Used car prices have fallen more than 10 percent in the last 4 months, with cars like the Tesla Model 3 dropping nearly 17 percent in that time.
This marks the first year-over-year price drop since the pandemic began, according to iSeeCars.com’s latest analysis of 1.8 million used car sales in December.
“Inflation and high interest rates in recent months are clearly hitting consumers and have migrated to the auto market, where prices are constantly falling,” said Karl Brauer, executive analyst at iSeeCars.com.
While used car prices are falling across the board, some models are showing resilience, with prices up more than 20 percent.
These are the cars with the biggest price drops in the last 4 months:
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The 10 Cars with the biggest price increases between December 2022 and September 2022 |
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|
Position |
auto used |
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 |
Nissan Kicks |
$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 |
Toyota RAV4 |
$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 of all cars |
$33,582 |
$214 |
0.6% |
|
Key findings include:
A steady drop in prices throughout 2022, with prices now below their year-over-year levels in November and December.
Vehicles with the biggest price drops over the past year include full-size SUVs, luxury SUVs and performance coupes.
Prices for hybrid vehicles, electric vehicles and some high-performance cars remain strong despite the general market decline.