Yahoo Autos These 15 Cars Saw the Biggest Price Drops Since 2023
A recent study by iSeeCars analyzed the prices of more than 1.6 million 1-to-5-year-old used cars, trucks and SUVs sold in August 2023 and August 2024. The goal: to compare them and determine which pre-owned vehicles had seen their prices fall the most over the preceding 12 months. And perhaps unsurprisingly, due to the slowing rate of electric vehicle marketplace, EVs made up nearly half of the vehicles at the top of the list.
Of the top 15 vehicles with the biggest price drop, seven of them are EVs, and four of the top five vehicles are battery-powered. The Tesla Model 3 — America's second-best selling electric vehicle — saw the largest price drop over the last year, with the average price of used copies dropping by nearly a quarter. In fact, the price of used electric cars in general dropped 25 percent over the last year, according to the study; during the same time, used gasoline-powered vehicles lost only about 4.4 percent of their value, and pre-owned hybrids lost roughly 6 percent of their value.
The positive side for EV fans is that the average 1-to-5-year-old used electric car is now more affordable than the average gas vehicle of the same age. According to the study, the average used price for a gas vehicle in August 2024 was $30,292, compared to just $26,839 for the average used EV.
This price decrease, however, is leading to quicker sales of used EVs. 12 months ago, a pre-owned electric vehicle was on the market for an average of 55.3 days. That figure has now dropped to just 38.6 days.
The following is the list of the 15 1-to-5-year-old used vehicles that saw the largest price drop over the last year.
1. Tesla Model 3
Average Price, August 2024: $25,931
Price Drop, Year-over-Year: $8,558
% Difference, Year-over-Year: -24.8%
2. Kia Niro EV
Average Price, August 2024: $21,692
Price Drop, Year-over-Year: $5,769
% Difference, Year-over-Year: -21.0%
3. Maserati Levante
Average Price, August 2024: $43,710
Price Drop, Year-over-Year: $11,086
% Difference, Year-over-Year: -20.2%
4. Nissan Leaf
Average Price, August 2024: $16,243
Price Drop, Year-over-Year: $4,102
% Difference, Year-over-Year: -20.2%
5. Hyundai Kona Electric
Average Price, August 2024: $21,466
Price Drop, Year-over-Year: $4,873
% Difference, Year-over-Year: -18.5%
6. Chevrolet Bolt EV
Average Price, August 2024: $17,863
Price Drop, Year-over-Year: $3,997
% Difference, Year-over-Year: -18.3%
7. Jaguar E-Pace
Average Price, August 2024: $26,477
Price Drop, Year-over-Year: $5,149
% Difference, Year-over-Year: -16.3%
8. Land Rover Range Rover Sport
Average Price, August 2024: $53,071
Price Drop, Year-over-Year: $9,528
% Difference, Year-over-Year: -15.2%
9. Land Rover Range Rover Evoque
Average Price, August 2024: $30,506
Price Drop, Year-over-Year: $5,395
% Difference, Year-over-Year: -15.0%
10. Land Rover Range Rover Velar
Average Price, August 2024: $37,642
Price Drop, Year-over-Year: $6,652
% Difference, Year-over-Year: -15.0%
11. Ram 1500 Classic
Average Price, August 2024: $26,413
Price Drop, Year-over-Year: $4,634
% Difference, Year-over-Year: -14.9%
12. Mercedes-AMG GT
Average Price, August 2024: $79,808
Price Drop, Year-over-Year: $13,840
% Difference, Year-over-Year: -14.8%
13. BMW X7
Average Price, August 2024: $55,333
Price Drop, Year-over-Year: $8,899
% Difference, Year-over-Year: -13.9%
14. BMW X2
Average Price, August 2024: $24,878
Price Drop, Year-over-Year: $3,874
% Difference, Year-over-Year: -13.5%
15. Tesla Model S
Average Price, August 2024: $53,141
Price Drop, Year-over-Year: $8,255
% Difference, Year-over-Year: -13.4%
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