As we've been reporting lately, the demand for EVs is so high that used prices have increased significantly. However, that's certainly not stopping people from buying used electric cars. The Tesla Model Y topped the list of the fastest-selling used cars in June 2022 with an average selling price of nearly $70,000.
Just this week, we told you that some Tesla owners, as well as owners of other compelling EVs, are selling their cars on the used market for a profit. This is after having driven them for a time and racked up the miles.
While most new cars are hard to come by right now, and the vast majority of used cars are selling at ridiculous prices, the situation is much more obvious when it comes to hybrid and electric cars. Consumer interest in these "future" cars was already starting to climb more quickly before gas prices soared, and now it feels like everyone wants a fuel-efficient car, though the sportiest and most efficient options appear to be more appealing to the masses.
According to a report by iSeeCars, which was shared by Teslarati, it took about 52 days for the average used car to sell in June 2022. Meanwhile, the Tesla Model Y sold in an average of about 25 days, closely followed by the Toyota Prius Prime.
As you can see, most cars on the list are hybrid or electric cars, though there are some exceptions. iSeeCars also points out that new and used car prices climbed in June compared to May. The publication blames inventory constraints for the price hikes, adding that "Rising interest rates and high gas prices have also heightened demand for more efficient and affordable vehicles.”
Compared to June 2021, used car prices are up 10.5 percent based on the study. The average price for a used car in June 2022 came it at over $34,000. Interestingly, many of the cars in the top 10 list, and even the top 20 list, cost more than the average price, with multiple top sellers bringing in averages from over $45,000 to as much as $90,000.