Used Hybrid And EV Prices Have Jumped $3,600 Even After The Tax Credit Died

The end of the federal tax credit for used electric vehicles (EVs) and hybrids was expected to cool demand, but rising gas prices have instead driven up prices. According to a Carfax study, average used sedan, hatchback, and wagon prices have increased by more than $1,350 this year. Used pickup trucks, luxury cars, and SUVs have each risen by around $1,500 on average. Notably, used luxury SUVs have gained nearly $2,800, or about 4.9 percent, while luxury cars have moved up 12.6 percent for the year. The largest jump, however, was seen in used hybrids and EVs, which have surged by more than $3,600, or 11.9 percent, due to strong demand driven by rising gas prices. This increase is good news for sellers but means buyers may have to stretch their budgets. The price changes vary widely depending on the region, with the Mid-Atlantic seeing an average increase of over $1,400 for used hybrids and EVs in June, compared to around $950 in the Midwest. Overall, used car prices across Carfax increased by roughly 1.3 percent in June, with an average gain of just over $350 for the month.