No vehicle has lost more value on the used vehicle market in the last six months than the Tesla Model 3. However, the electric vehicle isn’t alone, as values for all second-hand vehicles continue to fall in 2023.
Used vehicle shoppers spent about $11,300 less on used Tesla Model 3s in February than they did in September, according to research from iSeeCars.com. That means that the average price of the vehicle is now $41,337, or 21.5 percent less than it was six months ago.
Read: U.S. Consumers Are Spending An Average Of 43.2 Weeks Of Income On A New Car
The popular electric vehicle’s price has dropped significantly more than any other vehicle in that period. The vehicle with the second-largest drop in value, the Nissan Kicks, lost 13.4 percent of its value in the last six months, just over half as much as the Model 3.
Top 10 Used Cars with the Greatest 6-Month Price Drops (Sep 2022 vs. Feb 2023)
However, used vehicles have lost an average of 4.7 percent of their value, industry-wide. That means that the average price of a used vehicle in America was $31,815 in February, as compared to $33,368 in September.
Widening the scope even further, used vehicles values have fallen 8.7 percent over the last 12 months. In that period, it was the Infiniti QX80 that lost the most value, falling 22.3 percent since February 2022. The Model 3 was the fourth-biggest loser in that period (-19.3 percent), behind the Land Rover Discovery (-19.9 percent) and the Nissan Armada (-20.3 percent).
Although used vehicle values were down overall, not every car is worth less in February 2023 than it was in February 2022. The Porsche 911 was the vehicle whose value increased the most in that period, gaining 13 percent, or $21,913 in average value.
Top 10 Used Cars with the Greatest Year-over-Year Price Drops
It was joined by other performance vehicles, like the VW Golf GTI, the BMW M4, and the Porsche 718 Cayman, all of which gained value over the last 12 months. It wasn’t all performance cars, though. The second-biggest grower since February 2022 was the Hyundai Sonata Hybrid (6.8 percent), followed closely by the Chevrolet Bolt EV (5.9 percent), and the Nissan Leaf (5.4 percent).
Although that suggests that consumers are still looking for fuel-efficient electrified vehicles, those vehicles’ gains were lower than the Tesla’s losses and, overall, prices for used EVs are down 13.9 percent.
“The price of fuel increased drastically between February 2022 and February 2023, increasing the value of, and demand for, fuel-sipping hybrids,” said Karl Brauer, iSeeCars’ executive analyst. “Conversely, electric vehicles have fallen 13.9 percent in the past year, possibly reflecting the average consumer’s unwillingness to pay the higher price for a used EV as inflation and interest rates dampen consumer confidence.”
Finally, in conflicting news for enthusiasts, coupes, hatchbacks, wagons, and sedans are four of the five most popular body styles on the used market. Prices for coupes have grown by 5.3 percent in the last 12 months, while the other body styles have all seen their prices fall by less than the rest of SUVs and minivans. Unfortunately, that does also mean that they’re likely to be less affordable than those less exciting body styles.
Top 10 Used Cars with the Greatest 6-Month Price Increases (Sep 2022 vs. Feb 2023)
Top 10 Used Cars with the Greatest Year-over-Year Price Increases
Year-over-Year (YoY) Change in 1-5 Year Old Used Car Prices
Average Price Changes by Body Type (Feb 2022 – Feb 2023
