I’m a used car expert, these 10 models have increased in value the most over the last year
WITH gas prices still sky-high and a global chip shortage ravaging the auto industry, more fuel-efficient used cars are starting to fetch top dollar.
Some hybrids are seeing wild price increases of almost 30% more, mostly due to supply and demand.
Used cars with the biggest price increase
Among the ten used cars that saw the biggest price increase, nine of them were hybrid, electric, compact or a combination of the three.
The Hyundai Sonata Hybrid saw a price increase of 63.9% from March 2021 to March 2022, pushing the price up from $9,991 to an average of $25,620, reported iseecars.com.
The other hybrid on the top ten list was the Toyota Prius, which saw a 45.1% increase to $8,269 for an average total of $26,606.
Several other models on the same list were small, compact, or subcompact models.
The Kia Rio, Chevrolet Spark, Kia Forte, Kia Soul and Mitsubishi Mirage saw their average prices increase by 42.6% to 49.4% from March 21 to March 22.
Electric models that saw a big jump are the Tesla Model S and the Nissan LEAF, the former of which saw a 42.8% increase of $22,612 to an average total of $75,475. The LEAF jumped 49.2% and $8,288 for an average total of $25,123.
iSeeCars executive analyst Karl Brauer said: “The Nissan LEAF price increase is likely due to soaring gasoline prices as well as the increased desirability of the redesigned 2018 model, which has enjoyed increased range and is now exiting the lease to enter the used car market.”
When launched, the LEAF was one of the first mainstream electric cars, but it was quickly overtaken in technological capability by other electric models until it was heavily refreshed in 2018.
There was, however, one outlier in the top ten list, the Mercedes G-Class. This big, opulent, gas-guzzling juggernaut saw its price increase by 48% and $71,586 to reach a total average running price of $220,846.
This could partly be because the average wait time for a G-wagon is around a year, so buying used can shorten that wait considerably.
What about the cars with the smallest price jump?
The cars with the least price change were comprised entirely of gas-powered SUVs, pickup trucks and sports cars.
The car with the smallest price increase was the Maserati Levante, which rose only 9% ($4,945) to an average used price of $59,975.
Other SUVs in the bottom ten were the Jaguar F-Pace, Land Rover Discovery and Porsche Macan.
At a time when gasoline is at one of the highest prices in American history, this is proving to be a dominant factor in people’s car buying choices.
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