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  • iSeeCars: Used Car Prices Up Over $8,000 From A Year Ago

    iSeeCars: Used Car Prices Up Over $8,000 From A Year Ago

    Used car prices fell slightly in March, according to an iSeeCars.com analysis of 1.8 million used car sales. The average price of a 1 to 5-year old vehicle was $34,429 in March -- up 30.4% or $8,032, year-over-year.  In February, the average used car price was $35,029 or up 35% year-over-year.  

    Analysts note while prices are down for the second consecutive month, they remain high due to lingering supply issues and geopolitical factors.   iSeeCars Executive Analyst Karl Brauer also says high gas prices are resulting in a significant increase in demand for used hybrid and electric vehicles.  Brauer says the cost of a used hybrids increased 40.5 percent in March and the cost of used EV increased by 36.3 percent, year-over-year. 

    Top 10 Used Cars With the Greatest Price Increases 


    Not every used car has increased so dramatically in price, so some models are smarter buys than others.  These are the top 10 used vehicles with the greatest price hikes according to iSeeCars. They've increased in price 1.4 to 2.1 times more than the average vehicle. As in February, the Hyundai Sonata Hybrid is still number one, but it's even pricier than last month.   

    Top 10 Cars with the Greatest Price Increases (YoY) - iSeeCars March 2022 Study

    Rank

    Used Vehicle

    Average Used Car Price (March 2022)

    $ Price Change from March 2021 

    % Price Change from March 2021 

    1

    Hyundai Sonata Hybrid

    $25,620

    $9,991

    63.9%

    2

    Kia Rio

    $17,970

    $5,942

    49.4%

    3

    Nissan LEAF

    $25,123

    $8,288

    49.2%

    4

    Chevrolet Spark

    $17,039

    $5,526

    48.0%

    5

    Mercedes-Benz G-Class

    $220,846

    $71,586

    48.0%

    6

    Toyota Prius

    $26,606

    $8,269

    45.1%

    7

    Kia Forte

    $20,010

    $6,193

    44.8%

    8

    Kia Soul

    $20,169

    $6,107

    43.4%

    9

    Tesla Model S

    $75,475

    $22,612

    42.8%

    10

    Mitsubishi Mirage

    $14,838

    $4,431

    42.6%

    Average Across All Cars

    $34,429

    $8,032

    30.4%

     

    The Hyundai Sonata Hybrid has a 63.9 percent price increase over March 2021.  The Toyota Prius saw a 45.2 percent price increase from 2021. Both used models are more expensive to buy on average than they were in February.

    Small cars on the list include the  Kia Rio, the Chevrolet Spark, Kia Forte, Kia Soul and the Mitsubishi Mirage. iSeeCars analysts suggests these used vehicles, priced at $20,000 or below, are attainable for new drivers, despite their large price increases over last year.

    Two electric vehicles make the list: the Nissan LEAF and Tesla Model S. iSeeCars says there is high demand for the redesigned 2018 LEAF as it comes off-lease and onto the used market.   

    Used Car Price Increases By Bodytype and Fuel


    Used hatchbacks followed closely by wagons are the bodytypes that have jumped the most in price year-over-year in March.   

    Average Price Increase By Bodytype - iSeeCars Study

    Bodytype

    Average Used Car Price (March 2022)

    $ Price Change from March 2021 

    % Price Change from March 2021 

    Hatchback

    $25,379

    $7,024

    38.3%

    Wagon

    $21,422

    $5,922

    38.2%

    Sedan

    $27,931

    $7,507

    36.8%

    Convertible

    $51,791

    $13,152

    34.0%

    Minivan

    $34,767

    $8,717

    33.5%

    SUV

    $35,159

    $8,359

    31.2%

    Average for All Bodytypes

    $34,429

    $8,032

    30.4%

    Coupe

    $36,578

    $10,868

    29.7%

    Pickup Truck

    $41,561

    $6,715

    19.3%

     

    Hybrids and electric vehicles saw steep used car price increases well above the average for all fuel types in March, year-over-year, due to recent high gas prices.

    Average Price Increase By Fuel Type - iSeeCars Study

    Fuel Type

    Average Used Car Price (March 2022)

    $ Price Change from March 2021 

    % Price Change from March 2021 

    Hybrid

    $33,252

    $9,582

    40.5%

    Electric

    $52,514

    $13,984

    36.3%

    Average for All Fuel Types

    $34,429

    $8,032

    30.4%

    Non-hybrid/electric

    $34,192

    $7,807

    29.6%

     

    Top 10 Used Cars With the Smallest Price Changes 


    The top 20 vehicles with smallest price differences are vehicles with price increases 1.8 to 3.4 times less than the average vehicle. The iSeeCars.com list is comprised mainly of luxury and sports cars.  As in February, Maserati takes the #1 spot.

    Top 10 Cars with the Smallest Price Increases (YoY) - iSeeCars March 2022 Study

    Rank

    Used Vehicle

    Average Used Car Price (March 2022)

    $ Price Change from March 2021 

    % Price Change from March 2021 

    1

    Maserati Levante

    $59,975

    $4,945

    9.0%

    2

    Nissan Titan XD

    $41,382

    $4,626

    12.6%

    3

    Chevrolet Camaro

    $33,414

    $4,012

    13.6%

    4

    Jaguar F-Pace

    $45,390

    $5,555

    13.9%

    5

    Land Rover Discovery

    $51,581

    $6,395

    14.2%

    6

    Porsche Macan

    $57,305

    $7,140

    14.2%

    7

    Honda Ridgeline

    $36,079

    $4,523

    14.3%

    8

    Nissan Titan

    $38,715

    $5,101

    15.2%

    9

    Mazda MX-5 Miata RF

    $31,066

    $4,262

    15.9%

    10

    Ford Mustang

    $31,694

    $4,587

    16.9%

    Average Across All Cars

    $34,429

    $8,032

    30.4%

     

    For more on the iSeeCars study click here.

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