The price of used electric cars in July increased by 54.3% over the same period last year while gasoline and diesel cars increased only 10.1%.
The semiconductor chip crisis as well as the broken global supply chain are still affecting manufacturing activities as well as the global auto market. Many car models could not be produced in time to meet the market demand, leading to the high selling price of many used car models.
Recently, iSeeCars – a market research and car buying consulting company analyzed the selling prices of more than 13.8 million used cars from 1 to 5 years old sold during the period from January to January. 7/2022 compared with the selling price in the same period last year to determine the price increase of electric cars compared to cars running on gasoline and oil. The results showed that the price of used electric cars in July increased by 54.3% compared to the same month last year while gasoline and diesel cars increased only 10.1%.
Rate of increase in price of electric cars and petrol-powered cars from January to July 2022 compared to the same period last year.
Karl Brauer, automotive market analyst at iSeeCars, said, “Common electric cars often depreciate rapidly due to improvements in battery technology and a lack of demand in the secondary market. Rising gas prices, improved public charging infrastructure and a lack of new electric vehicle supply have sent demand for used electric vehicles skyrocketing.
According to research results of iSeeCars, electric cars started 2022 with an increase of 54.1% compared to January 2021, while the price of fossil fuel cars increased only about 36.3%. Price increases for both electric and fossil fuel vehicles declined through March and continued to decline for fossil fuel vehicles through the end of June. Meanwhile, price increases for Electric vehicles rose in April and continue to outpace the price growth of fossil fuel vehicles.
At present, the semiconductor chip shortage crisis is basically being resolved, the global supply chain is also resumed. However, with the strong conversion trend in each country, iSeeCars predicts that used electric cars will still have a higher rate of price appreciation than gasoline and diesel cars.
Which used electric car model has increased the most?
iSeeCars analyzed used car prices across electric vehicles to determine which vehicles experienced the highest price increases in July 2022 compared to 2021.
The most expensive used electric car model is the Nissan LEAF, with a 45% increase from last year. According to Karl Brauer, “the price increase for the Nissan LEAF, which was once the most depreciated car on the market, can be attributed to higher gas prices as well as increased demand for the 2018 redesigned model.” provide greater operating range”.
In second place is the Chevrolet Bolt hatchback. This used electric car model is the most affordable on the market, coupled with growing interest in all-electric vehicles, has led to a sharp increase in used car prices.
Four Tesla models made the list including Model S ranked third (27.5%), Model X ranked fourth (19.7%), Model 3 ranked 5th (16.2%) and Model Y ranked No. 7 (13.6%).
The Kia Niro EV has a relatively low price increase compared to other electric vehicles, coming in at sixth place with an average annual price increase of 15.7%.
The remaining three models come from luxury automakers, including the Audi e-tron, Jaguar I-Pace and Porsche Taycan. In particular, the Porsche Taycan is the only electric car that has reduced its price compared to last year.