Here Are the Top 10 Best-Selling Used Cars with the Biggest Price Drops

• While used car prices remain well above pre-pandemic levels, they are at least dropping, with the Tesla Model 3 dropping the most.

• The Model 3’s 22.6% plunge was biggest, followed by the Jeep Grand Cherokee, which fell 9.2%, and the Ram 1500 at 8.2%.

• Does this mean you should buy now, or wait even longer?

Now is the time to buy a used Tesla Model 3. Or any lower-priced used car.

Prices of the popular Model 3 electric four-door lead all used cars. They dropped by a national average of 22.6% between 2023 and 2024. The average price across the country for a Model 3 was $37,548 in 2023 and hit $29,045 in 2024.

But while prices have dropped recently, they are still above what they were before the pandemic.

Used car prices remain well above pre-pandemic levels, but the trend of ever-increasing prices has reversed over the past year, said the market analyists at iSeeCars.com, a firm that looks at data from millions of used-car transactions. Used car prices have dropped 4.7% since 2023, and the availability of sub-$20,0000 cars has risen 30%. So it’s a good time to buy a cheap used car. Or at least, a better time than it was last year.

The average price for a 1- to 5-year-old used car is still 40.1% higher than 2019, iSeeCars said, but this downward shift in pricing has been consistent for the first 8 months of 2024.

Price Changes for Best Selling Used Cars, 2019-2024

iSeeCarsanalyzed over 17.9 million 1- to 5-year-old used cars sold between January and August of 2019, 2023, and 2024. Both pricing and mileage were analyzed to track changes over these five years.

“After years of increasing used car prices we’ve finally seen prices drop in the past year,” said iSeeCars’ Executive Analyst Karl Brauer. “While $20,000 would buy approximately half of the 1- to 5-year-old used car market in 2019, that number was down to just 12.7% in 2023. Now it’s on the rise again, with 16.5% of used cars priced below $20,000 in 2024.”

After the Model 3’s 22.6% plunge in price, the next-biggest drop was for the Jeep Grand Cherokee, which fell 9.2%, followed by the Ram 1500 at 8.2%.

Average mileage on those used cars is also lower, with odometers on Hyundai Tucson leading the way at 19.7% lower now than they were before, followed by the Honda CR-V at 17.7% and the Honda Accord at 15.3% fewer miles than previously.

But again, we are still well above pre-pandemic levels.

“Limited supply and high demand saw used car prices skyrocket during the pandemic,” said Brauer. “But the situation is slowly moderating, as reflected in today’s lower prices and reduced mileage on 1- to 5-year-old used cars. This represents growing value for today’s shoppers, especially when combined with falling interest rates. Used car buyers waiting for improved affordability are finally being rewarded for their patience.”

So buy now. Or maybe wait and see if prices drop further still. Who knows?

You can read more about the study here.

Are you looking to buy a used car? Does now seem like the right time? Share your thoughts below.