Used car prices fell in March, but demand remains high for affordable, fuel-efficient vehicles


(iSeeCars) – Used car prices rose 30.4% year-on-year as the shortage of electronic chips continues to impact the auto industry, according to the latest analysis from iSeeCars. com on 1.8 million used car sales in March. This is down from a 35.0% increase in February.

“After falling for the second month in a row, used car prices remain elevated due to ongoing supply constraints, and could rise again due to geopolitical factors, with Russia being a key supplier of materials used to manufacture auto parts and microchips,” the iSeeCars executive analyst said. Karl Brauer. “We are also seeing a significant increase in demand for used hybrid and electric vehicles due to high gasoline prices, with the cost of hybrids increasing by 40.5% and that of electric cars by 36.3% compared to to last year.”

Although the price of an average used car has increased significantly, iSeeCars’ analysis also revealed that some vehicles have lower than average increases, making them smarter purchases for consumers in the market. used cars. “While these used models are still more expensive than last year, they haven’t been affected as drastically by the price increases,” Brauer said.

Top 10 used cars with the biggest price increases

The top ten vehicles with the most price increases have price changes of 1.4 to 2.1 times the average vehicle price increase and are mostly relatively affordable small cars and alternative fuel vehicles. “Small cars have become the only affordable used car option for a growing segment of the population, and their price increases reflect the strong demand these otherwise low-demand vehicles have seen in recent years,” Brauer said.

Top 10 cars with the highest price increases (YoY) – iSeeCars study March 2022
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%
ten Mitsubishi Mirage $14,838 $4,431 42.6%
Average on all cars $34,429 $8,032 30.4%

The vehicle with the biggest price increase is the Hyundai Sonata Hybrid, which saw a price increase of 63.9% compared to March 2021. It is joined by an additional hybrid vehicle, the Toyota Prius, which saw a price increase of 45.2%. “Hybrid vehicles are in high demand due to soaring gasoline prices, with the hybrid category as a whole increasing by 40.5 percent,” Brauer said. “Affordable transportation has seen an increase in demand as a result of rising used car prices, and these hybrid cars are cheaper than the average used car.”

Five gasoline-powered small cars make the list, including the Kia Rio subcompact car, Chevrolet Spark subcompact car, Kia Forte compact car, Kia Soul subcompact wagon, and Mitsubishi Mirage subcompact car. “The Kia Rio, Chevrolet Spark and Mitsubishi Mirage subcompact cars are among the lowest priced vehicles on the market, while the Kia Forte and Kia Soul are among the lowest priced options in their respective vehicle classes,” said Brauer said. “These vehicles, priced at $20,000 and under, are accessible to new drivers and those looking for affordable transportation, even after their steep price increase over the past year.”

Two electric cars are on the list, including the Nissan LEAF and the Tesla Model S. redesigned, which has benefited from increased range and is now exiting the lease to enter the used-car market,” Brauer said. “Meanwhile, demand for used versions of the Model S has waned these months as consumers embraced the more affordable Model 3 and Model X SUV. But with recent Model S upgrades, plus the new “Plaid” model and rising fuel prices, demand for the Model S has increased.

The Mercedes-Benz G-Class completes the list. “The wait for a new version of the Mercedes-Benz G-Class is over a year, so buyers who want this opulent off-roader are looking to the used-car market,” Brauer said. .

Top 10 used cars with the smallest price variations

The top ten vehicles with the lowest price differentials increased by 1.8 to 3.4 times less than the average vehicle and are mainly luxury and sports cars.

Top 10 Cars with Smallest Price Increases (YoY) – iSeeCars Study March 2022
Rank Used Vehicle Average used car price (March 2022) $ Price change from March 2021 % price change from March 2021
1 Maserati Levant $59,975 $4,945 9.0%
2 Nissan Titan XD $41,382 $4,626 12.6%
3 Chevy 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%
ten Ford-Mustang $31,694 $4,587 16.9%
Average on all cars $34,429 $8,032 30.4%

The list includes four luxury crossover SUVs, including the first-ranked Maserati Levante, the fourth-ranked Jaguar F-Pace, the fifth-ranked Land Rover Discovery and the six-ranked Porsche Macan. “These luxury SUVs are among the most expensive vehicles in their class, which could explain why their price increases are lower than those of competing models,” Brauer said.

Three pickups make the list, including the second-placed Nissan Titan XD, the seventh-placed Honda Ridgeline, and the eighth-placed Nissan Titan. “The Nissan Titan and its heavy-duty XD model are the slowest-selling trucks in the full-size segment, and the Honda Ridgeline is among the slowest-selling in the compact-car segment, reflecting weak demand on the market. used car market,” Brauer said.

Three sports cars complete the list, including the Chevrolet Camaro, Mazda MX-5 Miata RF and Ford Mustang. “Sports cars were among the vehicle segments that saw the first price increases during the pandemic, so their year-over-year price increases are not as dramatic as other vehicle segments, because prices were already high in March 2021.”

Conclusion :

“While consumers were previously advised to wait to buy a used car if they were able to do so, new geopolitical factors are expected to exacerbate and prolong current increases in used car prices,” Brauer said. “The best way for American consumers to avoid much higher prices when buying a car for the foreseeable future is to either keep their current vehicle or buy a used vehicle that is not not in high demand, and to be as flexible as possible with factors such as color and trim.

More on iSeeCars.com:

Methodology

iSeeCars.com analyzed over 1.8 million 1-5 year old used car sales in March 2021 and 2022. Average listing prices for each car model were compared between the two time periods, and differences were expressed both as a percentage difference from the 2021 price as well as a difference in dollars. Heavy-duty vehicles, low-volume vehicles, discontinued vehicles from model year 2022, and vehicles with less than 4 out of 5 model years for each time period were excluded from further analysis.

About iSeeCars.com

iSeeCars.com is a car search engine which helps shoppers find the best car deals by providing key information and valuable resources, like iSeeCars free VIN check reports and Best cars rankings. iSeeCars.com has saved users over $332 million so far by applying big data analytics powered by over 25 billion data points (and growing) and using proprietary algorithms to analyze , rate and objectively classify millions of new and used cars.

This article, Used car prices fell in March, demand remains high for affordable prices and fuel-efficient vehicles, which originally appeared on iSeeCars.com.

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