Some used car prices are falling; here are the biggest losers

Used car prices have started to fall after experiencing a meteoric rise in the wake of the pandemic, according to a recent study. The price of the average used car fell by 2% in November 2022 and dropped again by 3% in December 2022, though some models bucked this trend.

"We're still a long way from 'normal' but there are clear signs the elevated prices of the past two-plus years are coming to an end," said iSeeCars executive analyst Karl Brauer. "It was easy to predict given the macroeconomic factors we’ve seen over the past six months."

The average used car cost $31,823 in November 2022 ($697 less than in November 2021) and $33,582 in December 2022 ($1,043 less than in December 2021). Tesla's Model 3 earned the dubious distinction of being the biggest loser: the average cost of a used example fell by $8,822 to $43,817 between September and December 2022. The Nissan Kicks and the Ford Mustang fell by 11.9% and 11.5% to $20,046 and $26,852, respectively, followed by the Hyundai Ioniq Hybrid with a decline of 11% to $20,542. That doesn't mean you're about to get a good deal, though. These models are outliers, and the industry average dropped by merely 0.6% from September to December 2022.