The automotive market is still a wild ride for buyers and sellers as the summer of 2022 draws to a close. According to an iSeeCars study, used electric vehicle prices are up 54.3 percent on average compared to the same time last year. And it's not premium models leading the way. The cheapest EVs in America are in demand, and as such, they're commanding higher prices on the used market than new models at dealerships.
We're talking about the Nissan Leaf and Chevrolet Bolt EV. The latest iSeeCars report for July 2022 lists the average selling price for a used Leaf at $28,787, with the Bolt EV close behind at $28,291. For the Leaf, it's a whopping 45 percent increase from last year, equalling $8,930. The Bolt EV is up 29.3 percent, which equates to a rise of $6,417.
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Percentage-wise, these two EVs represent the largest year-over-year increase of them all. Moreover, pricing for a brand new 2023 Leaf starts at $27,800. Add in destination charges, and the final price is $28,895 – a veritable match for the average cost of a used model. And lest we forget, Chevy slashed pricing for the 2023 Bolt. It now starts at $25,600; with the $995 destination charge added it rises to $26,595. That's a new Bolt for $1,696 less than the average selling price of a used one.
Of course, that's comparing average used prices to new base model pricing. And with supply shortages still present throughout the auto industry, finding new vehicles selling for MSRP can be problematic. Still, the iSeeCars study is eye-opening, and with over 13.8 million used vehicle sales analyzed in the last 12 months, it draws from a large data source.
Gallery: 2023 Nissan Leaf
The deep dive further shows that used EV prices in general are significantly outpacing those of internal-combustion vehicles. While EV prices are up 54.3 percent versus last year, combustion-powered prices are up just 10.1 percent. Furthermore, EV prices have risen sharply since May, whereas ICE pricing has been declining and holding steady.
What's driving the price increase for EVs? The report cites ongoing supply issues resulting in limited new-vehicle inventory combined with record high fuel prices. Additionally, buyers are becoming more comfortable with EVs as the charging infrastructure in the US continues to expand. As for when prices might settle, that's still very much unknown.