The government’s latest inflation report shows that prices of used cars dipped slightly in July after a huge run, thanks in part to a shortage of new cars. But prices of the most fuel-efficient vehicles continue to climb.
An analysis by iSeeCars.com shows that demand continues to grow for alternative fuel vehicles, as year-over-year electric used car prices are up 56.7% and hybrid used car prices are up 30.5% amid a surge in gas prices.
The all-electric Nissan LEAF showed the biggest price gain in July, rising 43.8% over July 2021. Despite that jump in price, the LEAF still has an affordable price tag of $28,093.
The price of a Hyundai Sonata Hybrid gained 43% in July but sells for even less than the LEAF – at $26,098.
Next come three Toyota models – the Prius, Prius Prime, and Avalon Hybrid. The Prius’ price tag has grown 36.9% in the last 12 months and sold for an average of $29,679 last month. The Prius Prime’s sticker price inflated by 34.4% for an average selling price of $33,005. The Avalon Hybrid gained 32.4% for a sale price of $38,544.
Chevy Bolt seeing new interest
Despite a problem with battery fires last year that prompted a major recall, the Chevy Bolt is now in demand, and its price increased this year. The average price has risen 30.2% to $28,910.
The Fiat 500x is also in demand in the current high gas price environment. Its price is up 29.2% to $21,407. Only one Tesla model – the Model S – makes the top 10 in price appreciation. The average price is $82,492, a gain of 27.3%.
The Porsche Cayenne only increased 26.9%, but it sported a pretty hefty price tag to begin with. The average price in July was $76,546. Rounding out the top 10 is the Lexus ES 300h. Its $44,613 average price represents a 26.8% gain.
“Used car prices remained steady in July compared to June, and both months marked the first time in 2022 that saw a decrease in price for some used car models,” said iSeeCars Executive Analyst Karl Brauer. “We are also continuing to see a significant increase in demand for used electric and hybrid cars as a result of high gas prices."
The iSeeCars analysis shows that used car prices rose slightly in July after another big jump in June, but it differs from the government’s Consumer Price Index, which shows that used car prices dipped last month.