Good news for car buyers — used cars have become more affordable over the past year, with the overall average price dropping 3.6% from February 2023 to February 2024, iSeeCars reported. Some used car models have seen particularly steep declines, including several EVs.
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“EVs make up seven of the top 10 models that lost the most value this year,” Karl Brauer, executive analyst at iSeeCars, said on the site. “Older EVs like the Chevrolet Bolt and Nissan LEAF lost the most value, but three of Tesla’s four models are also among the top 10 cars that lost value.”
See the complete list of the 10 used cars that dropped in price the most over the past year, ranked from largest to smallest drop.
1. Chevrolet Bolt EV
Average used car price: $17,981
Year-over-year price difference (in dollars): -$7,847
Year-over-year price difference (percent change): -30.4%
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2. Nissan LEAF
Average used car price: $17,895
Year-over-year price difference (in dollars): -$7,329
Year-over-year price difference (percent change): -29.1%
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3. Kia Niro EV
Average used car price: $24,802
Year-over-year price difference (in dollars): -$9,236
Year-over-year price difference (percent change): -27.1%
4. Hyundai Kona Electric
Average used car price: $23,474
Year-over-year price difference (in dollars): -$7,710
Year-over-year price difference (percent change): -24.7%
5. Tesla Model
Average used car price: $60,943
Year-over-year price difference (in dollars): -$19,919
Year-over-year price difference (percent change): -24.6%
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6. Tesla Model 3
Average used car price: $30,466
Year-over-year price difference (in dollars): -$9,681
Year-over-year price difference (percent change): -24.1%
7. Tesla Model S
Average used car price: $58,875
Year-over-year price difference (in dollars): -$15,144
Year-over-year price difference (percent change): -20.5%
8. Alfa Romeo Stelvio
Average used car price: $29,003
Year-over-year price difference (in dollars): -$5,534
Year-over-year price difference (percent change): -16%
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9. Jaguar E-PACE
Average used car price: $28,965
Year-over-year price difference (in dollars): -$4,958
Year-over-year price difference (percent change): -14.6%
10. Mercedes-Benz CLS
Average used car price: $48,362
Year-over-year price difference (in dollars): -$8,238
Year-over-year price difference (percent change): -14.6%
Data is sourced from iSeeCars and is accurate as of March 8, 2024.
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This article originally appeared on GOBankingRates.com: 10 Used Cars That Have Gotten Cheaper Over the Past Year