Used car prices are on their way down - led by Tesla. This, according to new research from iSeeCars.com.
Big Changes in Used Car Prices
In a new iSeeCars analysis, researchers report that overall used car prices have dropped compared to a year ago for 2 months in a row, marking the first time values have actually decreased year-over-year since June of 2020. The drop started in November (down 2%) and fell further in December (down 3%) when the average used car price was down over $1,000, the first substantial drop in more than 2 years.
They also say Tesla is leading the drop in used car prices, with the biggest loser the Tesla Model 3, losing nearly17% of its value since September.
According to iseeCars.com Executive Analyst Karl Brauer, things are a long way from normal but there are clear signs the higher prices of the past two years are coming to an end. Read more of his analysis here.
Here's a look at some of iSeeCars.com's data:
USED CAR PRICES BY MONTH
Year-over-year Used Car Prices by Month, September - December 2022
|
Changes in Used Car Prices, 2022 vs. 2021 September to December - iSeeCars Study |
|||
|
Month |
Average Used Car Price |
$ Price Change from 2021 |
% Price Change from 2021 |
|
December |
$33,582 |
-$1,043 |
-3.0% |
|
November |
$31,823 |
-$697 |
-2.1% |
|
October |
$32,740 |
$1,133 |
3.6% |
|
September |
$33,368 |
$2,414 |
7.8% |
Used Cars with the Biggest Price Drops, December 2022 vs. September 2022
|
Top 10 Cars with the Greatest Price Decreases (December 2022 vs. September 2022) - iSeeCars Study |
||||
|
Rank |
Used Vehicle |
Average Used Car Price (Dec 2022) |
$ Price Change from September |
% Price Change from September |
|
1 |
Tesla Model 3 |
$43,817 |
-$8,822 |
-16.8% |
|
2 |
$20,046 |
-$2,718 |
-11.9% |
|
|
3 |
Ford Mustang |
$26,852 |
-$3,495 |
-11.5% |
|
4 |
Hyundai Ioniq Hybrid |
$20,542 |
-$2,527 |
-11.0% |
|
5 |
$28,383 |
-$2,766 |
-8.9% |
|
|
6 |
Jaguar E-PACE |
$35,221 |
-$3,052 |
-8.0% |
|
7 |
GMC Acadia |
$30,922 |
-$2,590 |
-7.7% |
|
8 |
Ford Ecosport |
$20,064 |
-$1,515 |
-7.0% |
|
9 |
Toyota Camry |
$25,521 |
-$1,912 |
-7.0% |
|
10 |
Audi SQ5 |
$44,447 |
-$3,228 |
-6.8% |
|
Average Across All Cars |
$33,582 |
$214 |
0.6% |
|
Used Cars with the Biggest Price Increases, December 2022 vs. September 2022
|
Top 10 Used Cars with the Greatest Price Increases (December 2022 vs. September 2022) - iSeeCars Study |
||||
|
Rank |
Used Vehicle |
Average Used Car Price, Dec 2022 |
$ Price Change from September |
% Price Change from September |
|
1 |
$76,040 |
$9,867 |
14.9% |
|
|
2 |
Porsche 911 |
$198,076 |
$25,577 |
14.8% |
|
3 |
Mercedes-Benz S-Class |
$89,403 |
$10,737 |
13.6% |
|
4 |
Maserati Levante |
$61,240 |
$7,170 |
13.3% |
|
5 |
$68,880 |
$8,008 |
13.2% |
|
|
6 |
Maserati Ghibli |
$50,606 |
$5,879 |
13.1% |
|
7 |
$73,093 |
$8,206 |
12.6% |
|
|
8 |
BMW 7 Series |
$61,875 |
$5,638 |
10.0% |
|
9 |
$41,120 |
$3,446 |
9.1% |
|
|
10 |
$85,834 |
$7,089 |
9.0% |
|
|
Average Across All Cars |
$33,582 |
$214 |
0.6% |
|
USED CAR PRICES DECEMBER 2022 VS 2021
Used Cars with the Biggest Price Drops, December 2022 vs. December 2021
|
Top 10 Used Cars with the Greatest Price Drops (December 2022 vs. 2021) - iSeeCars Study |
||||
|
Rank |
Used Vehicle |
Average Used Car Price (Dec 2022) |
$ Price Change from 2021 |
% Price Change from 2021 |
|
1 |
$33,621 |
-$6,846 |
-16.9% |
|
|
2 |
$48,137 |
-$8,606 |
-15.2% |
|
|
3 |
Jaguar E-PACE |
$35,221 |
-$6,039 |
-14.6% |
|
4 |
$26,852 |
-$4,189 |
-13.5% |
|
|
5 |
$44,104 |
-$6,686 |
-13.2% |
|
|
6 |
Tesla Model 3 |
$43,817 |
-$5,744 |
-11.6% |
|
7 |
$49,700 |
-$6,370 |
-11.4% |
|
|
8 |
Audi SQ5 |
$44,447 |
-$5,527 |
-11.1% |
|
9 |
$31,604 |
-$3,655 |
-10.4% |
|
|
10 |
Mercedes-Benz G-Class |
$183,704 |
-$20,453 |
-10.0% |
|
Average Across All Cars |
$33,582 |
-$1,043 |
-3.0% |
|
Used Cars with the Biggest Price Increases, December 2022 vs. December 2021
|
Top 10 Used Cars with the Greatest Price Increases (December 2022 vs. 2021) - iSeeCars Study |
||||
|
Rank |
Used Vehicle |
Average Used Car Price (Dec 2022) |
$ Price Change from 2021 |
% Price Change from 2021 |
|
1 |
$32,131 |
$5,891 |
22.5% |
|
|
2 |
$28,314 |
$4,898 |
20.9% |
|
|
3 |
$27,339 |
$4,702 |
20.8% |
|
|
4 |
Porsche 911 |
$198,076 |
$28,494 |
16.8% |
|
5 |
MINI Clubman |
$29,409 |
$3,616 |
14.0% |
|
6 |
$31,443 |
$3,405 |
12.1% |
|
|
7 |
$32,811 |
$3,545 |
12.1% |
|
|
8 |
$27,397 |
$2,930 |
12.0% |
|
|
9 |
$37,702 |
$3,904 |
11.6% |
|
|
10 |
$29,761 |
$3,077 |
11.5% |
|
|
Average Across All Cars |
$33,582 |
-$1,043 |
-3.0% |
|
For used car price changes by Body Type and Fuel Type and for more analysis visit iSeeCars.com.
Photo Credit: By BELL KA PANG/Shutterstock.com.