Yahoo Autos Used-car prices drop in May, but EVs and hybrids are up
There is a light at the end of the tunnel for buyers seeking a used car, according to a recent study. Although the average price of a used car increased by 16.9% in May 2022 compared to May 2021, that figure is down from 23.9% in April 2022 and it fell for the fourth straight month.
Demand for hybrid and electric models drove the industry average up, according to website iSeeCars. The cost of a used electric car and a used hybrid car increased by 37.7% and 32.1%, respectively, while the cost of a non-electrified car went up by 16.3% in May 2022. It's fitting, then, that many of the cars that posted the lowest price increase are also among the thirstiest: the top five spots went to the Chevrolet Camaro (0.3%), Ford F-150 (3.0%), Nissan Armada (3.2%), Nissan Titan XD (3.9%), and Toyota Tundra (4.1%).
