Used car prices have dropped 9% from a year ago — some by a lot more

It appears that used car prices may be returning to Earth after a couple of years of frustratingly inflated prices and difficult times finding some models. iSeeCars recently released a new study on the changes in used car prices over the last year and found that prices are down overall, but some models are falling faster than others.

The analysis showed that overall used car prices are down 8.7% from a year ago and almost 5% since September. Some vehicles’ pricing fell much further than that in the shorter term, with the Tesla Model 3 and a few others dropping double-digit percentages over the past six months. Used Model 3s in particular has lost value because Tesla has cut the price of a new Model 3:

• Tesla Model 3: -21.5%

• Nissan Kicks: -13.4%

• Nissan Leaf: -12%

• Toyota C-HR: -11.9%

• Jaguar E-Pace: -11.6%

• Toyota Prius Prime: -11.5%

• Chevrolet Malibu: -11.4%

• Toyota RAV4: -11.4%

• Toyota Camry: -11.1%

• Hyundai Ioniq Hybrid: -11.0%

Full-year price drops are even more interesting, as some models fell more than 20%. The list is dominated by luxury models, which tend to depreciate faster:

• Infiniti QX80: -22.3%

• Nissan Armada: -20.3%

• Land Rover Discovery: -19.9%

• Tesla Model 3: -19.3%

• Land Rover Range Rover Velar: -19.2%

• Jaguar E-Pace: -17.9%

• Audi S5 Sportback: -17.6%

• Audi SQ5: -17.2%

• Jaguar F-Pace: -16.8%

• Mercedes-Benz CLS: -8.7%