The auto market is still a wild ride for buyers and sellers as the summer of 2022 is drawing to a close. According to an iSeeCar Based on the study, the price of used electric vehicles increased on average 54.3 percent compared to the same period last year. And it’s not the premium models that take the lead. America’s cheapest EVs are in demand, and because of that, they command higher prices on the used market than new models at dealerships.
We’re talking about the Nissan Leaf and the Chevrolet Bolt EV. Latest iSeeCar the report for July 2022 puts the median selling price for a used Leaf at $28,787, with the Bolt EV approaching $28,291. For Leaf, this is a 45 percent increase from last year, equivalent to $8,930. The Bolt EV was up 29.3 percent, which equates to a $6,417 gain.
In terms of percentages, these two EVs represent the biggest year-over-year increase of all. Additionally, prices for the new Leaf 2023 start at $27,800. Add the destination fee, and the final price is $28,895 – totally worth it average the cost of the model used. And lest we forget, Chevy is slashing prices for the 2023 Bolt. Now starting at $25,600; with the $995 destination cost added up to $26,595. That’s a new Bolt for $1,696 less of the average selling price of a used car.
Of course, that compares the average used price to the price of the new base model. And with supply shortages lingering throughout the auto industry, finding new vehicles to sell for MSRP can be problematic. However, the iSeeCars study was eye-opening, and with more than 13.8 million used-vehicle sales analyzed in the last 12 months, it draws on big data sources.
Further dives show that used EV prices have generally significantly outpaced the prices of internal combustion vehicles. While EV prices are up 54.3 percent compared to last year, combustion power prices are up just 10.1 percent. In addition, EV prices have risen sharply since May, while ICE prices have declined and remain stable.
What is driving the rise in EV prices? The report cited ongoing supply issues that resulted in limited new vehicle inventories combined with record high fuel prices. Additionally, shoppers are becoming more comfortable with EVs as the charging infrastructure in the US continues to evolve. As for when the price will settle, it is still unknown.