Teslas Still Lead the Pack—On Biggest Used Car Price Drops
Used car prices continue to rise, and while EV prices stabilize, Teslas still shed value on the used market.
We don't need to tell you that used car prices are increasing. Between the uncertainty over tariffs and ever-ballooning new car price tags, folks are are increasingly turning to used options, and the prices reflect that. A new study from iSeeCars shows prices climbed for the fifth straight month in July, with the average used car price in America up 3.7 percent (or $1,146) compared to a year ago. It isn't all doom and gloom though, as some models have seen a big decrease: Teslas, mostly.
Overall, Tesla topped the list with the average transaction coming in at $29,877, a 5.3-percent tumble from July 2024. Surprisingly, that average transaction price is below the average for next-worst performer Chevrolet which, at $31,891, saw brand-wide dip of 2.8 percent.
Four of the five current Tesla models make the top 20 (bottom 20?) for tumbling prices, with the aging Model S taking the crown. With an average transaction price of $47,416, models 1 to 5 years old have seen a dip of 12.3 percent compared to a year ago. The Model Y has an identical percentage dip, though its average price of $29,141 means only a $4,071 gap instead of $6,662. Ouch. The Model X sits in third place with the largest dollar-amount drop: its average transaction price of $50,392 represents a 12.1-percent tumble.
On the flip side, if you're sitting on a slightly-used BMW 4 Series, Porsche Cayenne, or Land Rover Discovery, you may want to consider offloading it. The Bimmer saw the biggest used sale price increase at 30 percent, with the average sticker hitting $40,597. The Cayenne has a five-digit price increase ($13,963) to $76,452, an increase of 22.3 percent, while the Disco posted a 20.4-percent increase to an average price of $45,486.
Used prices might be on the up and up, but if a new-car warranty is something you want without breaking the bank, there are still plenty of surprisingly good options under $30,000.
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Kyle began his automotive obsession before he even started school, courtesy of a remote control Porsche and various LEGO sets. He later studied advertising and graphic design at Humber College, which led him to writing about cars (both real and digital). He is now a proud member of the Automobile Journalists Association of Canada (AJAC), where he was the Journalist of the Year runner-up for 2021.
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At least I buy more used cars because 80% of what´s produced today are SUV´s and CUV´s. I don´t like them and I will never buy one. Also new cars are mostly boring and transmit nothing to the driver. Lots of technology (in most cases unnecessary) but zero passion. They are just thought to take people from point A to point B, but the "how" it does that has been completely erased. I´m 60, which means I´m in my second half of my life. Therefore, I only buy cars I know I will enjoy and feel satisfied with them. I don´t care if that car is not new. I just care that I like it and enjoy it. Life is too short not to enjoy what you really like and enjoy. I like and enjoy driving sports coupes, muscle cars and sedans. Therefore, that´s what I buy. If there´s no offer in the new cars market, then I buy used.