Used car prices are falling. Here are the models whose prices are down the most

Photo (c) JGI/Jamie Grill - Getty Images

The price of a used Tesla Model3 is down more than 20%

While new car dealers continue to sell cars and trucks over the sticker price the cost of a used vehicle is still falling. That makes a one to three-year-old model a more affordable purchase.

An analysis by found that used car prices have continued to fall over the past year, down 4.7% from September and 8.7% from a year ago. Used car prices hit record highs last year because of a shortage of new vehicles during the pandemic.

The decline in used car prices picked up speed in the second half of last year. In September, used car prices were up 7.8% compared to September 2021, but by November they were 2.1% below November 2021. 

The study analyzed 1.8 million used car sales between February 2022 and February 2023 to identify used car pricing trends and which models have seen the biggest price increases and biggest decreases over the past six and 12 months.

“The used car market has fragmented over the past year,” said iSeeCars’ executive analyst Karl Brauer. “While prices are still higher than before the pandemic, they have consistently dropped over the past year and at an accelerated rate in the past six months.”

Hot deals

The analysis identified 10 models that have emerged as hot deals, led by the Tesla Model 3. It’s selling for 21.5% less than in September.

Other vehicles with steep price declines since September include:

  • Nissan Kicks - down 13.4%
  • Nissan Leaf - down 12%
  • Toyota CH-R - down 11.9%
  • Jaguar E-PACE - down 11.6%
  • Toyota Prius Prime - down 11.5%
  • Chevrolet Malibu - down 11.4%
  • Toyota RAV4 -down 11.4%
  • Toyota Camry - down 11.1%
  • Hyundai Ioniq Hybrid - down 11%

In September, the average used vehicle sold for $33,368. In February it sold for $31,815. Many cars that have lost value are electric and hybrid models.

“The Tesla Model 3 has lost over 20% of its value in the last six months, and while multiple hybrids and the Nissan Leaf are also down between 11% and 22% over the same period, the Model 3’s loss of value is close to double that of the next model, the Nissan Kicks,” said Brauer.

While used car deals exist, shoppers should remember that not all used car prices are falling. Some – mostly luxury and high-performance models – are going up. The analysis shows the average price of a used Mercedes-Benz S Class has increased by 11.8% since September.

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