Prices Are Plummeting Now for These 10 Used Car Models

Used car prices continue to fall — but perhaps not as quickly as some car shoppers would like.

Prices overall were down 3.6% year-over-year in June, according to automotive website iSeeCars. The average used car now costs $32,811.

While falling prices are good news, June marked the third consecutive month that prices declined by less than 4%. That suggests that used car prices are now starting to stabilize, according to iSeeCars.

For a handful of models, the price drop has been more notable. Following are the models with the biggest price drops in the past six months, according to a recent iSeeCars analysis of 1.8 million sales of used cars that were 1 to 5 years old.

10. BMW 5 Series (PHEV)

Average used car price as of June 2023: $33,607 (which is 15.5% lower than in June 2022)

Used BMW 5 Series plug-in hybrid electric vehicles are still expensive, but the price is finally starting to come down a bit on this trendy car.

9. Jaguar E-Pace

Average used car price as of June 2023: $33,213 (which is 16.2% lower than in June 2022)

The latest Jaguar E-Pace features signature double “J” blades, and the manufacturer says the LED headlights incorporate the latest high-beam technology.

8. Hyundai Ioniq Hybrid

Average used car price as of June 2023: $20,148 (which is 16.2% lower than in June 2022)

The Ioniq Hybrid includes “driver safety assist systems that act like a co-pilot to help you drive safe,” according to Hyundai. And at $20,000, it’s the cheapest used car on this list.

7. Land Rover Discovery

Average used car price as of June 2023: $40,986 (which is 16.8% lower than in June 2022)

The Land Rover Discovery offers all-terrain capability and a seven-seat setup. At about $41,000, it’s the cheapest of three used models from Land Rover that made iSeeCars.com’s list.

6. Land Rover Range Rover Velar

Average used car price as of June 2023: $46,269 (which is 17.5% lower than in June 2022)

The latest Range Rover Velar has what Land Rover describes as “mild hybrid technology” and fully connected infotainment.

5. Land Rover Range Rover

Average used car price as of June 2023: $75,481 (which is 18.5% lower than in June 2022)

The Land Rover Range Rover is the most expensive used car on this list — and new models can start at six figures. It is available in both standard and long wheelbases.

4. Tesla Model S

Average used car price as of June 2023: $64,938 (which is 19% lower than in June 2022)

The latest Model S has what Tesla describes as the “interior of the future,” including a 17-inch touchscreen. It’s one of three used models from Tesla that made iSeeCars.com’s list — all among the top five for plummeting prices.

3. Nissan Leaf

Average used car price as of June 2023: $22,504 (which is 19.2% lower than in June 2022)

Nissan touts the Leaf’s “proven track record.” Drivers in the U.S. have logged more than 2 billion EV miles in it.

The Leaf also appeared in our story “9 of the Cheapest Electric Vehicles in 2022.”

2. Tesla Model X

Average used car price as of June 2023: $70,158 (which is 21.3% lower than in June 2022)

The latest Model X has the “most power and quickest acceleration of any SUV,” according to Tesla. But at $70,000, it’s the most expensive of three used Tesla models on the iSeeCars.com list.

1. Tesla Model 3

Average used car price as of December: $37,023 (which is 30.5% lower than in September)

The Tesla Model 3 earns raves from drivers, making J.D. Power’s 2023 list of the best electric vehicles for owner experience. It’s also the most affordable of the three used Tesla models that made this iSeeCars.com list.