The gas pump is now writing the price tags on America's used car lots. Electric vehicle values rose 4.3% annually in September as record diesel prices changed what buyers were willing to pay. Climbing interest rates and steeper-than-usual third-quarter depreciation weighed on the broader market, while fuel-efficient models ran the other way.
- Cox Automotive lowered its forecast for the Manheim Used Vehicle Value Index from a 2% increase to just 0.2%.
- CarGurus found used hybrid sales climbed nearly 33%, with new hybrid sales up 24% year to date.
Pump shock: The split is getting sharper further down the market. Non-electric models getting at least 40 MPG have gained 9.9% in wholesale value since January, while the biggest gas guzzlers have lost 15%. Used EVs are finding another advantage at the cheaper end, with days' supply falling as shoppers hunt for options under $32K. Efficiency is becoming a hedge against depreciation.
