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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:
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:
At the same time, some models climbed in price over the last six months. Thankfully for most of us, the largest price hikes fell on high-end luxury vehicles and sports cars, including the Mercedes-Benz S-Class at 11.8%, the Mercedes-Benz GLS at 11.2%, and the Porsche 911 at 10.6 percent. The 911 showed the most significant price jump over the last year, climbing 13 percent.
Used electric vehicle and hybrid pricing fell quickly over the last year, which could indicate hesitation from buyers toward used battery-powered cars. Electrics fell 13.9 percent, more than five percent faster than the average used car.
Similarly and surprisingly, prices for coupes and hatchbacks have fallen more slowly than those for SUVs.
The price changes were different, depending on where in the country you looked. San Antonio, Texas, saw used car prices increase by 4.2%, while buyers in Oklahoma City enjoyed a 13.2% decline in used prices.
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