Used Cars with the Biggest Price Drops
We've got good news and bad news. First, the good news: Used car prices have "likely peaked." That's according to J.P. Morgan, which predicts the price of used cars will "decline by roughly 10 percent" this year. The bad news, however, is that even accounting for this decline, used car prices are still trading hands at far higher prices than they were before the start of the pandemic.
That said, the researchers at iSeeCars found a number of used vehicles that are leading the pack when it comes to year-over-year price declines. Read on to learn about the 10 used cars with the biggest percentage price change in the last year, according to iSeeCars.
(Keith Lance - Getty Images)
Last year, the average price of a used Infiniti QX80 came in at $52,874, according to iSeeCars's researchers. One year later, however, the big Infiniti SUV's average price on the used car market is down nearly $12,000 to a reported average of $41,094 in February 2023.
(INFINITI)
The Armada is Nissan's take on the Infiniti QX80. Like its luxury-badged kin, the Armada's price on the used car market has declined significantly in the last year, per iSeeCars. Whereas last year, the average price of a used Armada was $41,771, these days, used versions of Nissan's full-size SUV reportedly wear an average price of $33,300 in February 2023.
(Nissan)
Used versions of Land Rover's mid-size Discovery SUV currently wear an average price of $40,841, per iSeeCars. One year ago, though, a used Disco wore an average price of $50,973 in February 2023.
MORE ABOUT THE LAND ROVER DISCOVERY
(Land Rover)
Given Tesla's recent price cuts to its new cars, it's little surprise the prices of the brand's used cars are also falling. According to iSeeCars, used Model 3s seem to be taking the brunt of this hit, with their average price falling by $9914 from $51,251 to $41,337 in February 2023.
(Tesla)
Bigger than the Range Rover Evoque but smaller than the Range Rover Sport, the Land Rover Range Rover Velar combines big style with reasonably compact dimensions. A year ago, the average price of a used Velar was $58,518. Since then, the average price of these used British boxes fell to $47,255 in February 2023.
MORE ABOUT THE LAND ROVER RANGE ROVER VELAR
(Car and Driver)
The Jaguar E-Pace may be small, but used versions of this British SUV have seen huge declines in price over the last year. Specifically, the average price of a used E-Pace has fallen by $7377 to an average of $33,836 in February 2023, according to iSeeCars.
(Jaguar)
Punchier than your run-of-the-mill A5, but not quite as much of a monster as the RS5, the S5 strikes us as the Baby Bear to its Mama and Papa Bear kin. And according to iSeeCars, used S5s in four-door Sportback form have seen their prices fall by $9498 over the last year, bringing the average price of used S5 Sportbacks down to $44,528 in February 2023.
MORE ABOUT THE AUDI S5 SPORTBACK
(Car and Driver)
Like used Audi S5 Sportbacks, used Audi SQ5s are notably cheaper than they were a year ago, per iSeeCars. With an average price of $43,092 in February 2023, the mean price of a used SQ5 was $8928 less than a year prior.
(Audi)
Used versions of the Land Rover Range Rover Velar's Jaguar-badged equivalent, the F-Pace, have also seen their prices fall rapidly in the last year. According to iSeeCars, the average price of a used F-Pace was $37,497 in February 2023, or $7561 less than a year earlier.
(Jaguar)
With an average price of $57,454, used Mercedes-Benz CLS-class sedans are going for $11,173 less than they were a year ago, according to iSeeCars. Though it may lack the punch of the Mercedes-AMG GT 4-Door or the rear-seat headroom of the Mercedes E-class, the CLS-class is still a comfortable and attractive four-door from the three-pointed star.
MORE ABOUT THE MERCEDES-BENZ CLS-CLASS
(Mercedes-Benz)These used vehicle options are significantly cheaper than they were a year ago, per one study, with these options selling for thousands less than last year.