Searching for a brand new or used automotive is costly for the time being. Ever because the coronavirus pandemic upended new automotive manufacturing, the trade has been struggling to fulfill demand, forcing customers to purchase from the used market. That has elevated costs, and so they stay excessive in Might 2022. Nevertheless, some segments noticed extra appreciable will increase than others.
A brand new report from iSeeCars.com discovered that used automotive costs had been $4,953 costlier on common in Might than for a similar month final 12 months. That is a rise of 16.9 p.c. Nevertheless, it’s not all dangerous information as Might’s used automotive costs are down 23.9 p.c in contrast with April 2022, and it’s the fourth straight decline in accordance with iSeeCars.com’s analysis, which checked out two million 1-5-year-old used automotive gross sales in Might.
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Unsurprisingly, the excessive fuel costs have customers trying to find extra economical options, and that’s driving up costs for hybrids and electrical autos. In keeping with the research, EV costs jumped 37.7 p.c, and hybrids elevated by 32.1 p.c. EVs and hybrids noticed costs soar a lot that they occupy the highest 5 spots for the automobiles with the most important worth will increase.
The Hyundai Sonata Hybrid noticed the biggest enhance, the 47.8 p.c soar including $8,530 to the worth and bringing it to $26,358. The Nissan Leaf jumped 41.4 p.c, $7,829, to $26,725. The Tesla Mannequin S elevated by 39 p.c to $80,097. The Prius and Prius Prime are on the listing, going up in worth by 38.0 and 36.3 p.c, respectively.
The excessive fuel costs doubtless saved folks away from vehicles because the phase noticed its costs solely enhance by 6.3 p.c from Might 2021 to Might 2022. On common, the worth of a used pickup went up by simply $2,432, far beneath the practically $5,000 common for the month. The Ford F-150, the Nissan Titan, and the Chevrolet Silverado noticed a number of the smallest worth will increase, with the common used F-150 going up by simply 3.0 p.c, or $1,221.
Hatchback noticed their costs soar probably the most, at 23.7 p.c, whereas wagons had been proper behind it at 23.5 p.c. Sedan costs had been additionally up 16.9 p.c, whereas the SUV phase noticed a 17.0 p.c enhance. Take a look at the entire research and dig by way of the info on the supply hyperlink beneath. There are some fascinating tidbits.
