Used car price has started to decrease after experienced a meteoric rise post-pandemic, according to a recent study. Average price old car down 2% in November 2022 and another 3% in December 2022, although some models have bucked this trend.
“We’re still far from ‘normal’ but there are clear signs that the more than two-year high in prices is coming to an end,” he said. speak iSeeCars executive analyst Karl Brauer. “It’s easy to predict based on the macroeconomic factors we’ve seen over the last six months.”
The average used car costs $31,823 in November 2022 (US$697 lower than November 2021) and $33,582 in December 2022 ($1,043 less than December 2021). ). Model 3 of Tesla Earning a dubious difference is the biggest loser: the average cost of a used example fell $8,822 to $43,817 between September and December 2022. Nissan kicks and Ford Mustang fell 11.9% and 11.5% to $20,046 and $26,852 respectively, followed by Hyundai Ioniq hybrid with an 11% drop to $20,542. However, that doesn’t mean you’re about to get a good deal. These models are the exception, and the industry average fell only 0.6% from September to December 2022.
Comparing prices in December 2021 with prices in December 2022 shows that Nissan Armada depreciates more than any other car; it fell 16.9% ($6,846) to $33,621. Ford Expedition Max and Jaguar E-Pace came in second and third, with 15.2% and 14.6% drops, respectively.
Meanwhile, some used cars increased in price. Average cost of one use Toyota Prius Prime increased 22.5% to 32,131 USD between December 2021 and December 2022, while Leaf Nissan and Chevrolet Bolt rose 20.9% and 20.8%, respectively. Looking at how the price evolves from September 2022 to December 2022, put Cadillac escalatesthe Porsche 911 and Mercedes-Benz S-Class on the top three positions of the podium. Prices have increased by 14.9%, 14.8% and 13.6% respectively in the last few months of the year.
The classification of cars by body type and powertrain type reveals some interesting trends. Used hatchbacks – what the product planning department of every automaker will tell you no one in the US wants to be seen – has increased in value by 7.7% since December. 2021 to December 2022; That’s the biggest jump on the leaderboard. Used coupes – another body style whose appeal is said to be on the decline – rose 4.8%, followed by used scooters (!) with an increase of 0.3%. Price of used sedans, vansSUVs, convertibles and minivans fell in 2022. Used hybrids increased 9.5%, while the average cost of a used car tram 3% decrease. There is no information about the status of diesel cars.
“Price remains above pre-pandemic levels, but all indications are that they will continue to fall,” the study concludes.
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