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Used car prices continued their slow decline in May, but certain models are seeing a big uptick.
The average price of a used vehicle dropped $193 to $34,199, which is still 16.9% higher than it was last year, according to iseecars.com.
Breaking out hybrid and electric cars paints a very different picture, however.
Prices for used hybrids like the Toyota Prius were up 32.1% to $34,372, while electrics rose 37.7% to $58,165.
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The top models driving the increase were the Hyundai Sonata Hybrid (47.8%), Nissan Leaf (41.4%), Tesla Model S (39.0%), Toyota Prius Prime (38.0%) and Toyota Prius (36.35).
“The rapid increase in gas prices over the past few months has led to a surge in demand for hybrid and electric vehicles,” iSeeCars Executive Analyst Karl Brauer said.
Hatchbacks, wagons and sedans, which are the lowest-priced segments, also saw higher than average increases compared to last year, while pickup prices were only up 6.7%.
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“Small cars have become the only affordable used car option for a growing segment of the population, and their price increases reflect the high demand these otherwise low-demand vehicles have experienced in recent years,” said Brauer.
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These are the 10 vehicles with the highest price increases by percent since May 2021 in iseecars.com’s study:
Hyundai Sonata Hybrid 47.8%
Nissan LEAF 41.4%
Tesla Model S 39.0%
Toyota Prius Prime 38.0%
Toyota Prius 36.3%
Mercedes-Benz G-Class 35.7%
BMW 3 Series 34.4%
Kia Rio 32.9%
Toyota Avalon Hybrid 31.9%
Fiat 500x 31.6%