Report: Most of the used vehicles with the largest price drops are electric models

Used vehicle pricing has been all over the map for the last few years, but EVs are leading the charge in the trend of declining prices. iSeeCars’ recent study found that several electric models are at the forefront of a pleasing trend of used vehicle price reductions.

iSeeCars ranked the vehicles with the largest year-over-year price drops as of May 2024, finding that the Jaguar I-Pace fell the most, at a 30.1 percent drop. The remaining top 10 cars with the largest price drop on the used market include:

• Jaguar I-Pace: 30.1% drop between May 2023 and 2024

• Chevrolet Bolt EV: 28%

• Hyundai Kona EV: 26.5%

• Kia Niro EV: 24.8%

• Nissan Leaf: 24%

• Tesla Model 3: 23.9%

• Tesla Model X: 18.8%

• Jaguar E-Pace: 16.9%

• Tesla Model S: 15.8%

• Maserati Levante: 15.5%

Seven of the 10 vehicles with the largest price drops between May 2023 and 2024 were electric, while all of the models with the most significant price gains were gas. The Porsche 718 Cayman and Genesis G90 gained the most, at 30.4% and 17.3%, respectively. The Porsche 718 Boxster and BMW 5 Series hybrid weren’t too far behind.