Tesla, JLR, Hyundai, BMW among 10 Used Cars with Biggest Price Drops

Trying to buy a car these days isn't as daunting as it used to be. With more supply and fewer market constraints, some car companies even have excess new inventory. But the used market has been slower to change, as swaths of buyers continue to look for better deals from private parties.

Even so, depreciation remains a harsh reality, and finding a good deal on a late-model luxury car might be easier than you think. With help from iSeeCars, we've compiled a list of the top 10 used cars with the biggest price drops in 2023. Some of these models won't be too surprising, but the effects of a pseudo-EV price war and surging demand for affordable commuter cars are clear. And it's worth remembering that the national average for year-over-year price drops is 3.6%.

Tesla Model 3

Tesla pricing has gone up and down like a yo-yo in 2023, hence Tesla models taking up three spots on this list. But the Model 3 is unique in that it's Tesla's most affordable offering and often an entry point to EV ownership for many.

EV-curious buyers will be happy to know that used Tesla Model 3 prices are down 30% from June 2022, for an average price of $37,023.

Tesla Model X

Not as popular as the Model Y, the Model X still retains its oddball charisma in the form of falcon wing doors. In some ways, the Model X is a bit of an old-news entry and its pricing trends reflect that.

With a 21.3% price drop since June 2022, average sticker prices for second-hand Model X hover around $70,158.

Nissan Leaf

For a more affordable option, it's hard to overlook the Nissan Leaf. With Nissan's new Ariya providing a more modern EV experience, the Leaf is falling by the wayside.

But that doesn't mean the Leaf is a bad choice, especially for those in metropolitan areas or those with shorter commutes. Used Leaf prices are down 19% year-over-year, and recent sales data indicates you can grab a used one for around $22,500.

Tesla Model S

The Model S is Tesla's lineup elder, having been released in 2012. With the exception of limited editions such as the 200-mph track pack version, the Model S is a bit tired at this point, so you might be able to grab one for $64,938.

Prices are down by around 19% year-over-year, with an average dollar drop of $15,212.

Land Rover Range Rover

Are you really surprised to see a Range Rover on this list? Luxury SUVs are notorious for strong depreciation, and Land Rover products are no exception to this rule.

Top-of-the-line Range Rovers are still an expensive endeavor, though, in spite of an 18.5% price drop since last June. Average prices remain around $75,481.

Land Rover Range Rover Velar

If you're dying to get into a Range Rover but can't cough up $75,000, it's worth checking out the Range Rover Velar. A bite-sized version of its big brother, the Velar has seen steady pricing decreases as well, with trends showing a 17.5% drop.

With average used prices hovering around $46,269, you could get your own piece of JLR luxury.

Land Rover Discovery

And if you want to go even more retro, you could get yourself a Land Rover Discovery. Just like Tesla, it's little surprise that multiple JLR products are on this list, but the Discovery is an especially odd model.

Originally launched in the late '80s, the Discovery has become an after-school pickup machine with expected off-road ability. And you can pick one up second-hand for around $40,986, given its 16.8% year-over-year drop.

Hyundai Ioniq Hybrid

Before the Ioniq 5 and Ioniq 6, there was the practical but slightly less cool Ioniq Hybrid. Using a micro 1.56-kWh battery, the Ioniq Hybrid boasted a combined 59 mpg, outpacing many competitors thanks to its fuel-sipping 1.6-liter inline-four.

But such fledgling electrified technology from Hyundai isn't as flashy as the BEV models now on sale, with hybrid appeal waning for EV enthusiasts. As a result, you can pick up an Ioniq Hybrid for around $20,000, as a 16.2% year-over-year price drop sets in.

Jaguar E-Pace

More burly than its all-electric I-Pace sibling, the E-Pace is not actually a BEV, contrary to its slightly confusing name. In fact, it's offered in ICE configuration only for 2023, but you may be able to grab a used plug-in hybrid version for a screaming deal.

Falling victim to 16.2% depreciation, average E-Pace prices are now sitting around $33,213.

BMW 5-Series PHEV

Rounding off our list is BMW's 5-Series PHEV models, which have been offered since 2018. Officially known as the BMW 530e, the middle-weight sedan has always been a bit of a conundrum.

With sporty heritage and 21 miles of battery-only range, it's a car that lacks singular focus, but it makes up for it by being effortlessly comfortable. And you can pick up a used one for around $33,600, thanks to a 15.5% year-over-year price drop.