The price of used cars increases by up to 50% according to the price of gas

According to a new study by the famous used car search site in the US, iSeeCars, up to 10 car models increased sharply in February 2022 compared to a year earlier. These are all top fuel-efficient models in the US market (except for the Mercedes G-Class). In which the brands Hyundai and Kia topped the table increasing resale value by 61.2%.

Below is a list of used car prices in February 2022 compared to February 2021:

The price of old Hyundai and Kia cars increased sharply according to the price of gasoline

The car with the biggest price increase in February 2022 compared to February 2021 is the Hyundai Sonata hybrid. This year’s price has increased from $9,457 to $24,913, or a 61.2% increase.

In 2nd place is Chevrolet Spark (also known as Vinfast Fadil in Vietnam) with a price increase of 54.5%, the third position is Nissan Leaf, with a price increase of more than 54.3%. However, The Leaf is not the only electric vehicle on the list. Used Tesla Model S prices also increased 47.4%, while Toyota Prius increased 46.7%.

Chevrolet Spark small car has a resale price increased by 54.4% in February compared to the same period last year

One of the exceptions in the top 10 used cars that increase in price is not the fuel-efficient line, that is the Mercedes G-Class. In fact, the high-end German SUV has been sold out recently, leading to an increase in used car prices by over 50%.

“The wait time for a new version of the Mercedes-Benz G-Class is currently more than a year, so buyers who want this luxury off-roader if they can’t be patient will have to turn to the used car market. ,” explains Karl Brauer, analyst at iSeeCars.

If the price of cars increases by fuel type, hybrid cars are the type of car with the strongest increase in the past 12 months. In the US, the average car price increased from $10,604 to $33,210, marking a 46.9% increase. It was followed by electric vehicles, with a 43% increase, or $16,121.

Analysts believe that used car prices will continue to increase in March when Russia’s war in Ukraine is continuing and world crude oil prices have not really fallen deeply. American consumers will still tend to look for a model that makes them less expensive on gas than muscle cars.

Dinh Quy (according to Carscoops)

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