10 Used Cars That Have Dropped Up to 30% in Price in 2023
If you’re ready to shop for an affordable used vehicle, the market is in better shape now than during the last few years, when vehicle shortages amid high demand drove up prices. In addition to an increasing used vehicle inventory, slower vehicle sales have allowed prices to drop, especially over the last year.
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A recent study from iSeeCars found that the average used car price declined 5.1% from $32,627 in October 2022 to $30,972 in October 2023. Used EVs had a 33.7% price drop from $52,821 to $34,994, while hybrid prices fell 9.6% from $34,850 to $31,511. Karl Brauer, the website’s executive analyst, attributed the EV and hybrid price drops to aging designs.
Based on this iSeeCars data, here are the 10 used cars with prices that have dropped the most over the year.
1. Nissan Leaf
Known as a budget-friendly EV, the Nissan Leaf debuted in 2010 and is set to be discontinued over the next few years. Its average used selling price was only $19,649 in October 2023, which was a 30.6% drop from $28,304 in October 2022. Plus, you could get a federal EV tax credit with this option.
2. Tesla Model 3
First released in 2017, the Tesla Model 3 has a history of being a top seller with a good safety record. With an October 2023 average selling price of $33,455, this used EV’s cost had dropped by 30.5% from $48,171 in October 2022.
3. Chevrolet Bolt EV
Debuting in 2017, the Chevrolet Bolt EV was due to be discontinued this year until General Motors decided on a future revamp instead, NPR reported. Its average used price changed from $28,625 in October 2022 to $20,398 in October 2023, which was a 28.7% decrease. This vehicle can also qualify for the federal EV tax credit.
4. Tesla Model X
As an electric SUV, the Tesla Model X was announced in 2012 but didn’t become available to customers until 2015. While the average used selling price was $83,199 in October 2022, it fell by 26.2% to $61,424 in October 2023. This luxury vehicle remains one of the priciest options on this list.
5. Tesla Model S
Since the first Tesla Model S came out in 2012, it has been known for its performance, luxury design and advanced features. Costing $56,655 on average in October 2023, this used EV was a bit less expensive than the Model X. By October 2023, the price had dropped 24.7% from the $75,251 average price in October 2022.
6. Chrysler Pacifica Hybrid
While other versions existed earlier, the Chrysler Pacifica Hybrid reached its first customers in 2017. This minivan is a good choice if you want flexibility and space. The used average selling price fell by 20% from $41,571 in October 2022 to $33,272 in October 2023.
7. BMW 5 Series Hybrid
Available alongside diesel and regular gas versions, the BMV 5 Series Hybrid is a sedan that debuted in 2011. In October 2023, this used luxury vehicle had an average price of $30,757, an 18.7% drop from the last year’s $37,812.
8. Land Rover Range Rover
The Land Rover Range Rover has a long history dating back to 1970. You can choose from hybrid versions of the luxury SUV alongside gasoline and diesel versions. As the most expensive vehicle on this list, its average used selling price of $85,298 in October 2022 decreased by 18.3% to $69,650 in October 2023.
9. Land Rover Discovery
Having originated in 1989 in the United Kingdom, the Land Rover Discovery has come in diesel and gasoline versions. The SUV is known for having a much lower price point than the Range Rover. You could’ve bought a used one for $37,131 on average in October 2023, which was 17.9% less than the $45,242 you might have paid in October 2022.
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10. Land Rover Range Rover Velar
Announced in 2017, the Land Rover Range Rover Velar is known for being an elegant and sustainable SUV. It has come in hybrid, gasoline and diesel versions. With its average used selling price falling by 17.7%, this vehicle went from $51,631 in October 2022 to $42,511 in October 2023.
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