Is it be possible that used car prices are finally going down? If you’re shopping for a deal on a used car, these might be the ones to look for.
It’s been a painful three years for anyone hoping to buy a used car for a decent price.
New-car shoppers have been paying above sticker price since the pandemic, when a worldwide microchip shortage and factory shutdowns reduced new car inventory, and that has made used cars more desirable, driving up prices.
In February 2023, average new car transactions were nearly 30% higher than the same month three years ago, prior to the pandemic shutdowns, according to Kelley Blue Book, which says the average new car sold for $49,388 in January.
Used car prices averaged below $21,000 pre-pandemic, then skyrocketed to over $31,000 in 2022, according to media reports.
Edmunds data puts the average used car transaction price in February 2023 at $28,195. Cars.com says that the median price for all used cars among Cars.com dealers in February 2023 was approximately $23,000.
Could it be possible that used car prices are dropping?
A study by auto search engine iSeeCars.com found that overall, used car prices are down 4.7% since September and 8.7% from last year, and several models are down even more.
The iSeeCars study analyzed used cars sales on their site in 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 months and year.
Average prices for the Tesla Model 3 have dropped over 20% in the last six months, and one Infiniti model has dropped 22.3% over the past year, iSeecars found.
Yet, some models are heading in the other direction, with prices higher than they were six and 12 months ago. Several luxury models went up in price–as much as 11%.
To determine which used car models have dropped the most in price, iSeeCars analyzed over 1.8 million 1- to 5-year-old used car transactions in February 2022 and February 2023. The average listing prices of each car model were compared between the two time periods to find the percentage difference from the 2022 price as well as a dollar difference.
Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than four of the five model years for each period were excluded.
Here are the used car models with the biggest price drops, plus the ones that have gone up the most, according to iSeeCars.
Used Cars With the Biggest Price Drop Over 6 Months
These are the cars with the biggest price drops between September 2022 and February 2023:
1. Tesla Model 3
Feb 2023 average used price: $41,337Price change from Sept. 2022: -$11,302Percent change from Sept. 2022: -21.5%
It’s worth noting that a new Model 3, in theory, can be had for as little as $36,880 after a $7,500 tax rebate, according to Kelley Blue Book. Tesla lowered the prices of the Model 3 in January.
2. Nissan Kicks
Feb. 2023 average used price: $19,713Price drop from Sept. 2022: -$3,050Percent change from Sept. 2022: -13.4%
3. Nissan LEAF
Feb. 2023 average used price: $25,734Price drop from Sept. 2022: -$3,502Percent change from Sept. 2022: -12%
Nissan
4. Toyota C-HR
Feb. 2023 average used price: $22,844Price drop from Sept. 2022: -$3,072Percent change from Sept. 2022: -11.9%
Toyota
5. Jaguar E-PACE
Feb. 2023 average used price: $33,836Price drop from Sept. 2022: -$4,437Percent change from Sept. 2022: -11.6%
6. Toyota Prius Prime
Feb. 2023 average used price: $29,856Price drop from Sept. 2022: -$3,875Percent change from Sept. 2022: -11.5%
Toyota
7. Chevrolet Malibu
Feb. 2023 average used price: $19,082Price drop from Sept. 2022: -$2,463Percent change from Sept. 2022: -11.4%
8. Toyota RAV4
Feb. 2023 average used price: $27,612Price drop from Sept. 2022: -$3,537Percent change from Sept. 2022: -11.4%
9. Toyota Camry
Feb. 2023 average used price: $24,384Price drop from Sept. 2022: -$3,050Percent change from Sept. 2022: -11.1%
Toyota
10. Hyundai Ioniq Hybrid
Feb. 2023 average used price: $20,528Price drop from Sept. 2022: -$2,540Percent change from Sept. 2022: -11.0%
Hyundai
10 Used Car Models With the Greatest 1-Year Price Drop
Here are the cars with the biggest price drops between February 2022 and February 2023:
1. Infiniti QX80
Feb. 2023 average used price: $41,094Price drop from Feb. 2022: -$11,780Percent change from Feb. 2022: -22.3%
Infiniti
2. Nissan Armada
Feb. 2023 average used price: $33,300Price drop from Feb. 2022: -$8,471Percent change from Feb. 2022: -20.3%
Nissan
3. Land Rover Discovery
Feb. 2023 average used price: $40,841Price drop from Feb. 2022: -$10,132Percent change from Feb. 2022: -19.9%
4. Tesla Model 3
Feb. 2023 average used price: $41,337Price drop from Feb. 2022: -$9,914Percent change from Feb. 2022: -19.3%
Shutterstock
5. Land Rover Range Rover Velar
Feb. 2023 average used price: $47,255Price drop from Feb. 2022: -$11,263Percent change from Feb. 2022: -19.2%
6. Jaguar E-Pace
Feb. 2023 average used price: $33,836Price drop from Feb. 2022: -$7,377Percent change from Feb. 2022: -17.9%
7. Audi S5 Sportback
Feb. 2023 average used price: $44,528Price drop from Feb. 2022: -$9,498Percent change from Feb. 2022: -17.6%
8. Audi SQ5
Feb. 2023 average used price: $43,092Price drop from Feb. 2022: -$8,928Percent change from Feb. 2022: -17.2%
Audi
9. Jaguar F-Pace
Feb. 2023 average used price: $37,497Price drop from Feb. 2022: -$7,561Percent change from Feb. 2022: -16.8%
10. Mercedes-Benz CLS
Feb. 2023 average used price: $57,454Price drop from Feb. 2022: -$11,173Percent change from Feb. 2022: -16.3%
Mercedes-Benz
10 Used Cars With the Greatest 6-Month Price Increases
These 10 car models went up the most in price over six months:
1. Mercedes-Benz S-Class
Feb. 2023 average used price: $87,981Price increase from Sept. 2022: +$9,314Percent change from Sept. 2022: +11.8%
Mercedes-Benz
2. Mercedes-Benz GLS
Feb. 2023 average used price: $67,700Price increase from Sept. 2022: +$6,828Percent change from Sept. 2022: +11.2%
Mercedes-Benz USA
3. Porsche 911
Feb. 2023 average used price: $190,770Price increase from Sept. 2022: +$18,272Percent change from Sept. 2022: +10.6%
4. Cadillac Escalade/Escalade ESV
Feb. 2023 average used price: $71,743Price increase from Sept. 2022: +$6,012Percent change from Sept. 2022: +9.1%
Cadillac
5. Porsche 718 Cayman
Feb. 2023 average used price: $86,319Price increase from Sept. 2022: +$6,884Percent change from Sept. 2022: +8.7%
6. Mercedes-Benz E-Class
Feb. 2023 average used price: $46,808Price increase from Sept. 2022: +$3,615Percent change from Sept. 2022: +8.4%
Mercedes-Benz USA
7. BMW 7 Series
Feb. 2023 average used price: $60,821Price increase from Sept. 2022: +$4,585Percent change from Sept. 2022: +8.2%
8. BMW X6
Feb. 2023 average used price: $60,911Price increase from Sept. 2022: +$4,369Percent change from Sept. 2022: +7.7%
9. Maserati Levante
Feb. 2023 average used price: $58,046Price increase from Sept. 2022: +$3,977Percent change from Sept. 2022: +7.4%
Maserati
10. Maserati Ghibli
Feb. 2023 average used price: $47,604Price increase from Sept. 2022: +$2,877Percent change from Sept. 2022: +6.4%
You can see more data and the methodology for this analysis at iSeeCars.com.
Maserati
