Here are the used car models whose prices are falling, not rising

Key takeaways

• The Tesla Model S lost more value than any other used car over the past year

• While overall used car prices increased 1% last month, the 20 used cars with the biggest price drops lost between 6.8% and 17.2% or their value

• Half of the top 10 used cars with the biggest price drops are EVs, including the Tesla Model S, Porsche Taycan, Tesla Model Y, Tesla Model 3, and Hyundai Kona Electric.

The new cars on dealer lots, imported before 25% tariffs went into effect, are tariff-free. But when they’re replaced with imports, the price will go up.

It won’t take long for those price hikes to show up on used car lots as well. In fact, used car prices actually went up in March for the first time in two years. 

But there’s good news for car shoppers. A new study from automotive website iSeeCars has found a handful of models where prices are going down. It’s especially good news if you’re interested in a used Tesla.

Tesla vehicles, long considered darlings of the EV market, dominate the list of the 20 used models with the largest price drops. The flagship Model S experienced the most dramatic year-over-year decline, plunging 17.2% – nearly $10,000 – to an average resale price of $47,931. Also among the top five are the Tesla Model Y (-13.1%) and Model 3 (-10.9%), while the Model X comes in at #17 with a 7.3% decrease.

“In both the new and used car markets, Tesla prices have been dropping for over two years,” Karl Brauer, executive analyst at iSeeCars, said in a press release. “Price cuts on new Teslas immediately impacted used Teslas, driving their prices down at a rapid rate.”

According to Brauer, Tesla’s strategy of lowering new car prices to stimulate demand appears to have reached its limit. “That strategy stopped working last year when the automaker saw its first decline in annual sales,” he said.

An opportunity for buyers

The iSeeCars analysis, based on 1.4 million used car listings, shows the average decline for the 20 hardest-hit models ranged from $1,614 to over $13,000. Following the Tesla Model S are the Porsche Taycan (-15.1%), Ford Explorer Hybrid (-14.1%), and BMW 5 Series Hybrid (-13.9%).

Luxury and hybrid vehicles appear disproportionately affected. In addition to Tesla and Porsche, models from Mercedes-Benz, Maserati, Chrysler, and Jaguar round out the list. Notably, Mercedes-Benz and Chrysler each have two models with sharp drops, while electric crossovers like the Hyundai Kona Electric and Kia Niro EV also posted steep declines.

Beyond individual models, the data show significant depreciation at the brand level:

Other brands with notable average price drops include Genesis, Dodge, Buick, and Chevrolet. While the national average for used car prices rose 1.0% over the last year, these brands reflect weakening resale values that could benefit savvy shoppers.

“While overall used car prices are relatively stable, these 10 brands are dropping,” Brauer explained. “This suggests consumers looking to save money on their next used car purchase can still find deals, if they do their research.”