“How far and how fast will car prices fall?“
It was inevitable: Sky-high used car prices were not sustainable given the current macroeconomic climate, says iSeeCars executive analyst Karl Brauer. We’re starting to see some encouraging stories of values dropping, with prices falling precipitously for certain models between September and December 2022. The research firm compiled a list of the 10 largest drops over that three-month period, with some seriously surprising figures.
Across the whole market, used car prices only fell by 2% in November, followed by another 3% drop in December. “We’re still a long way from ‘normal’,” says Brauer, “but there are clear signs the elevated prices of the past 2-plus years are coming to an end.”
Top 10 cars with the greatest price drops – September to December 2022
Now, even with the signs, that’s not to say every used car is trending downward. Some cars are still stubbornly heading higher, as iSeeCars also points out in their study. However, the ten examples that have dropped within the four-month time span is also surprising.
Here’s the full list:
| Rank | Make/Model | Avg. Used Price (Dec. 2022) | $ Price Change from Sep. | % Price Change |
|---|---|---|---|---|
| 1 | Tesla Model 3 | $43,817 | -$8,822 | -16.8% |
| 2 | Nissan Kicks | $20,046 | -$2,718 | -11.9% |
| 3 | Ford Mustang | $26,852 | -$3,495 | -11.5% |
| 4 | Hyundai Ioniq Hybrid | $20,542 | -$2,527 | -11.0% |
| 5 | Toyota RAV4 | $28,383 | -$2,766 | -8.9% |
| 6 | Jaguar E-Pace | $35,221 | -$3,052 | -8.0% |
| 7 | GMC Acadia | $30,922 | -$2,590 | -7.7% |
| 8 | Ford EcoSport | $20,064 | -$1,515 | -7.0% |
| 9 | Toyota Camry | $25,521 | -$1,912 | -7.0% |
| 10 | Audi SQ5 | $44,447 | -$3,228 | -6.8% |
There are some more dramatic drops if you zoom out to look at year-over-year changes between December 2021 and December 2022. The Nissan Armada, for example, lost more value (16.9%) than any other vehicle in the study. The Ford Expedition Max and Jaguar E-Pace lost 15.2% and 14.6% respectively.
Top 10 cars with the biggest drops – December 2021 to December 2022
| Rank | Make/Model | Avg. Used Price (Dec. 2022) | $ Price Change from 2021 | % Price Change from 2021 |
|---|---|---|---|---|
| 1 | Nissan Armada | $33,621 | -$6,846 | -16.9% |
| 2 | Ford Expedition Max | $48,137 | -$8,606 | -15.2% |
| 3 | Jaguar E-Pace | $35,221 | -$6,039 | -14.6% |
| 4 | Ford Mustang | $26,852 | -$4,189 | -13.5% |
| 5 | Infiniti QX80 | $44,104 | -$6,686 | -13.2% |
| 6 | Tesla Model 3 | $43,817 | -$5,744 | -11.6% |
| 7 | Range Rover Velar | $49,700 | -$6,370 | -11.4% |
| 8 | Audi SQ5 | $44,447 | -$5,527 | -11.1% |
| 9 | Chevrolet Camaro | $31,604 | -$3,655 | -10.4% |
| 10 | Mercedes-Benz G-Class | $183,704 | -$20,453 | -10.0% |
