Better hope you have a hybrid or electric car. iSeeCars.com took at look at 2.2 million used cars that were one to three years old sold between January and May of 2016, and found that five out of the top ten were alternative fuel cars, whether that’s plug-in hybrids, electric cars, or hybrid models. Want to unload a used car quickly?
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The average one- to three-year-old car spent 42.4 on the market before being sold. The Toyota Prius Plug-in Hybrid spent just 19.7, selling significantly faster than the second fastest-selling car on the list, the Nissan Leaf, which sold after 24.3 days.There’s a reason these Priuses are selling so quickly. “Fifty-four percent of these cars were sold in California, says iSeeCars.com CEO Phong Ly. “The distribution of the stickers that allow plug-in hybrids to be used in California’s HOV carpool lanes with a single occupant has reached its limit, pushing up demand for used cars that already have this privilege,” said Ly.
Nissan Leafs, partly due to low gas prices, saw their value tumble down by more than $2,000 from 2015 to 2016, says Ly, which probably explains why they’re moving quicker. The same can be said for the Tesla Model S, which saw a 17 percent decline in price, and a concurrent shortening of time before owners were able to sell.
The other two hybrids on the list fit within into own particular niches. “While the Lexus CT 200h shares its hybrid powertrain with the Toyota Prius, this is a rather sporty car, known for its handling, yet still gets 43 mpg in the city,” says Ly. “SUV sales are once again on the rise and the venerable Toyota Highlander Hybrid offers buyers an upscale interior, a luxurious ride and an impressive 27 city/28 highway mpg, putting it at the top for fuel economy in this popular segment.”
Overall, it seems alternative fuel cars have declined in price to the point where they’ve become both desirable and affordable. Per the same study, in between 2015 and 2016, prices on electric car prices sunk by $3,830, with a $1,214 decline for plug-in hybrids, a fall off of $889 for hybrids. Used gasoline vehicles, meanwhile, saw their price drop by just by $242.