August 25, 2022 – Supply chain disruptions and component shortages have left automakers high and dry with new vehicle production, leading to inventory shortages and rising prices. That pushed demand onto the used market, where prices have grown steadily for months.
A recent study from iSeeCars found that used car prices remain elevated but have shown signs of slowing their ascendancy. Even so, prices of used electric cars increased dramatically in July, with a 54.3% gain over the same period last year.
Price increases had slowed for the first three months of the year and continued for gas vehicles through June. Starting in April, used EV prices outpaced their gasoline counterparts by a large margin, thanks to Russia’s invasion of Ukraine and subsequent spikes in gas prices.
