. FFile photo: Grzegorz Czapski, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n

WASHINGTON, D.C. – Amid computer chip shortages and the resultant lack of new vehicles on the open marketplace consistently driving up the prices of used cars to astronomical levels for months now, reports indicate that July finally showed signs of this trend beginning to abate slightly, as price increases showed a distinct \u2013 albeit small \u2013 sign of finally slowing down<\/a>.<\/p>\n\n\n\n

While demand and prices continued to surge in July for pre-owned electric vehicles (EVs) and hybrids \u2013 a situation driven by high gas prices \u2013 the market for conventional gas-powered vehicles of all types grew at a lesser degree.<\/p>\n\n\n\n

The average price of a 1-5-year-old used non-EV car in July 2022 was $34,291, an increase of 10.9 percent year-over-year. June 2022 also posted smaller price increases from the same time period from the year prior, with an only 10.5 percent increase. This contrasts greatly with May 2022\u2019s numbers, which saw used car prices jump a whopping 16.9 percent from May 2021.<\/p>\n\n\n\n

Meanwhile, the Nissan Leaf<\/a>, a popular EV, had the highest increase in used value from last year, with an average price in July 2022 of $28,093, representing a 43.8 percent jump over July 2021.<\/p>\n\n\n\n

According to Karl Brauer, Executive Analyst for iSeeCars <\/a>\u2013 a noted used car search engine \u2013 the appeal and heightened demand for pre-owned EVs in general \u2013 and the Nissan Leaf <\/a>in particular \u2013 is driven by several factors, many of them due to the current difficult economic climate of the country, and not a desire to protect the environment.<\/p>\n\n\n\n

Heightened gas prices, as well as the heightened desirability for the redesigned 2018 model [of the Leaf] that offers increased range, which is now coming off lease to enter the used car market” he said.<\/em><\/p><\/blockquote>\n\n\n\n

Numerous other pre-owned EVs showed similar year-over-year gains in value, such as the Hyundai Sonata Hybrid<\/a> at 43 percent; the Toyota Prius <\/a>at 36.9 percent; the Toyota Prius Prime<\/a> at 34.4 percent; and Toyota Avalon Hybrid<\/a> 32.4 percent.<\/p>\n\n\n\n

While used gas-powered vehicles seemed to fall out of favor with buyers as of late, there are a few that still managed to post significant increases in value from last year, such as the Fiat 500X<\/a> at 29.2 percent \u2013 popular as one of the most affordable SUVs available \u2013 and the Porsche Cayenne<\/a> at 26.9 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, D.C. – Amid computer chip shortages and the resultant lack of new vehicles on the open marketplace consistently driving up the prices of used cars to astronomical levels for months now, reports indicate that July finally showed signs of this trend beginning to abate slightly, as price increases showed a distinct \u2013 albeit small […]<\/p>\n","protected":false},"author":4,"featured_media":113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-112","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n