2020 Hyundai Sonata Hybrid

News

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

Written By: CarPro | Apr 20, 2022 2:00:00 PM

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.

Get access to our network of certified CarPros and enjoy your next car buying experience! Find a CarPro

Photo Credit: