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Used car prices have fallen sharply over the past year, led by Tesla Model 3s, according to new analysis from iSeeCars.
Used car prices overall fell 4.7% from September and 8.7% from a year ago, according to the analysis, which is based on the average list price of used car sales aged 1-5 years of more than 1.8 million in February 2022 and 2023—not necessarily the final sale price.
Based on the data set, the average price of a used Model 3 has fallen 21.5% since September 2022, making it the second-hand car that has experienced the steepest price drop in six months. Tesla is also in the top five. Vehicles are also in the top five for year-over-year price drops, with asking prices down 19%.
2022 Tesla models 3
Nissan Leaf, Toyota Prius Prime and Hyundai Ioniq Hybrid were also among the used vehicles that experienced the largest year-over-year average price reductions. Surprisingly, the Leaf is on the list of models with the biggest declines over the past six months and the list with the biggest improvements over the past year. That is probably a good indication of how volatile the market is.
EVs as a whole saw an average used price drop of 13.9% between February 2022 and 2023, while hybrids saw a 2.1% drop, according to the analysis. Overall, this is a signal that the electric vehicle market has actually fallen since 2021, when used electric vehicle prices soared, while models and regions varied widely.
2020 Tesla models 3
SEVeral reports early last fall indicated that the used EV market had peaked in the summer months. Now we are seeing more evidence that the US EV market is down, possibly related to demand, interest rates and more. As JD Power has observed, the prices of long-range EV models appear to be holding their ground more in the used market during this downturn.
In the case of the Model 3, Tesla’s massive price cut in January may have played a role in dropping prices for the used model. But for the Model 3, and possibly the Model Y soon, the decline in used values represents a market returning to near normality, after the odd situation that for a time, used Teslas were left barely equal to new Teslas.
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