Used Car Prices Drop 8.7% in Last Year.

Price Trends of EVs: Some Up, Some Down

After attaining unprecedented heights in the previous year, system car pricing proceeds to decline as a outcome of the latest assessment by iSeeCars. From February 2023, overall expenses have dropped 4.7 percent since September 2022 – representing a 8.7 percent dip in comparison to the same period last year. The review engaged scrutinizing over 1.8 million pre-owned vehicle sales across one to five years age range.

With the exception of an abrupt hike in December, the investigation reveals a declining pattern over the previous six months. The customary price of a pre-owned car was $33,368 in the month of September, as compared to $31,815 for February. In comparison, the general cost of the same vehicle last year was reported at $34,839. Nevertheless, the research highlights that, notwithstanding the drop, today’s prices remain greater than those just prior to the COVID outbreak.

Examining the statistics further indicates substantial reductions in price for certain models. Over the past half-year, the sticker prices of Tesla Model 3 have gone down 21.5%, which translates to an approximate decrease of $11,302 since September 2022. This places it as the leader regarding the ten greatest cost decreases that have occurred since then. The Nissan Leaf follows closely behind, with a fall of 12%; its burning engine version – the Nissan Kicks, is next in line, as its price has dropped by 13.4%, the 2nd greatest decrease.

Year-over-year cost reductions have seen Nissan take the lead yet again with a 22.3% dip in Infiniti QX80 prices. Likewise, their twin the Nissan Armada is only a tad behind at 20.3%, the Land Rover Discovery dropping 19.9%, Tesla Model 3 taking a 19.3% dive and one more Land Rover – the Range Rover Velar – 19.2%. Combined, these top five models are now averaging over $10,000 less than when compared to February of 2022.

Interestingly, while several high-end models have displayed immense plunges, other cars have encountered an uptrend display with notable increases. Noteworthily, this is particularly pronounced in the six-month cases, with Mercedes-Benz S-Class inspiring it by a climb of 11.8%. To put it into simpler terms, consumers can be seen to fork out an additional $9,314 in current situations, with the average S-Class price rising up to $87,981. Inclusive of this figure, GLS-Class earned second place for gains amounting to 11.2%. Additionally, the Porsche 911 follows closely at 10.6%, and remarkably, its regular cost rose to a tremendous $190,770 – deeming a six-month increase of $18,272. Notably, when compared to the same period one year before, these figures’ jump totals to 13%.

“The used car market has seen a dramatic shift in the past year,” remarked Karl Brauer, executive analyst for iSeeCars. “Though prices remain higher than pre-pandemic levels, they have been steadily decreasing over the past year with an especially rapid drop in the last six months.”

The absolute conclusions of the examination can be obtained on iSeeCars’ website.

Source: iSeeCars