Not only new cars, gas-saving old cars also increase rapidly
According to a new study by the 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, Hyundai and Kia brands topped the table, increasing resale value by more than 50%.
The car with the biggest price increase in February 2022 compared to the same period last year was the Hyundai Sonata Hybrid. This year’s price has increased from $9,457 to $24,913, or a 61.2% increase. The Sonata Hybrid not only gets the highest gain, but significantly more than the rest.
The Hyundai Sonata Hybrid has the highest price volatility in the used car market within a year.
In second place is the Chevrolet Spark with a 54.5% increase, and right behind is the Nissan LEAF with 54.3%.
In second place is the Chevrolet Spark with a price increase of 54.5%, followed closely by the Nissan LEAF, with a price increase of more than 54.3%. However, this Leaf model is not the only electric vehicle on the list. Used Tesla Model S prices also increased 47.4%, while Toyota Prius increased 46.7%.
Fourth place belongs to the Mercedes-Benz G-class, which is an exception to the ranking because it is not a fuel-efficient car. According to Karl Brauer, CEO of iSeeCars, the resale price of this car has increased because the waiting time to buy a new version is more than a year, causing customers to turn to buying used cars.
Up to 5 small car models made the list including Chevrolet Spark, Kia Forte, Kia Rio, Kia Soul and Toyota Corolla. This shows consumer preference for small cars because they are affordable and easy to use with new drivers.
Brauer said: “Hybrid vehicles are in high demand due to the sharp increase in gasoline prices, of which hybrids have increased by 47%, electric vehicles by 43% compared to last year. Affordable transportation has seen a surge in demand after the price of used cars soars, and these hybrids are cheaper than the average used car.” .
Used car prices are at a record high because demand is outstripping supply. Previously, microchip suppliers halted production at the beginning of the COVID-19 pandemic to protect workers. At the same time, the economic downturn caused automakers to order fewer processor chips. As the economy begins to recover, the demand for personal electronic devices increases, leading to overcrowded chip factories. At this time, car manufacturers were forced to stop producing new cars due to a lack of microchips and semiconductors in the supply chain.
Due to production disruption, many customers decided to buy ‘2hands’ cars due to the scarcity of new cars. Demand for used cars has also increased as people abandon public transport for private vehicles during the pandemic. Along with that, the supply at dealers decreased due to fewer and fewer people doing business, leading to a shortage of used cars. The shortage has led to record high prices for used cars.
Not only used cars, new car prices are also on the rise. Russia’s attack on Ukraine has sent the price of metals used in cars skyrocketing, from aluminum in bodywork and palladium in catalytic converters to high-grade nickel in electric car batteries, and customers are less likely to accept it. pay.
While the metal has yet to be the target of Western sanctions, some shippers and auto parts suppliers have removed Russian goods, putting more pressure on carmakers. Auto is reeling from chip shortages and higher energy prices.
Reference: iSeeCars
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