As the price of gas prices reached records high in March, the demand for fuel efficient vehicles rose.
There is a high demand for Hybrid cars and EVs right now due to the rising gas prices. However, the price for used hybrids and EVs has increased since last year. Here are the average used car prices and annual price increases for the hybrid and electric vehicles on the US market today:
Average Price Increase for Hybrid Cars (YoY) – iSeeCars March 2022 Study
| Rank | Used Vehicle | Average Used Car Price (March 2022) | $ Price Change from March 2021 | % Price Change from March 2021 |
| 1 | Hyundai Sonata Hybrid | $25,620 | $9,991 | 63.9% |
| 2 | Toyota Prius | $26,606 | $8,269 | 45.1% |
| 3 | Toyota Avalon Hybrid | $37,773 | $11,252 | 42.4% |
| 4 | Toyota Camry Hybrid | $29,261 | $8,584 | 41.5% |
| 5 | Toyota RAV4 Hybrid | $36,350 | $10,583 | 41.1% |
| Hybrid Car Average | $33,252 | $9,582 | 40.5% | |
| 6 | Chrysler Pacifica Hybrid | $43,007 | $12,006 | 38.7% |
| 7 | Toyota Prius Prime | $29,091 | $8,083 | 38.5% |
| 8 | Honda Accord Hybrid | $31,409 | $8,725 | 38.5% |
| 9 | Kia Niro | $23,956 | $6,270 | 35.4% |
| 10 | Lexus ES 300h | $41,614 | $10,359 | 33.1% |
| 11 | Hyundai Ioniq Hybrid | $23,812 | $5,891 | 32.9% |
| 12 | Toyota Highlander Hybrid | $45,786 | $10,746 | 30.7% |
| 13 | BMW 5 Series | $38,902 | $7,917 | 25.6% |
| 14 | Lexus RX 450h | $49,578 | $8,224 | 19.9% |
In the table shown above, we can see that Hyundai Sonata Hybrid has the highest price increase with 63.9% compared to last year. iSeeCars Executive Analyst Karl Brauer said that “The Hyundai Sonata Hybrid had the lowest used car price among all the hybrid vehicles on this list in 2021, and while it has the highest price increase, it still costs considerably less than the average hybrid car,”
Average Price Increases for Electric Cars (YoY) – iSeeCars March 2022 Study
| Rank | Used Vehicle | Average Used Car Price (March 2022) | $ Price Change from March 2021 | % Price Change from March 2021 |
| 1 | Nissan LEAF | $25,123 | $8,288 | 49.2% |
| 2 | Tesla Model S | $75,475 | $22,612 | 42.8% |
| 3 | Chevrolet Bolt EV | $25,317 | $6,887 | 37.4% |
| Electric Vehicle Average | $52,514 | $13,984 | 36.3% | |
| 4 | Tesla Model X | $91,173 | $23,678 | 35.1% |
| 5 | Tesla Model 3 | $49,101 | $8,918 | 22.2% |
Meanwhile, for Electric Cars, Nissan Leaf has the greatest price increase with 49.2%. Brauer stated here that “The Nissan LEAF’s price increase is likely due to the surge in gas prices as well as the heightened desirability for the redesigned 2018 model, which benefited from increased range and is now coming off lease to enter the used car market,” The demand for Tesla Model S has an increased price due to its high demand “But with the recent upgrades to the Model S, plus the new ‘Plaid’ model and higher fuel prices, demand has increased for the Model S.” Brauer said.
Brauer also added that “While used hybrid and electric vehicles often have higher-than-average price increases, there are still hybrid and electric vehicles with lower-than-average price increases that cost less than the average vehicle,”
An EV is still costly when bought, potential buyers must consider if an EV will fit their lifestyle, and consider different factors first.
