Used automobile costs have fallen sharply over the previous yr, led by the Tesla Mannequin 3, in line with new evaluation from iSeeCars.
General used automobile costs are down 4.7% from September and eight.7% from a yr in the past, in line with the evaluation, which relies on the common itemizing costs of over 1.8 million 1-5-year-old used automobile gross sales in Feb. 2022 and 2023—not essentially the ultimate promoting worth.
Based mostly on that knowledge set, common used Mannequin 3 costs are down 21.5% since Sept. 2022, making it the used automobile that has taken the steepest pricing nosedive previously six months. The Tesla was additionally within the high 5 autos was additionally within the high 5 for year-over-year worth declines, with asking costs down 19%.
2022 Tesla Mannequin 3
The Nissan Leaf, Toyota Prius Prime, and Hyundai Ioniq Hybrid had been additionally among the many used autos that noticed the most important decline in common costs year-over-year. Oddly, the Leaf is on each the record of fashions with the best lower over the previous six months and the record with the best will increase over the previous yr. That could be a superb indication of simply how risky the market has been.
EVs general noticed a median 13.9% lower in used costs between Feb. 2022 and 2023, whereas hybrids noticed a 2.1% drop, in line with the evaluation. Altogether, it is a sign that the EV market has really come down from 2021, when used EV costs surged, whereas various extensively by mannequin and area.
2020 Tesla Mannequin 3
A number of reviews out early final fall steered that the used EV market had peaked in the summertime months. Now we’re seeing much more proof that the US EV market is dropping, probably associated to demand, rates of interest, and extra. As J.D. Energy noticed, the costs of lengthy vary EV fashions appeared to higher maintain their worth on the used market throughout this decline.
Within the case of the Mannequin 3, Tesla’s enormous worth lower in January most likely performed a task within the pricing downturn for used fashions. However for the Mannequin 3, and possibly the Mannequin Y quickly, the nosedive in used values represents a market settling again nearer to regular, after a weird state of affairs that for a time, left used Tesla is sort of the identical worth as new Teslas.
