Considering the shambolic state of the American economy, inflation, and rampant wage stagnation, I love finding stories about affordable cars and prices dropping. In this case, the team at iSeeCars analyzed the listing prices of over 1.6 million one-to-five-year-old used cars listed for sale online between August 2023 and August 2024 to determine which cars have lost the most value on the used market.
The study resulted in a few notable takeaways, including that on average, the prices of used EVs have fallen by a massive 25 percent since August 2023. The average price of used internal combustion vehicles fell by 4.4 percent, and average used hybrid prices fell by 6 percent in the same one-year time period. Potentially as a result of their extreme price drops, used electric vehicles are selling much faster than they did a year ago, falling in line with the average amount of time it takes to sell an ICE or hybrid vehicle: about 39 days. Check out the rest of the findings on iSeeCars here.
Following the absurd explosion of used car prices in the early stages of the pandemic, it’s encouraging to know that prices are gradually normalizing. For anyone looking to purchase an affordable used vehicle, consider one of the cars on this list to get a good deal on once-expensive models. As always, proceed with caution. Keep reliability issues for some used models in mind, and don’t forget about the current astronomical car insurance rates that could end up breaking your bank. Click through to see the 15 used cars that lost the most value over the past year.
A version of this article originally appeared on Jalopnik.
15) Tesla Model S
The average price of a used Tesla Model S as of August of 2024 was $53,141, down a whopping 13.4 percent (or $8,255) from one year prior. Depending on your persuasion, this is a great deal on a large and powerful electric car with easy access to the nation’s largest and most reliable charging network. Do you want to own a used Tesla Model S? That’s up to you.
14) BMW X2
The average price of a used BMW X2 in August of 2024 was $24,878, which is down 13.5 percent (or $3,874) from August 2023. The BMW X2 is a more aggressive “coupe” version of the BMW X1 that was redesigned for the 2025 model year. The new design’s styling is more polarizing than the outgoing model and it integrates more functions into the touchscreen, so some buyers may even prefer a used X2 over a new one.
13) BMW X7
The average price of a used BMW X7 fell by 13.9 percent (or $8,899) over the past year. The average price is still high at $55,333, but the decrease in prices compared to last year is shocking.
12) Mercedes-AMG GT
The Mercedes-AMG GT actually lost the most value on this list, but its high prices only dropped 14.8 percent. The average price of a used AMG GT went down by an eye-watering $13,840 compared to last year. The average price as of August 2024 was $79,808.
11) Ram 1500 Classic
The Ram 1500 Classic has been around for a while, so it’s surprising to see its values on the used market dive so drastically. The average price of a used Ram 1500 Classic fell 14.9 percent (or $4,634) compared to one year prior. The average price fell to $26,413, which seems almost reasonable for a design that was originally introduced in 2009. It’s also the last Ram produced with a Hemi, so if that’s your schtick then enjoy the reduced prices!
10) Land Rover Range Rover Velar
Any vehicle with Range Rover in its name carries a lot of clout, but the Velar actually shares a platform with the Jaguar F-Pace, not the legendary Range Rover. The Velar tied with its sibling the Range Rover Evoque at a 15 percent drop in used prices compared to 2023. Used Velars fell by an average of $6,652 over the last year, down to an average cost of $37,642.
9) Land Rover Range Rover Evoque
The Range Rover Evoque is a compact luxury SUV that made quite a splash when it was first introduced back in 2012, but hasn’t created much buzz in the generation since. Its value on the used market also dropped 15 percent over the past year, down $5,395 to an average price of $30,506.
8) Land Rover Range Rover Sport
The Range Rover Sport is a bit of a surprise to see on this list since Range Rover is one of the most recognizable names in the car industry, but the average price of a used Range Rover Sport decreased by 15.2 percent last year. Prices fell by $9,528 to an average listing price of $53,071.
7) Jaguar E-Pace
The Jaguar E-Pace shares a platform with the Range Rover Evoque and is a similarly handsome compact luxury crossover. Its values on the used market fell by 16.3 percent over the past year, with average list prices down $5,149 to $26,477.
6) Chevrolet Bolt
The Chevrolet Bolt has always represented a solid value, but now used Bolt prices are down an average of 18.3 percent (or $3,997). That makes the average list price of a used Bolt just $17,863, and it’s a great choice for anyone looking for an affordable electric vehicle with realistic range.
5) Hyundai Kona Electric
The Hyundai Kona Electric is another great choice for someone shopping for a reasonably priced electric crossover with respectable range estimates. That didn’t stop used Kona Electric values from dropping 18.5 percent over the past year, which is ultimately good news for buyers. The average price of a used Kona Electric dropped $4,873 over the past year, bringing the average list price down to $21,466.
4) Nissan Leaf
The Nissan Leaf was groundbreaking when it was first introduced, but has since been surpassed by virtually every competitor, except in price. The Leaf represents a great value for buyers, especially because the average price of a used Leaf dropped 20.2 percent last year. It is the most affordable used car on the list, down $4,102 from 2023 to just $16,243.
3) Maserati Levante
The Maserati Levante has been around since 2017, but the Maserati name still holds a lot of clout for many folks in this world despite a pretty damning reputation for depreciation and poor reliability. Used Levante prices are down 20.2 percent compared to this time last year, or down $11,086 to just $43,710. Buying a used Levante gets you an exotic car for a very reasonable price, but Maserati isn’t known for producing particularly reliable vehicles.
2) Kia Niro EV
The Kia Niro EV shares a platform with the Hyundai Kona Electric, but it lost more value than its Korean sibling over the past year. Used Kia Niro EV list prices dropped 21 percent last year, down an average of $5,769 to $21,692. The average used Hyundai Kona Electric was still about $200 cheaper, though.
1) Tesla Model 3
The average list price of a Tesla Model 3 dropped by a whopping 24.8 percent between August 2023 and August 2024. After losing nearly a quarter of its value over the course of a single year, the average list price of a used Model 3 is down $8,558 to $25,931. As much as I despise Elon, the Model 3 isn’t a bad car and it has access to Tesla’s Supercharger network, which is a total boon. Teslas aren’t known for their reliability, but the Model 3 is a lot of car for these prices.
For the latest news, Facebook, Twitter and Instagram.
Read the full article here
