In the ever-evolving landscape of the automotive world, the tides are turning, and they're turning fast. Buckle up as we take you on a thrilling ride through the latest twists and turns in the used car market and the electrifying realm of electric vehicles.Over the past year, the automotive market has witnessed a seismic shift, with used car prices experiencing a steady decline. According to recent data from iSeeCars, the average price of a used car now stands at $31,153, marking a 3.6% drop from previous figures. But hold onto your seats, because the real surprises lie beneath the surface.
Hybrid vehicles, once the darlings of eco-conscious commuters, have seen their prices plummet at an even more staggering rate, with a 6.5% decrease translating to a $2,135 dent in the average sticker price. However, it's in the electric vehicle (EV) sector where the true drama unfolds. EVs have taken a nosedive, shedding a jaw-dropping 31.8% of their value, equivalent to a staggering $14,418 drop.
But fear not, dear readers, for there's more to this story than meets the eye. Despite these tumultuous fluctuations, the used car market has displayed remarkable resilience. In February 2023 and 2024, iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars, revealing a fascinating trend. While the average used car price dipped below the $30,000 mark in December, it swiftly rebounded, soaring back above $31,000 in January and February.
As the spring buying season gears up, experts predict that used car prices will likely remain stable into the coming fall. Remarkably, all three primary powertrains—traditional, hybrid, and electric—boast average prices strikingly close to the overall $31,000 benchmark.
While used electric vehicle values have somewhat stabilized in recent months, they still linger at a remarkable 30-plus percent decline compared to a year ago. Among the casualties of this market upheaval, Tesla stands out, with values plummeting by more than double the rate of its closest competitor, Alfa Romeo. In fact, three Tesla models dominate the top 10 list for the biggest price drops, a sobering reminder of the volatility inherent in this brave new world of automotive economics.
Yet, amidst the chaos, a beacon of hope emerges in the form of the Porsche 718 Cayman, crowned as the top-ranked car for the biggest price increases. With a staggering 29.4% ($25,110) hike since last year, the Cayman proves that not all roads lead downhill in this fast-paced industry.
So, what does all this mean for the average used car shopper with a $31,000 budget? Surprisingly, it means access to the majority of models available today, regardless of drivetrain. As the automotive landscape continues to evolve, one thing remains certain: whether you're in the market for a traditional sedan, a hybrid marvel, or an electrifying ride, there's never been a better time to hit the road in style.
| Year-over-Year Change in 1- to 5-Year-Old Used Car Prices – iSeeCars Study |
| Month | Average Used Car Price | Year-over-Year $ Price Difference | Year-over-Year % Price Difference |
| February 2024 | $31,153 | -$1,161 | -3.6% |
| January 2024 | $31,695 | -$869 | -2.7% |
| December 2023 | $29,835 | -$1,105 | -3.6% |
| November 2023 | $30,175 | -$1,484 | -4.7% |
| October 2023 | $30,972 | -$1,655 | -5.1% |
| September 2023 | $31,200 | -$2,197 | -6.6% |
| August 2023 | $31,519 | -$2,528 | -7.4% |
| July 2023 | $32,329 | -$1,954 | -5.7% |
| June 2023 | $32,811 | -$1,237 | -3.6% |
| May 2023 | $33,277 | -$992 | -2.9% |
| April 2023 | $32,928 | -$1,245 | -3.6% |
| March 2023 | $32,182 | -$2,106 | -6.1% |
| Year-over-Year Change in 1- to 5-Year-Old Used EV Prices – iSeeCars Study |
| Month | Average Used EV Price | Year-over-Year $ Price Difference | Year-over-Year % Price Difference |
| February 2024 | $30,904 | -$14,418 | -31.8% |
| January 2024 | $33,275 | -$14,814 | -30.8% |
| December 2023 | $33,572 | -$15,212 | -31.2% |
| November 2023 | $34,275 | -$17,386 | -33.7% |
| October 2023 | $34,994 | -$17,827 | -33.7% |
| September 2023 | $34,926 | -$22,427 | -39.1% |
| August 2023 | $36,161 | -$22,846 | -38.7% |
| July 2023 | $38,797 | -$20,657 | -34.7% |
| June 2023 | $40,916 | -$17,097 | -29.5% |
| May 2023 | $41,419 | -$16,800 | -28.9% |
| April 2023 | $42,275 | -$13,359 | -24.0% |
| March 2023 | $43,694 | -$8,850 | -16.8% |
| Brands With the Biggest Year-over-Year Price Changes for 1- to 5-Year-Old Used Cars: February 2023 - 2024 – iSeeCars Study |
| Rank | Brand | Average Used EV Price | Year-over-Year $ Price Difference | Year-over-Year % Price Difference |
| 1 | Tesla | $36,515 | -$14,808 | -28.9% |
| 2 | Alfa Romeo | $28,763 | -$4,412 | -13.3% |
| 3 | Maserati | $49,200 | -$4,845 | -9.0% |
| 4 | Lincoln | $45,427 | -$4,084 | -8.2% |
| 5 | Volvo | $34,588 | -$2,973 | -7.9% |
| 6 | Ram | $36,995 | -$3,048 | -7.6% |
| 7 | Kia | $20,615 | -$1,484 | -6.7% |
| 8 | MINI | $25,123 | -$1,679 | -6.3% |
| 9 | Volkswagen | $23,862 | -$1,556 | -6.1% |
| 10 | Audi | $35,775 | -$2,248 | -5.9% |
| 11 | Lexus | $39,855 | -$2,293 | -5.4% |
| 12 | Mazda | $24,926 | -$1,426 | -5.4% |
| 13 | Ford | $33,588 | -$1,854 | -5.2% |
| 14 | Land Rover | $52,276 | -$2,747 | -5.0% |
| 15 | Jeep | $26,045 | -$1,350 | -4.9% |
| 16 | Dodge | $33,157 | -$1,705 | -4.9% |
| 17 | Infiniti | $32,045 | -$1,560 | -4.6% |
| 18 | Honda | $26,478 | -$1,120 | -4.1% |
| 19 | Subaru | $26,963 | -$1,139 | -4.1% |
| 20 | Acura | $34,527 | -$1,404 | -3.9% |
| 21 | Buick | $30,261 | -$1,221 | -3.9% |
| 22 | Toyota | $29,288 | -$1,111 | -3.7% |
| Overall Average | $31,153 | -$1,161 | -3.6% |
| 23 | Jaguar | $35,855 | -$1,309 | -3.5% |
| 24 | Hyundai | $21,318 | -$654 | -3.0% |
| 25 | Mercedes-Benz | $48,923 | -$1,287 | -2.6% |
| 26 | Genesis | $35,945 | -$796 | -2.2% |
| 27 | Chrysler | $27,042 | -$559 | -2.0% |
| 28 | BMW | $41,863 | -$840 | -2.0% |
| 29 | Mitsubishi | $19,569 | -$275 | -1.4% |
| 30 | Cadillac | $45,435 | -$589 | -1.3% |
| 31 | Nissan | $23,065 | -$266 | -1.1% |
| 32 | Porsche | $81,436 | $56 | 0.1% |
| 33 | GMC | $39,554 | $70 | 0.2% |
| 34 | Chevrolet | $32,265 | $140 | 0.4% |
| Top 10 Cars With the Biggest Year-over-Year Price Drop: February 2023 - 2024 – iSeeCars Study |
| Rank | Model | Average Used EV Price | Year-over-Year $ Price Difference | Year-over-Year % Price Difference |
| 1 | Chevrolet Bolt EV | $17,981 | -$7,847 | -30.4% |
| 2 | Nissan LEAF | $17,895 | -$7,329 | -29.1% |
| 3 | Kia Niro EV | $24,802 | -$9,236 | -27.1% |
| 4 | Hyundai Kona Electric | $23,474 | -$7,710 | -24.7% |
| 5 | Tesla Model X | $60,943 | -$19,919 | -24.6% |
| 6 | Tesla Model 3 | $30,466 | -$9,681 | -24.1% |
| 7 | Tesla Model S | $58,875 | -$15,144 | -20.5% |
| 8 | Alfa Romeo Stelvio | $29,003 | -$5,534 | -16.0% |
| 9 | Jaguar E-PACE | $28,965 | -$4,958 | -14.6% |
| 10 | Mercedes-Benz CLS | $48,362 | -$8,238 | -14.6% |
| Overall Used Car Average | $31,153 | -$1,161 | -3.6% |
| Top 10 Cars With the Biggest Year-over-Year Price Increases: February 2023 to 2024 – iSeeCars Study |
| Rank | Model | Average Used EV Price | Year-over-Year $ Price Difference | Year-over-Year % Price Difference |
| 1 | Porsche 718 Cayman | $110,591 | $25,110 | 29.4% |
| 2 | BMW 5 Series (hybrid) | $40,911 | $6,452 | 18.7% |
| 3 | Volvo S90 | $37,289 | $4,563 | 13.9% |
| 4 | Porsche 718 Boxster | $93,667 | $10,605 | 12.8% |
| 5 | BMW 4 Series (sedan) | $35,282 | $3,902 | 12.4% |
| 6 | Genesis G90 | $51,667 | $4,395 | 9.3% |
| 7 | Chevrolet Camaro (convertible) | $34,512 | $2,450 | 7.6% |
| 8 | Mercedes-Benz CLA | $34,453 | $2,313 | 7.2% |
| 9 | Nissan Pathfinder | $28,566 | $1,899 | 7.1% |
| 10 | BMW 4 Series (convertible) | $45,223 | $2,839 | 6.7% |
| Overall Used Car Average | $31,153 | -$1,161 | -3.6% |
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