Additional Coverage:
- 8 Used Cars That Are a Steal Right Now (But Won’t Be by Fall) (financebuzz.com)
As tariffs and rising fuel costs continue to impact household budgets, many car buyers are shifting their focus from just saving on insurance to seeking affordable, fuel-efficient vehicles. This trend is fueling a surge in demand for used electric vehicles (EVs), hybrids, and sedans at dealerships across the country.
Thanks to a wave of lease returns and significant depreciation, now is an opportune time for consumers to find excellent deals on used hybrids, EVs, and sedans.
Here’s a look at some standout options, with average prices sourced from CarGurus:
1. 2023 Hyundai Ioniq 6
Average price: $26,108
The Hyundai Ioniq 6 is currently experiencing its steepest depreciation within the first two to three years, after which the decline slows significantly.
Buyers benefit most by purchasing now to maximize the remaining years on the 10-year battery warranty, which diminishes over time.
2. 2022 Hyundai Ioniq 5
Average price: $20,998
Having lost 58% of its value over three years, the Ioniq 5 was named Kelley Blue Book’s best EV for the fourth consecutive year.
While its major depreciation has passed, buyers should be aware that repairs to electric components may become costly once the basic warranty expires.
3. 2021 Tesla Model 3
Average price: $23,016
This model is at an ideal buying point-past its steepest depreciation yet still protected by drive unit and battery warranties.
Interestingly, used Tesla prices have increased since the federal EV tax credit ended, so waiting could actually mean paying more.
4. 2023 Chevrolet Bolt EV
Average price: $19,333
Praised for affordability and enjoyable driving, the Bolt EV holds its value well, with depreciation slowing.
Experts predict prices will stabilize throughout 2026 despite an influx of off-lease EVs hitting the market.
5. 2021 Toyota Camry Hybrid
Average price: $23,579
With a 33% value drop over three years, the Camry Hybrid is a solid bargain.
Market analysts expect prices to remain steady heading into the fall as the used car market normalizes.
6. 2022 Honda Accord
Average price: $24,780
The Accord’s depreciation rate of 29% over three years is moderate, reflecting broader trends of rising used car prices caused by longer vehicle retention and lower production rates.
Prices are expected to continue climbing into the fall.
7. 2021 Hyundai Sonata Hybrid
Average price: $18,076
Offering impressive fuel efficiency and a strong powertrain warranty, the Sonata Hybrid has only depreciated 38%.
Demand for practical, fuel-efficient cars along with limited used inventory suggests prices won’t fall much in the near term.
8. 2021 Volkswagen ID.4
Average price: $19,705
This compact electric SUV is favored for its spaciousness and comfortable ride.
Having depreciated 63%, it represents a great value as used EV prices stabilize nationwide.
Bottom Line
While seasonal sales may bring some new deals later this year as dealerships clear out, the current market already offers attractive pricing on used EVs, hybrids, and sedans. Pairing a smart vehicle purchase with a review of your auto insurance could yield further savings.
Smart Money Moves for Every Budget
Improving your financial health is possible no matter your income. Here are some actionable tips:
- Increase your income: Explore side hustles or other legitimate ways to supplement your earnings without quitting your day job.
- Grow your savings: Harness the power of compound interest by assessing your finances and planning for the long term.
Professional guidance can help you work toward goals like early retirement.
- Seize opportunities: Take advantage of discounts and deals wherever possible, including optimizing your car insurance coverage to avoid overpaying.
Be vigilant about avoiding hidden money drains.
With careful planning and informed choices, you can navigate today’s economic challenges while keeping more money in your pocket.
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- 8 Used Cars That Are a Steal Right Now (But Won’t Be by Fall) (financebuzz.com)