With increased gas prices driving demand for fuel-efficient vehicles, the average prices for used hybrids and electric cars rose significantly in March compared to the same month last year, according to new analysis from iSeeCars.
Average hybrid prices increased 40.5%, while average EV prices increased 35.1%, according to the analysis. Note that iSeeCars uses vehicle list prices rather than actual transaction prices for its analysis.
2016 Hyundai Sonata Hybrid
The Hyundai Sonata Hybrid saw the biggest average price increase, at 63.9%, with average prices hitting $25,620 in March 2022 compared to $9,991 in March 2021. It was followed by the Toyota Prius (45.1%) and Toyota Avalon Hybrid (42.4%).
The Nissan Leaf saw the greatest price increase among all-electric models. The average price in March 2022 was $25,123, which represented a 49.2% increase over the $8,288 average price for March 2021.
The Leaf has been the longtime top-seller among used EVs, and more of the redesigned versions are now coming off lease. New Leafs got a price cut for the 2022 model year, and a 2023 refresh appears to be just enough, without making those late-model used Leafs look dated.
2020 Nissan Leaf
Some of those used Leafs offer more range, as Nissan appears to have deleted the previous 226-mile version for 2023, leaving the Leaf with a 215-mile maximum range for the SV Plus version. The base 2023 Leaf S has a 149-mile range.
Other used EVs that saw average price increases were the Tesla Model S (42.8%), Chevrolet Bolt EV (37.4%), Tesla Model X (35.1%), and Tesla Model 3 (22.2%). The number of Teslas isn't surprising, as used-Tesla prices have been soaring for some time.
2022 Tesla lineup (Courtesy of Tesla, Inc.)
Used EV prices started to surge last year, long before the price of gas took off. Then it was driven primarily by new-vehicle supply issues and growing interest in EVs. More recently, gas prices have spurred strong demand for high-mpg vehicles—especially hybrids.