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Shopping for new or used cars is expensive nowadays. Since the coronavirus pandemic turned new car production upside down, the industry has struggled to keep up with demand, forcing consumers to buy from the used market. That has increased the price, and remained high in May 2022. However, some segments experienced greater increases than others.
New report from iSeeCars.com found that used cars cost an average of $4,953 more in May compared to the same month last year. That is a 16.9 percent increase. However, that’s not bad news as used car prices in May fell 23.9 percent compared to April 2022, and this was the fourth straight decline according to iSeeCars.com‘s research, which looked at two million used car sales aged 1-5 years in May.
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Not surprisingly, high gas prices lead consumers to look for more economical alternatives, and that drives up prices for hybrid and electric vehicles. According to the study, EV prices jumped 37.7 percent, and hybrids increased 32.1 percent. EVs and hybrids saw prices jump so much that they took the top five spots for the cars with the biggest price increases.
The Hyundai Sonata Hybrid saw the biggest increase, a 47.8 percent jump adding $8,530 to the price and bringing it to $26,358. The Nissan Leaf jumped 41.4 percent, $7,829, to $26,725. The Tesla Model S increased 39 percent to $80,097. The Prius and Prius Prime are on the list, rising in price by 38.0 and 36.3 percent, respectively.
High gas prices are likely to keep people away from trucks as the segment sees prices rise only 6.3 percent from May 2021 to May 2022. On average, used pickup prices rose just $2,432, well below the nearly $5,000 average for the month. The Ford F-150, Nissan Titan and Chevrolet Silverado saw some of the smallest price increases, with the average used F-150 up just 3.0 percent, or $1,221.
Hatchbacks saw their prices jump the most, at 23.7 percent, while wagons were right behind them at 23.5 percent. The price of the sedan also rose 16.9 percent, while the SUV segment experienced an increase of 17.0 percent. Check out the full study and explore the data at the source link below. There is some interesting information.
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