Yahoo Autos Electric Vehicle Prices Continue to Rise More Than Gas-Powered Models
Used car prices remain elevated in the wake of the global microchip shortage, but they began to level off in the second half of 2022. However, according to iSeeCars’ recent analysis, over the same period prices for electric cars continued to increase significantly. In July, electric car prices saw an increase of 54.3% from the same month last year while gas-powered cars were up just 10.1%.
iSeeCars analyzed the prices of over 13.8 million 1-5 year old used cars sold between January and July of 2021 and 2022 to determine the price growth of electric cars compared to conventional fuel vehicles.
“Until recently, mainstream electric vehicles typically depreciated rapidly due to improvements in battery technology and a lack of demand in the secondary market,” said iSeeCars Executive Analyst Karl Brauer. “However, soaring gas prices, improvements in public charging infrastructure, and a lack of inventory for new EVs have led to soaring demand for used electric vehicles.”
Monthly 2022 vs. 2021 Year-Over-Year Average Price Comparisons: Conventional Fuel Vehicles Vs. EVs | ||
Y-o-Y % Change, Conventional Fuel Vehicles | Y-o-Y % Change, EVs | |
Jan | 36.3% | 54.1% |
Feb | 34.4% | 43.1% |
Mar | 30.4% | 34.3% |
Apr | 23.3% | 37.5% |
May | 16.3% | 36.2% |
Jun | 9.8% | 40.6% |
Jul | 10.1% | 54.3% |
Electric vehicles started the year with a price increase of 54.1 percent over January of 2021, while conventional fuel vehicle prices were 36.3 percent higher. “The sharp price increase for electric vehicles in January was driven by a sudden spike in demand due to rising fuel prices plus the ongoing shortage of used gasoline vehicles,” said Brauer.
The price increases for both EVs and conventional fuel vehicles declined until March and continued to decline for conventional fuel vehicles through June. Meanwhile, the price increase for EVs rose in April and continues to far outpace the price growth of conventional fuel vehicles. “March marked the aggressive upward pricing trend for gasoline as a result of the Russia-Ukraine conflict, and we have seen increased demand for EVs and decreased demand for gas-powered cars since,” said Brauer.
Electric Vehicle Annual Price Increase By Model
iSeeCars analyzed the used car prices across electric cars to determine which had the highest price increase in July 2022 compared to 2021.
Electric Vehicle Year-over-year Price Increase By Model, July 2022 vs. 2021 | ||||
Rank | Electric Vehicle | % Y-o-Y Price Increase | $ Y-o-Y Price Increase | Average Used Car Price |
1 | 45.0% | $8,930 | $28,787 | |
2 | 29.3% | $6,417 | $28,291 | |
3 | 27.5% | $17,906 | $83,078 | |
4 | 19.7% | $14,863 | $90,484 | |
5 | 16.2% | $7,781 | $55,766 | |
6 | 15.7% | $5,124 | $37,732 | |
7 | 13.6% | $8,381 | $70,065 | |
8 | 9.9% | $5,867 | $65,420 | |
9 | 3.5% | $1,980 | $59,338 | |
10 | -3.5% | -$5,042 | $138,033 | |
The used electric vehicle that has risen the most in price is the Nissan LEAF, which has a 45 percent price increase over last year. “The price increase for the Nissan LEAF, which was once the highest depreciating car on the market, is likely due to 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,” said Brauer.
The Chevrolet Bolt hatchback ranks second. “The Chevrolet Bolt is the most affordable used electric vehicle on the market, and its relative affordability plus heightened interest in all-electric vehicles have led to its steep used car price increase,” said Brauer.
