2022 second-hand EV prices soared due to rising fuel costs

Electric vehicles have the highest average used vehicle pricing in the U.S. Rising petrol prices are pushing used EV values upward.

iSeeCars.com studied 14 million one- to five-year-old used autos. The average price of EVs rose 54.3% year-over-year in July, compared to 10.1% for combustion vehicles.

Until recently, mainstream electric vehicles depreciated quickly due to battery advances and a lack of secondary market demand, said iSeeCars Executive Analyst Karl Brauer. Soaring petrol prices, improved public charging infrastructure, and a lack of new EVs have boosted demand for secondhand EVs.

Both EVs and conventionally-fueled vehicles started the year with higher pricing, but gains slowed in February and March. The Russian invasion of Ukraine increased gas costs, boosting the value of old EVs and reducing combustion vehicle growth.

The second-hand Nissan LEAF sold for an average of $28,787 in July 2022. That's a $8,930 gain over 2021.

In July 2022, the Chevrolet Bolt was the most cheap used EV, with average pricing of $28,291. Model S led all four Tesla pricing increases.

The Porsche Taycan's used value fell by $5,042 to $138,033 in July 2022. It's down 3.5%. As EVs become more common and a tax incentive for used vehicles is introduced, the second-hand EV industry may not have peaked.

“As more affordable new EVs hit the market, secondhand EVs won't be as much of a novelty,” said Brauer. Used EV costs are projected to drop in the coming months, so prospective purchasers should be patient.