Used-car prices post relatively smaller increase in July 2022

The prices of some used cars continue to rise across the nation as factors like the ongoing chip shortage create inventory constraints, according to a recent study. While the industry average price increase was 10.9% in July, EVs and hybrids posted a significantly higher increase.

Website iSeeCars analyzed over 1.8 million used-car sales in July to arrive at that number, which is the increase over July 2021. For context, the year-over-year increase was pegged at 10.5% in June 2022 and 16.9% in May 2022. And drivers seeking an electric or a hybrid car will pay significantly more in 2022 than they would have in 2021.

The car that posted the highest year-over-year increase is the Nissan Leaf. The average used Leaf sold for $28,093 in July 2022, a 43.8% hike over July 2021. Karl Brauer, iSeeCars' executive analyst, noted that "heightened gas prices as well as the heightened desirability for the redesigned 2018 model that offers increased range and is now coming off lease to enter the used car market" explains the rise.