These Cars Lose The Most Value After One Year
Overall, used car prices increased around 1% last year. Some cars, though, lost an alarming amount over the past 12 months.
For the first time in the last two and a half years, the average value of a used car actually posted an increase last month. Some car models bucked the upward trend, with the worst offender losing a whopping 17.2% of its value over the last year. Unfortunately for electric car owners, half of the top 10 cars on the depreciation list are EVs.
Used Cars With the Biggest Year-over-Year Price Drops: |
|---|
1. Tesla Model S: -$9,944 (-17.2%) |
2. Porsche Taycan: -$13,422 (-15.1%) |
3. Ford Explorer Hybrid: -$5,136 (-14.1%) |
4. BMW 5 Series Hybrid: -$5,557 (-13.9%) |
5. Tesla Model Y: -$4,634 (-13.1%) |
6. Maserati Levante: -$5,898 (-11.5%) |
7. Mercedes-Benz AMG GT: -$9,808 (-11.1%) |
8. Tesla Model 3: -$3,193 (-10.9%) |
9. Jeep Gladiator: -$4,089 (-10.7%) |
10. Hyundai Kona Electric: -$2,462 (-10.6%) |
Three of the top 10 vehicles on the biggest-depreciation list come from Tesla. If we continued to the top 20, the Tesla Model X (-$4,387 or -7.3%) would show up in 17th place.
“In both the new and used car markets, Tesla prices have been dropping for over two years,” said Karl Brauer, iSeeCars Executive Analyst. “Price cuts on new Teslas immediately impacted used Teslas, driving their prices down at a rapid rate. The new car price cuts were driven by Tesla’s desire to maintain sales growth, but that strategy stopped working last year when the automaker saw its first decline in annual sales.”
Five of the biggest losers over the last year were electric vehicles—three of them from Tesla, one from Porsche, and one from Hyundai. Two were hybrids, bucking the recent trend of hybrids increasing in value over their fully electrified counterparts.
The Maserati Levante isn’t surprising, as luxury vehicles tend to lose more value overall than other vehicle segments. Perhaps the biggest surprise is the Jeep Gladiator, a truck based on the super popular Wrangler off-roader.
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Growing up in a family obsessed with performance and as the son of an automotive engineer, Jeremy Korzeniewski has spent his entire life as a car enthusiast. Also an avid motorcyclist, Jeremy has spent the last two decades writing about the transportation industry and providing insights to many of the largest automotive publications in the world.
More by Jeremy Korzeniewski
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Nissan losses 50% as soon as buyer drives off the lot! Anyone interested in buying an Altima SV AWD with only twelve hundred miles on it? I'd be happy to sell it for 17% off. Where are you getting your numbers from?