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Analysts cite larger inventories, higher interest rates and economic uncertainty as the reasons.
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For the first time in recent history, some vehicles have appreciated in value or depreciated less than expected, finds a recent iSeeCars study.
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iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
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High demand amid limited new vehicle inventory has driven up used vehicle prices. But it’s also impacting the rate their values are depreciating.
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IHS Markit finds the average age of a car on U.S. roads rose to 12.1 years in 2021, up from 11.9 years in 2020. In comparison, the average age was 9.6 years in 2002.
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Wholesale used vehicle prices have increased 37% over the past 20 weeks and used retail prices rose 15% since the end of 2020.
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iSeeCars.com analysts found German and British highline models are the most likely new vehicles to be resold by their owners within a year of purchase.
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iSeeCars.com provides a rating for used-car dealers based on their inventory. The inventory is compared to the price and conditions of similar cars in the market.
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