Analysts cite larger inventories, higher interest rates and economic uncertainty as the reasons.
For the first time in recent history, some vehicles have appreciated in value or depreciated less than expected, finds a recent iSeeCars study.
iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
High demand amid limited new vehicle inventory has driven up used vehicle prices. But it’s also impacting the rate their values are depreciating.
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.
Wholesale used vehicle prices have increased 37% over the past 20 weeks and used retail prices rose 15% since the end of 2020.
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.
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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