(iSeeCars) — Used car pricing appears to be stabilizing, with overall prices down 3.6 percent year-over-year in June, according to a new iSeeCars.com study. This follows price drops of 2.9 percent in May and 3.6 percent in April, along with drops of 6 to 8 percent from January to March. 

But used electric vehicle prices are collapsing even as overall used car prices stabilize. June saw used EV prices drop 29.5 percent from a year earlier, after falling 28.9 percent in May, 24 percent in April, and 16.8 percent in March. iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars to identify the latest used car pricing trends.

“A year ago, used EV prices were on the upswing, rising faster than the average used car,” said iSeeCars Executive Analyst Karl Brauer. “Electric vehicle prices are now falling at nearly 10 times the rate of the average used vehicle, reflecting a clear shift in EV supply and demand.”

Year-over-Year Change in 1-5 Year-Old Used Car Prices – iSeeCars Study
MonthAverage Used Car PriceYear-over-Year $ Price DifferenceYear-over-Year % Price Difference
June 2023$32,811-$1,237-3.6%
May 2023$33,277-$993-2.9%
April 2023$32,928-$1,245-3.6%
March 2023$32,182-$2,106-6.1%
Feb. 2023$32,026-$2,929-8.4%
Jan. 2023$32,265-$3,058-8.7%

“Used car prices have stabilized recently, and were down less than 4 percent over the past 3 months,” said Brauer. “But used car prices remain well above pre-pandemic levels, and will likely stay in this elevated state throughout 2023.”

Used car prices - iSeeCars

“Used electric vehicle prices are in a free-fall, dropping 15.7 percent since January and by an increasing amount every month so far in 2023,” said Brauer. “With Tesla cutting prices on new models its used EV values have tumbled. And because Tesla makes up the bulk of the used EV market the dramatic drop in Tesla values has impacted the entire category.”

Year-over-Year Change in 1-5 Year-Old Used EV Prices – iSeeCars Study
MonthAverage Used Car PriceYear-over-Year $ Price DifferenceYear-over-Year % Price Difference
June 2023$40,916-$17,098-29.5%
May 2023$41,419-$16,800-28.9%
April 2023$42,275-$13,359-24.0%
March 2023$43,694-$8,850-16.8%
Feb. 2023$45,885-$7,323-13.8%
Jan. 2023$48,557-$4,695-8.8%

“In Spring 2022 the war in Ukraine sent the cost of oil skyrocketing. Consumers saw electric vehicles as a safe haven from volatile gas prices,” said Brauer. “A year later fuel prices have stabilized, interest rates have risen, and shoppers are cautiously weighing their vehicle purchase options as they seek maximum value from their car-buying dollar. None of these factors contribute to electric vehicle demand.”

EV Price Trends - iSeeCars

Used Cars With the Biggest Price Drops

The top models with the largest price drops include six hybrid and electric vehicles, led by Tesla’s models. “Tesla occupies three of the top four slots in used car price drops, with Nissan’s LEAF rounding out the top four and confirming the market’s shift away from older, high-volume electric vehicles,” said Brauer. “With so many newer EVs entering the market over the past two years cars like the Model 3, X, S, and LEAF are looking less competitive and less compelling.”

“We also see multiple Land Rovers and a Jaguar in this list, two brands that often struggle with resale value, especially when the market turns and used cars overall aren’t seeing the same demand they experienced for the past 3 years,” said Brauer.

Top 10 Used Cars With the Greatest Year-over-Year Price Drops (June 2022 vs. June 2023) – iSeeCars Study
RankModelAverage Price (June 2023)$ Price Change from June 2022% Price Change from June 2022
1Tesla Model 3$37,023-$16,258-30.5%
2Tesla Model X$70,158-$18,980-21.3%
3Nissan LEAF$22,504-$5,354-19.2%
4Tesla Model S$64,938-$15,212-19.0%
5Land Rover Range Rover$75,481-$17,095-18.5%
6Land Rover Range Rover Velar$46,269-$9,783-17.5%
7Land Rover Discovery$40,986-$8,255-16.8%
8Hyundai Ioniq Hybrid$20,148-$3,893-16.2%
9Jaguar E-PACE$33,213-$6,401-16.2%
10BMW 5 Series (PHEV)$33,607-$6,170-15.5%
National Average$32,811-$1,237-3.6%

Used Cars With the Biggest Price Gains

Despite the market’s overall pricing trend, not all used cars are dropping in value. Several premium models, along with the Chevrolet Suburban and Nissan Frontier, have gone up in value from June of 2022, confirming ongoing demand for performance models, SUVs, and trucks.

Top 10 Used Cars With the Greatest Year-over-Year Price Increases (June 2022 vs. June 2023) – iSeeCars Study
RankModelAverage Price (June 2023)$ Price Change from June 2022% Price Change from June 2022
1Mercedes-Benz SL-Class$98,601$12,35214.3%
2Fiat 500X$22,041$1,3366.5%
3Chevrolet Suburban$53,554$3,1306.2%
4Porsche 911 (Convertible)$129,076$6,1945.0%
5Porsche 718 Cayman$86,651$3,9064.7%
6GMC Yukon$58,188$2,5694.6%
7Nissan Frontier$30,097$1,2484.3%
8Porsche 718 Boxster$83,182$3,4064.3%
9Volkswagen Golf GTI$29,077$1,1104.0%
10BMW 2 Series$37,110$1,3763.8%
National Average$32,811-$1,237-3.6%

Used Car Price Changes By City

Across the 50 largest US metro areas, all but three show an overall drop in prices from June of 2022. However, even in those three cities the Tesla Model 3 is the model with the largest year-over-year price drop, and it holds the same distinction in a total of 31 metro areas. The Model S and the Model X lost the most value in one city each. A Land Rover model lost the most value in six metro areas, reflecting its pricing nationally, while the Mercedes-Benz GLC and Volkswagen Atlas led in two cities. An all-new GLC and highly revised Atlas were just introduced, likely contributing to the drop in used values for those models.

Average Used Car Price Changes By City (June 2023 vs. June 2022) – iSeeCars Study
RankMetro Area% Price Change from June 2022$ Price Change from June 2022Model with Largest Price DropModel % Price Change from June 2022Model $ Price Change from June 2022
1Miami-Ft. Lauderdale, FL-8.1%-$2,788Land Rover Discovery-33.6%-$17,190
2New York, NY-6.9%-$2,404Tesla Model S-29.5%-$22,094
3Jacksonville, FL-6.8%-$2,259Land Rover Range Rover-33.3%-$32,476
4Orlando-Daytona Beach, FL-6.5%-$2,074Tesla Model 3-32.5%-$17,719
5Houston, TX-6.4%-$2,260Tesla Model 3-27.2%-$13,732
6Austin, TX-6.1%-$2,177Land Rover Range Rover Sport-27.6%-$23,536
7Las Vegas, NV-6.0%-$1,943Tesla Model X-31.4%-$28,316
8Tampa-St Petersburg (Sarasota), FL-5.8%-$1,910Tesla Model 3-27.9%-$14,931
9Pittsburgh, PA-5.5%-$1,812Audi Q7-17.7%-$7,952
10Fresno-Visalia, CA-5.4%-$1,712Tesla Model 3-28.9%-$15,365
11San Diego, CA-5.3%-$1,729Tesla Model 3-34.3%-$17,856
12Kansas City, MO-5.0%-$1,718Acura TLX-23.3%-$9,880
13Atlanta, GA-4.9%-$1,726Tesla Model 3-32.4%-$17,405
14Cincinnati, OH-4.7%-$1,481Tesla Model 3-29.1%-$15,794
15Chicago, IL-4.5%-$1,559Tesla Model 3-31.8%-$17,082
16Detroit, MI-4.3%-$1,414Tesla Model 3-33.2%-$19,704
17Philadelphia, PA-4.1%-$1,364Tesla Model 3-32.6%-$17,989
18Seattle-Tacoma, WA-3.8%-$1,402Tesla Model 3-31.1%-$16,838
19Norfolk-Portsmouth-Newport News,VA-3.8%-$1,200Volvo XC90-16.5%-$7,917
20Baltimore, MD-3.7%-$1,178Tesla Model 3-33.5%-$17,954
21Washington, DC (Hagerstown, MD)-3.7%-$1,246Tesla Model 3-32.2%-$16,832
National Average-3.6%-$1,237Tesla Model 3-30.5%-$16,258
22Hartford & New Haven, CT-3.5%-$1,132Land Rover Range Rover Sport-24.6%-$19,399
23Los Angeles, CA-3.5%-$1,233Tesla Model 3-31.8%-$16,484
24Oklahoma City, OK-3.4%-$1,110Land Rover Range Rover Sport-28.9%-$23,902
25Albuquerque-Santa Fe, NM-3.3%-$1,129Chevrolet Trax-13.8%-$3,224
26Cleveland-Akron (Canton), OH-3.1%-$973Tesla Model 3-32.5%-$18,044
27Sacramento-Stockton-Modesto, CA-3.0%-$1,022Tesla Model 3-29.9%-$16,075
28San Francisco-Oakland-San Jose, CA-3.0%-$1,062Tesla Model 3-33.4%-$17,864
29Charlotte, NC-2.8%-$947Tesla Model 3-25.2%-$13,413
30West Palm Beach-Ft. Pierce, FL-2.6%-$900Tesla Model 3-25.7%-$13,583
31Boston, MA-Manchester, NH-2.6%-$890Tesla Model 3-29.1%-$15,314
32Greenville-Spartanburg, SC-2.5%-$839Mercedes-Benz GLC-26.8%-$13,045
33Minneapolis-St. Paul, MN-2.4%-$845Tesla Model 3-26.8%-$14,421
34Phoenix, AZ-2.4%-$833Tesla Model 3-30.5%-$16,482
35Denver, CO-2.3%-$834Tesla Model 3-32.3%-$17,590
36St. Louis, MO-2.2%-$736Subaru Crosstrek-17.5%-$5,149
37Indianapolis, IN-2.2%-$704Land Rover Range Rover Sport-31.0%-$29,169
38Harrisburg-Lancaster-York, PA-2.1%-$701Audi Q7-24.7%-$12,618
39Grand Rapids-Kalamazoo, MI-2.1%-$683Mercedes-Benz Glc-21.7%-$10,263
40Greensboro-Winston Salem, NC-2.0%-$667Chevrolet Camaro-22.3%-$9,771
41Nashville, TN-1.8%-$620Tesla Model 3-36.9%-$19,076
42Columbus, OH-1.7%-$532Tesla Model 3-26.6%-$14,553
43Milwaukee, WI-1.7%-$544Jaguar F-PACE-20.9%-$9,189
44Louisville, KY-1.4%-$437Volkswagen Atlas-18.8%-$7,451
45Raleigh-Durham (Fayetteville), NC-1.4%-$454Tesla Model 3-27.2%-$13,724
46Portland, OR-0.6%-$219Tesla Model 3-34.9%-$18,831
47Birmingham, AL-0.1%-$46Volkswagen Atlas-15.0%-$5,699
48Dallas-Ft. Worth, TX1.1%$374Tesla Model 3-30.8%-$16,730
49Salt Lake City, UT1.1%$386Tesla Model 3-27.4%-$13,971
50San Antonio, TX4.5%$1,421Tesla Model 3-25.0%-$13,046

“Used car prices are still well above pre-pandemic levels, but they’ve come off their highs from last year and should be relatively stable over the next 6 to 12 months,” said Karl Brauer. “Shoppers in need of a used car can find deals now, particularly on used Teslas, which have lost substantial value over the past 12 months.”


iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars from June 2022 and 2023. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2022 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than 4 of the last 5 model years for each period were excluded from further analysis.

iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $396 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.