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 |
$25,620 |
$9,991 |
63.9% |
|
|
2 |
$17,970 |
$5,942 |
49.4% |
|
|
3 |
$25,123 |
$8,288 |
49.2% |
|
|
4 |
$17,039 |
$5,526 |
48.0% |
|
|
5 |
$220,846 |
$71,586 |
48.0% |
|
|
6 |
$26,606 |
$8,269 |
45.1% |
|
|
7 |
$20,010 |
$6,193 |
44.8% |
|
|
8 |
$20,169 |
$6,107 |
43.4% |
|
|
9 |
$75,475 |
$22,612 |
42.8% |
|
|
10 |
$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 |
$59,975 |
$4,945 |
9.0% |
|
|
2 |
$41,382 |
$4,626 |
12.6% |
|
|
3 |
$33,414 |
$4,012 |
13.6% |
|
|
4 |
$45,390 |
$5,555 |
13.9% |
|
|
5 |
$51,581 |
$6,395 |
14.2% |
|
|
6 |
$57,305 |
$7,140 |
14.2% |
|
|
7 |
$36,079 |
$4,523 |
14.3% |
|
|
8 |
$38,715 |
$5,101 |
15.2% |
|
|
9 |
$31,066 |
$4,262 |
15.9% |
|
|
10 |
$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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