These used vehicles are skyrocketing in value due to high gas prices

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 Nissan Leaf was redesigned in 2018.
(Nissan)

“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.

Used Teslas are in demand as the production of new models has been limited.
(Tesla)

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.

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%