Soaring gasoline prices drive strong demand for hybrid and electric vehicles

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(iSeeCars) – Gasoline prices hit record highs in March, leading to a surge in demand for fuel-efficient vehicles. The price of the average used hybrid vehicle increased by 40.5%, while the average used electric vehicle increased by 35.1% compared to the same period in March 2021.

For consumers interested in a used hybrid or electric vehicle in a time of high gas prices, some alternative fuel vehicles have risen in price more than others. Here are the average used car prices and annual price increases for hybrid and electric vehicles on the market today:

Average price increases for hybrid cars

When looking at the prices of used hybrid vehicles, five vehicles have price increases above the hybrid vehicle average of 40.5%. Nine vehicles have lower than average price increases.

Average Hybrid Car Price Increase (Annual) – iSeeCars March 2022 Study
Rank Used Vehicle Average used car price (March 2022) $ Price change from March 2021 % price change from March 2021
1 Hyundai Sonata hybrid $25,620 $9,991 63.9%
2 Toyota Prius $26,606 $8,269 45.1%
3 Toyota Avalon hybrid $37,773 $11,252 42.4%
4 Toyota Camry Hybrid $29,261 $8,584 41.5%
5 Toyota RAV4 Hybrid $36,350 $10,583 41.1%
Average of hybrid cars $33,252 $9,582 40.5%
6 Chrysler Pacifica hybrid $43,007 $12,006 38.7%
7 Toyota Prius Prime $29,091 $8,083 38.5%
8 Honda Accord Hybrid $31,409 $8,725 38.5%
9 Kia Niro $23,956 $6,270 35.4%
ten Lexus ES300h $41,614 $10,359 33.1%
11 Hyundai Ioniq hybrid $23,812 $5,891 32.9%
12 Toyota Highlander Hybrid $45,786 $10,746 30.7%
13 BMW 5 Series $38,902 $7,917 25.6%
14 Lexus RX450h $49,578 $8,224 19.9%

The Hyundai Sonata Hybrid has the biggest price increase at 63.9%, or $9,991 over last year. “The Hyundai Sonata Hybrid had the lowest used car price of any hybrid vehicle on this list in 2021, and despite having the biggest price increase, it still costs significantly less than the hybrid car. average,” said Karl Brauer, executive analyst at iSeeCars.

Four Toyota hybrid vehicles have above-average price increases, including the Toyota Prius, Toyota Avalon Hybrid, Toyota Camry Hybrid and Toyota RAV4 Hybrid. “The Prius is among the most affordable hybrid vehicles available and follows the trend of smaller, cheaper vehicles that are increasing demand in the middle used car price increases,” Brauer said. “The Avalon and Camry hybrids demonstrate increased demand for hybrid sedans, which have become more popular with consumers amid soaring gasoline prices. Finally, the Toyota RAV4 hybrid compact SUV was in short supply even before the microchip shortage, and its demand has only intensified as consumers embrace smaller, more efficient SUVs in today’s market.

Hybrid vehicles that have lower than average price increases include both larger and more expensive luxury vehicles as well as less popular but affordable hybrid cars. Luxury vehicles include the Lexus ES 300h midsize sedan, Lexus RX 450h midsize SUV and BMW 5 Series. affordable than expensive luxury models,” Brauer said.

Two Toyota hybrid vehicles have lower than average price increases, including the Prius Prime plug-in hybrid and the Toyota Highlander hybrid. “The below-average increase in the plug-in Prius Prime suggests buyers have a preference for full-hybrid or electric vehicles, Brauer said. “The Highlander Hybrid is one of the more expensive vehicles on the list, and the lower-than-average price increase for the Highlander Hybrid shows that demand is stronger for more affordable hybrid vehicles.”

However, three hybrid sedans that cost less than the average vehicle are also on the list, including the Honda Accord Hybrid, Kia Niro and Hyundai Ioniq Hybrid. “The Honda Accord Hybrid, Kia Niro and Hyundai Ioniq Hybrid aren’t as popular as Toyota’s hybrid sedans and present great options for consumers looking for affordable, fuel-efficient vehicles,” Brauer said.

Average Electric Car Price Increases

When looking at the prices of used electric vehicles, three vehicles have price increases above the hybrid vehicle average of 36.3%. Two Tesla vehicles have lower than average price increases.

Average Electric Car Price Increase (Annual) – iSeeCars March 2022 Study
Rank Used Vehicle Average used car price (March 2022) $ Price change from March 2021 % price change from March 2021
1 Nissan Leaf $25,123 $8,288 49.2%
2 Tesla Model S $75,475 $22,612 42.8%
3 Chevrolet Bolt EV $25,317 $6,887 37.4%
Electric vehicle average $52,514 $13,984 36.3%
4 Tesla Model X $91,173 $23,678 35.1%
5 Tesla Model 3 $49,101 $8,918 22.2%

The electric vehicle with the biggest price increase is the Nissan LEAF, which has increased in price by 49.2%. “The Nissan LEAF price increase is likely due to soaring gasoline prices as well as the increased desirability of the redesigned 2018 model, which benefited from increased range and is now coming out of lease for enter the used car market,” Brauer said.

The Tesla Model S ranks second. “Demand for used versions of the Model S has declined in recent months as consumers shift to the more affordable Model 3 and Model X SUV,” Brauer said. “But with recent Model S upgrades, plus the new ‘Plaid’ model and higher fuel prices, demand has increased for the Model S.”

The Chevrolet Bolt EV ranks third with a 37.4% price increase. “The Bolt’s affordability and increased interest in electric vehicles as a whole has led to an above-average price increase,” Brauer said.

Two Tesla vehicles have below-average price increases, including the Tesla Model X and Tesla Model 3. “These vehicles were in high demand before the microchip shortage due to their popularity and scarcity in the passenger car market. ‘opportunity, which is why the annual increase is not as dramatic as that of other electric vehicles,’ Brauer said. “Used versions of the Tesla Model 3 are sell at higher prices than new releaseswhile Model X is one of best electric SUVs for the preservation of value.

Conclusion

“While used hybrid and electric vehicles often have above-average price increases, there are still hybrid and electric vehicles with below-average price increases that cost less than the average vehicle,” he said. Brauer said. “These vehicles may still have a higher upfront cost, interested buyers should also consider potential fuel savings to help them make the smartest buying decision possible.”

More on iSeeCars.com:

Methodology

iSeeCars.com analyzed over 1.8 million 1-5 year old used car sales in March 2021 and 2022. Average listing prices for each car model were compared between the two time periods, and differences were expressed both as a percentage difference from the 2021 price as well as a difference in dollars. Heavy-duty vehicles, low-volume vehicles, discontinued vehicles from model year 2022, and vehicles with less than 4 out of 5 model years for each time period were excluded from further analysis.

About iSeeCars.com

iSeeCars.com is a car search engine which helps shoppers find the best car deals by providing key information and valuable resources, like iSeeCars free VIN check reports and Best cars rankings. iSeeCars.com has saved users over $332 million so far by applying big data analytics powered by over 25 billion data points (and growing) and using proprietary algorithms to analyze , rate and objectively classify millions of new and used cars.

This article, Soaring gasoline prices drive increased demand for hybrid and electric vehiclesoriginally appeared on iSeeCars.com.

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