Prices for used electric vehicles have skyrocketed in 2022, rising five times faster than cars with combustion engines.
The auto market remains a wild ride for buyers and sellers as the summer of 2022 draws to a close. According to a study by iSeeCars, the prices of used electric vehicles increased by 54.3% on average compared to the same period last year. And it’s not the premium models that are leading the way. The cheapest electric vehicles in America are in demand and, as such, command higher prices on the used market than new models at dealerships.
We are talking about the Nissan Leaf and the Chevrolet Bolt EV. The latest iSeeCars report for July 2022 lists the median selling price for a used Leaf at $28,787, closely followed by the Bolt EV at $28,291. For the Leaf, that’s a whopping 45 percent increase over last year, which works out to $8,930. The Bolt EV is up 29.3 percent, which equates to an increase of $6,417.
In percentage terms, these two EVs represent the largest year-over-year increase of all. Plus, pricing for a new 2023 Leaf starts at $27,800. Add in destination charges and the final price is $28,895, a true match for the average cost of a used model. And lest we forget, Chevy slashed prices on the 2023 Bolt. Now starts at $25,600; with the $995 destination charge added, it rises to $26,595. That’s a new Bolt for $1,696 less than the median selling price of a used one.
Of course, that’s comparing the average used prices to the prices of the new base model. And with supply shortages still present throughout the auto industry, finding new vehicles that sell for MSRP can be problematic. Still, the iSeeCars study is eye-opening, and with more than 13.8 million used car sales analyzed in the last 12 months, it’s based on a huge source of data.
The deep dive further shows that used EV prices in general are significantly outpacing those of internal combustion vehicles. While the prices of electric vehicles increased by 54.3% compared to last year, the prices of combustion engines increased only by 10.1%. Additionally, EV prices have risen sharply since May, while ICE prices have declined and remained stable.
What is driving the increase in the price of electric vehicles? The report cites ongoing supply issues resulting in limited new vehicle inventory combined with record fuel prices. Additionally, buyers are becoming more comfortable with EVs as the charging infrastructure in the US continues to expand. As for when the prices might be set, much is still unknown.