Top 15 Used Cars With the Biggest Price Drops of the Year
Tesla Model 3, Kia Niro EV, and Maserati Levante Saw the Biggest Price Drops
Six out of the Seven Vehicles with the Sharpest Depreciation are Electric Models
Used EVs Lost Value Four Times Faster Than Gasoline Cars, According to the Study
New electric cars still have a higher price tag compared to traditional internal combustion engine (ICE) vehicles. However, on the used car market, electric cars are rapidly becoming more affordable. The Tesla Model 3 recently topped a list of 15 used cars with the biggest price drops, with six out of the first seven cars being electric vehicles.
Data from iSeeCars reveals that the Model 3 has experienced an average depreciation of 24.8% in the past year, bringing the average price down by $8,558 to $25,931. The Kia Niro EV closely follows with a 21% drop in value, reaching an average price of $21,692.
The Nissan Leaf (-20.2%), Hyundai Kona Electric (-18.5%), and Chevrolet Bolt EV (-18.3%) also experienced significant depreciation, contributing to the overall trend of used EV prices falling four times faster than those of ICE cars.
It’s worth noting that the Tesla Model S, an older EV, only ranked 15th on the list with a 13.4% drop in value. The Model X and Model Y SUVs did not appear on the list at all.
However, the general trend shows that EVs tend to lose more value compared to combustion vehicles. iSeeCars reports that one- to five-year-old EV prices have shifted from being 12.1% higher than used combustion prices to 11.4% lower since August 2023.
Aside from EVs, the Maserati Levante also made it onto the list, ranking third with a 20.2% drop in value to an average of $43,710. Due to its high original purchase price, the Levante also had the second-highest dollar difference between current and previous year values, amounting to $11,086. The Mercedes-AMG GT had the highest dollar difference at $13,840, despite a 14.8% drop in price.
The list also highlights the Range Rover Sport, Evoque, and Velar from JLR, which occupy the top three slots after the EVs. The Jaguar I-Pace, another JLR vehicle, also appears on the list.
Top 15 Used Cars With the Biggest 12-Month Price Drops
| Rank | Model | Avg Price | $ Diff. YoY | % Diff. YoY |
|---|---|---|---|---|
| 1 | Tesla Model 3 | $25,931 | -$8,558 | -24.8% |
| 2 | Kia Niro EV | $21,692 | -$5,769 | -21.0% |
| 3 | Maserati Levante | $43,710 | -$11,086 | -20.2% |
| 4 | Nissan Leaf | $16,243 | -$4,102 | -20.2% |
| 5 | Hyundai Kona Electric | $21,466 | -$4,873 | -18.5% |
| 6 | Chevrolet Bolt EV | $17,863 | -$3,997 | -18.3% |
| 7 | Jaguar E-PACE | $26,477 | -$5,149 | -16.3% |
| 8 | Range Rover Sport | $53,071 | -$9,528 | -15.2% |
| 9 | Range Rover Evoque | $30,506 | -$5,395 | -15.0% |
| 10 | Range Rover Velar | $37,642 | -$6,652 | -15.0% |
| 11 | Ram 1500 Classic | $26,413 | -$4,634 | -14.9% |
| 12 | Mercedes-AMG GT | $79,808 | -$13,840 | -14.8% |
| 13 | BMW X7 | $55,333 | -$8,899 | -13.9% |
| 14 | BMW X2 | $24,878 | -$3,874 | -13.5% |
| 15 | Tesla Model S | $53,141 | -$8,255 | -13.4% |
| Overall Average | – | $30,228 | -$1,509 | -4.8% |
