As CarPro Show host Jerry Reynolds has predicted, used car prices have been dropping in recent months. He's seen them stabilize as well, as is also indicated in new study from iSeeCars. The exception is with used electric vehicles, a segment that is continuing to plummet when it comes to pricing.
Used Car Prices
The new iSeeCars study indicates that while used vehicle prices dropped by less than four percent year-over-year for a third month in a row, EV used car prices have fallen by nearly 30 percent, a drop that keeps accelerating, growing from 8.8 percent in January to 29.5 percent in June.
Used car market pricing
iSeeCars researchers say that used car prices are down 3.6 percent year-over-year in June. They dropped 2.9 percent in May and 3.6 percent in April.
- 3.6% ⬇️ - June
- 2.9% ⬇️ - May
- 3.6% ⬇️ - April
Used car pricing saw bigger drops of 6 to 8 percent earlier this year, from January to March.
EV used car market pricing
Even while the used car market stabilizes, as evidenced by the numbers above, iSeeCars data indicates that EV prices are collapsing. June saw used EV prices drop 29.5 percent from a year earlier, after falling 28.9 percent in May, 24 percent in April, and 16.8 percent in March.
- 29.5% ⬇️ - June year-over-year
- 28.9% ⬇️ - May
- 24% ⬇️ - April
- 16.8% ⬇️ - March
- 8.8% ⬇️ - January
The model's leading the drop in used car pricing: The Tesla Model 3 and Model X, followed by the Nissan LEAF and Tesla Model S.
About the Study
iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars to identify the latest used car pricing trends.
You can see the specific models (gas and electric) with the largest drops by visiting the iSeeCars website here.
2021 Nissan Leaf. Credit: Nissan.