Here are some of the best values on the used car lot

Prices for used cars and trucks reached record highs during the pandemic but have been falling throughout much of 2024. Over the last 12 months, the Bureau of Labor Statistics shows used vehicle prices have fallen by more than 10%.

But that doesn’t mean they are cheap, since that drop comes after nearly three years of inflation. However, there are some makes and models that have come down in price significantly more than others.

Karl Brauer, executive analyst at iSeeCars.com, looked at the cars that have recently sold at the slowest pace, since supply and demand is a big determiner of prices. He excluded very expensive and low-volume modes, such as the BMW 7 Series, Hummer EV, and Maserati.Ghibli and Levante. 

Biggest price declines

Here are the models that have experienced the biggest price declines over the last 12 months:

1. Tesla Model 3

2. Hyundai Kona Electric

3. Kia Niro EV

4. Nissan Leaf

5. Chevrolet Bolt EV

“These are all small electric cars, except the Tesla, which is closer to midsize, and I suspect their prices were still being propped up by the overall used car market demand a year ago,” Brauer told ConsumerAffairs. “But over the past year, the used car market has softened and EVs have taken a particularly big hit to value and transaction prices. If you’ve been waiting for a better price on a used EV, these five models might be worth a look.”

Slowest sellers

Vehicles that sit on dealers’ lots for extended periods of time may also offer value because dealers may be more willing to aggressively negotiate. Here are the slowest-selling used cars:

1. Genesis Electrified GV70

2. Genesis GV60

3. Lincoln Corsair

4. Hyundai Ioniq 6

5. Jeep Wagoneer

“Once again, electric vehicles dominate the ranking for slowest-selling cars, with only the Lincoln Corsair and Jeep Wagoneer making the top five, Brauer said. “These are also all fairly expensive vehicles, suggesting the softening used car market is having a particularly big impact on dealers selling luxury models, or non-luxury EVs like the Ioniq 6.”

Brauer says buyers who are looking for one of these premium vehicles might be able to negotiate more aggressively, especially if they see a lot of them sitting on a dealer’s lot — with a thick layer of dust.