Last month, we discussed the cars that experienced the most significant depreciation in value on the used market between August 2023 and August 2024. In today’s challenging economic climate characterized by rampant inflation and stagnant wages, owning a car that has maintained its value can be a silver lining. The recent surge in average prices of certain vehicles can be attributed to various factors such as recent model changes or manufacturers announcing the discontinuation of certain models.
According to a study conducted by iSeeCars, the prices of used electric vehicles (EVs) have plummeted by an average of 25 percent since August 2023. In contrast, the average prices of used internal combustion vehicles and hybrids have experienced declines of 4.4 percent and 6 percent, respectively, over the same period. Interestingly, despite the price drops, used electric vehicles are selling at a faster rate compared to a year ago, with an average selling time of approximately 39 days.
It is essential for prospective used car buyers to consider reliability issues and the current high car insurance rates that could impact their financial situation. Now, let’s delve into the list of the top 10 cars that have seen a significant increase in value in the used car market over the past year.
Starting at the bottom of the list, the Volvo V60 Cross Country saw a modest increase of 1.5 percent, or $565, bringing its average price to $37,776. Despite Volvo’s decision to discontinue the traditional V60 wagon, the Cross Country variant’s value has seen a slight uptick. Similarly, the average price of a used Lexus GX 460 rose by 1.5 percent, with an increase of $729, resulting in an average price of $48,399.
Moving up the list, the BMW 4 Series experienced a 1.7 percent increase, amounting to $709, leading to an average price of $42,418. Meanwhile, the average price of a used BMW X1 jumped by 2.4 percent, or $697, reaching $29,383. The Genesis G80 also saw a price surge of 2.5 percent, equating to $872, with an average price of $35,534.
In the tenth spot is the Acura MDX, which recorded a 2.6 percent increase in its average used price, translating to $961, and a final price of $37,374. On the higher end of the spectrum, the Porsche Panamera saw a 3.2 percent increase, amounting to $2,537, and a new average price of $81,754.
The BMW M5 secured an average price increase of 4.2 percent, or $3,220, resulting in a price of $80,410. Following closely behind is the Nissan Pathfinder, which experienced a 4.9 percent price hike, equivalent to $1,343, bringing its average price to $28,890. The Jeep Wrangler also saw a significant 5.5 percent increase, with a jump of $1,921, leading to an average price of $36,885.
For enthusiasts of the Mitsubishi Outlander PHEV, its average price surged by 6.4 percent, or $1,603, reaching $26,511. The BMW 2-Series experienced a notable 6.6 percent increase, amounting to $2,416, with an average price of $38,875. Finally, the Chevrolet Camaro achieved an 8.4 percent increase, adding $2,709 to reach an average price of $34,994.
The second-place winner, the Volvo S90, saw an impressive 16.3 percent increase, translating to $5,164, and a new average price of $36,934. Topping the list is the Porsche 718 Cayman, with a remarkable 21.4 percent increase of $17,532, leading to an average price of $99,293. Despite the rich getting richer in the used car market, these value increases showcase the shifting dynamics in the automotive industry.
