LEAF tops list, but smaller gas cars lead used-vehicle price hikes
Used vehicles, in general, are pricier these days, fetching nearly 28% higher prices than they did a year ago, according to iSeeCars.com
And some models are seeing prices soar even higher than that.
iSeeCars analyzed more than 1.9 million November sales of used vehicles ages 1 to 5 and determined they fetched an average of $31,848.
This was 27.9% higher than the average selling price in November 2020. And in October, prices for the same group of used vehicles was up 24.9% year-over-year, according to iSeeCars.
“Used car prices had drifted down, slightly, since they peaked in June, but they are back on the rise again, with the average used vehicle priced nearly over $7,000 above where it was last November,” iSeeCars executive analyst Karl Brauer said in an analysis.
“With microchip shortage-related plant shutdowns persisting throughout the year, automakers have not kept pace with pent-up demand, and lingering supply constraints that are expected to continue well into 2022,” he said.42.
The Nissan LEAF showed the largest leap in price from November 2020, with prices up 64.0%.
“While used car prices for all electric vehicles have increased in recent months, the dramatic increase for used Nissan LEAF prices could be attributed to the 2018 model, which featured a significant bump in EV range, performance improvements, and an exterior facelift, and which only just entered the market this year in substantial numbers,” said Brauer.
Seven of the next eight on the list are small gasoline-powered cars: the Mitsubishi Mirage in second (up 52.3%), the Chevrolet Spark in third (up 50.7%), Kia Forte at No. 4 (up 42.4%) and the Kia Rio in fifth (42.2%), along with the No. 6 MINI Hardtop 2 Door (up 40.4%), No. 8 Toyota Corolla (up 39.5%) and No. 9 Kia Soul (up 39.0 %).
“The Chevrolet Spark, the Kia Rio, and the Mitsubishi Mirage are among the lowest-cost cars on the market, while the Kia Forte and Kia Soul are among the lowest-priced options in their respective vehicle classes,” said Brauer.
“These vehicles, along with the MINI Hardtop that appeals to practical buyers who want something more refined, and the always-popular Toyota Corolla, are attainable for new drivers and those looking for affordable transportation, even with their large increase in price over the past year.”
Rounding out the list was the No. 7 Toyota Prius (up 40.2%) and the Lincoln Navigator, which was 10th with a 38.3% price hike.