Highlights:
- The average 1- to 5-year-old used car costs $29,934, down 1.4% ($399) from a year ago
- Electric vehicle prices continue to fall, dropping 18.4% ($6,232) from a year ago
- Used car prices have dropped by less than 3% ($750) over the past six months, reflecting strong stability after large increases during the pandemic, e.g. 28% ($7,000) in November 2021 versus November 2020
- Tesla leads the drop in average used car pricing by brand, with prices falling 21.2% ($5,660) since last year
- After Tesla, Stellantis brands dominate the decline in used car prices, with Maserati, Alfa Romeo, Ram, Chrysler, Dodge, and Jeep experiencing drops between 12.3% and 4%
- The average used car price for several brands, led by Acura, Chevrolet, Toyota, and Genesis, went up between 2.8% and 1.7% over the past year
After the rapid rise in used car prices brought on by the pandemic and the slow drop this past year, the used car market has stabilized over the past few months. The average price of 1- to 5-year-old used cars has shifted less than $750 since June, and over the past three months used car pricing has dropped less than 3% from a year ago.
But while the overall used car market has stabilized, used electric vehicle prices have fallen around 18% every month for the last three months. This puts the average used EV price of $27,615 about 8% below the average used car price of $29,934, according to the latest iSeeCars study that analyzed over 1.3 million used cars sold in November 2023 and November 2024 to identify used car pricing trends.
$30,000: The New Average for Used Car Pricing
Over the past 12 months the average price of a 1- to 5-year-old used car has settled in around $30,000. While stable used car pricing suggests the market has found a solid balance of supply and demand, $30,000 is a big jump compared to the $20,000 average used car price in 2019.
| Year-over-Year Change in 1- to 5-Year-Old Used Car Prices - iSeeCars Study | |||
| Month | Avg Price | $ Difference YoY | % Difference YoY |
| November 2024 | $29,934 | -$431 | -1.4% |
| October 2024 | $30,914 | -$288 | -0.9% |
| September 2024 | $30,572 | -$849 | -2.7% |
| August 2024 | $30,228 | -$1,509 | -4.8% |
| July 2024 | $30,420 | -$2,064 | -6.4% |
| June 2024 | $30,673 | -$2,406 | -7.3% |
| May 2024 | $31,368 | -$2,184 | -6.5% |
| April 2024 | $31,341 | -$1,865 | -5.6% |
| March 2024 | $30,995 | -$1,504 | -4.6% |
| February 2024 | $31,153 | -$1,161 | -3.6% |
| January 2024 | $31,695 | -$869 | -2.7% |
| December 2023 | $29,835 | -$1,105 | -3.6% |
Electric Vehicle Prices Still Dropping, But Not as Fast
Used electric vehicle prices continue to fall around 18% compared to a year ago. This is far less than the roughly 30% they were dropping in the first half of 2024, suggesting a slow-but-steady plateau in used EV pricing may be on the horizon. At $27,615, the average used EV price is already below the used car average of $29,934, reflecting the increased skepticism used car shoppers have for EVs.
| Year-over-Year Change in 1- to 5-Year-Old Used EV Prices - iSeeCars Study | |||
| Month | Avg Price | $ Difference YoY | % Difference YoY |
| November 2024 | $27,615 | -$6,232 | -18.4% |
| October 2024 | $28,053 | -$6,377 | -18.5% |
| September 2024 | $27,886 | -$6,465 | -18.8% |
| August 2024 | $26,839 | -$8,782 | -24.7% |
| July 2024 | $27,236 | -$10,930 | -28.6% |
| June 2024 | $28,595 | -$11,764 | -29.1% |
| May 2024 | $28,767 | -$12,016 | -29.5% |
| April 2024 | $29,066 | -$12,630 | -30.3% |
| March 2024 | $29,925 | -$13,195 | -30.6% |
| February 2024 | $30,904 | -$14,417 | -31.8% |
| January 2024 | $33,275 | -$14,814 | -30.8% |
| December 2023 | $33,572 | -$15,212 | -31.2% |
Tesla, Stellantis Prices Falling the Fastest
While the overall used car price was down just 1.4% in November, Tesla was down 21.2%, followed by Maserati at 12.3% and Alfa Romeo at 9.3%. Beyond Maserati and Alfa Romeo, Stellantis brands like Ram, Chrysler, Dodge and Jeep all show greater-than-average price drops, with Lincoln, Volkswagen, Porsche, and Buick also down at least 5%.| Car Brands With the Largest Year-over-Year Drops in 1- to 5-Year-Old Car Prices - iSeeCars Study | ||||
| Rank | Make | Avg Price Nov. 2024 | $ Difference YoY | % Difference YoY |
| 1 | Tesla | $30,693 | -$8,277 | -21.2% |
| 2 | Maserati | $40,472 | -$5,659 | -12.3% |
| 3 | Alfa Romeo | $25,659 | -$2,618 | -9.3% |
| 4 | Lincoln | $41,361 | -$3,307 | -7.4% |
| 5 | Volkswagen | $22,372 | -$1,676 | -7.0% |
| 6 | Ram | $35,199 | -$2,549 | -6.8% |
| 7 | Porsche | $69,435 | -$4,561 | -6.2% |
| 8 | Chrysler | $25,539 | -$1,468 | -5.4% |
| 9 | Buick | $27,649 | -$1,579 | -5.4% |
| 10 | Subaru | $25,304 | -$1,173 | -4.4% |
| 11 | Dodge | $31,961 | -$1,420 | -4.3% |
| 12 | Audi | $32,038 | -$1,369 | -4.1% |
| 13 | Jeep | $24,764 | -$1,031 | -4.0% |
| 14 | MINI | $24,096 | -$782 | -3.1% |
| 15 | BMW | $38,369 | -$1,227 | -3.1% |
| 16 | Volvo | $33,359 | -$1,026 | -3.0% |
| 17 | Mercedes-Benz | $45,911 | -$1,381 | -2.9% |
| 18 | Jaguar | $32,807 | -$948 | -2.8% |
| 19 | Land Rover | $46,181 | -$1,261 | -2.7% |
| 20 | Mazda | $24,639 | -$422 | -1.7% |
| Overall Average | $29,934 | -$431 | -1.4% | |
| 21 | Cadillac | $43,811 | -$480 | -1.1% |
| 22 | Kia | $20,241 | -$165 | -0.8% |
| 23 | INFINITI | $30,917 | -$34 | -0.1% |
| 24 | Honda | $26,303 | $5 | 0.0% |
| 25 | GMC | $38,293 | $47 | 0.1% |
| 26 | Mitsubishi | $19,063 | $60 | 0.3% |
| 27 | Ford | $32,481 | $111 | 0.3% |
| 28 | Lexus | $39,839 | $371 | 0.9% |
| 29 | Nissan | $22,943 | $329 | 1.5% |
| 30 | Hyundai | $21,009 | $342 | 1.7% |
| 31 | Genesis | $31,965 | $646 | 2.1% |
| 32 | Toyota | $30,121 | $673 | 2.3% |
| 33 | Chevrolet | $31,360 | $725 | 2.4% |
| 34 | Acura | $33,763 | $922 | 2.8% |
BMWs Are Hot, Electric Vehicles Are Not
Looking at models with the biggest price gains and losses in the past year, there are five BMWs in the top 20 gainers and four electric vehicles leading the top 20 losers.| Top 20 Cars With the Largest Price Increases: November 2024 - iSeeCars Study | ||||
| Rank | Model | Avg Price Nov. 2024 | $ Difference YoY | % Difference YoY |
| 1 | Nissan Pathfinder | $30,300 | $3,943 | 15.0% |
| 2 | Mitsubishi Outlander PHEV | $27,706 | $3,568 | 14.8% |
| 3 | BMW 2 Series | $38,037 | $3,416 | 9.9% |
| 4 | BMW 4 Series | $31,579 | $2,693 | 9.3% |
| 5 | Lexus GX 460 | $48,777 | $3,597 | 8.0% |
| 6 | Toyota 4Runner | $40,285 | $2,284 | 6.0% |
| 7 | Genesis G80 | $34,226 | $1,905 | 5.9% |
| 8 | Acura MDX | $36,945 | $1,969 | 5.6% |
| 9 | Toyota Prius | $25,912 | $1,231 | 5.0% |
| 10 | BMW X1 | $28,257 | $1,302 | 4.8% |
| 11 | INFINITI QX80 | $41,300 | $1,899 | 4.8% |
| 12 | INFINITI QX60 | $30,248 | $1,323 | 4.6% |
| 13 | Porsche Panamera | $75,693 | $3,172 | 4.4% |
| 14 | BMW 4 Series | $41,979 | $1,754 | 4.4% |
| 15 | Jeep Wrangler | $35,110 | $1,400 | 4.2% |
| 16 | BMW M4 | $69,212 | $2,741 | 4.1% |
| 17 | Nissan Maxima | $25,013 | $931 | 3.9% |
| 18 | Chrysler 300 | $25,392 | $944 | 3.9% |
| 19 | Mitsubishi Outlander | $22,984 | $803 | 3.6% |
| 20 | Chevrolet Camaro | $35,124 | $1,076 | 3.2% |
| Overall Average | $29,934 | -$431 | -1.4% | |
| Top 20 Cars With the Largest Price Drops: November 2024 - iSeeCars Study | ||||
| Rank | Model | Avg Price Nov. 2024 | $ Difference YoY | % Difference YoY |
| 1 | Tesla Model 3 | $25,767 | -$7,402 | -22.3% |
| 2 | Nissan LEAF | $15,839 | -$3,480 | -18.0% |
| 3 | Kia Niro EV | $21,397 | -$4,372 | -17.0% |
| 4 | Hyundai Kona Electric | $20,389 | -$4,139 | -16.9% |
| 5 | Mercedes-Benz AMG GT | $77,481 | -$15,625 | -16.8% |
| 6 | Maserati Levante | $42,865 | -$8,196 | -16.1% |
| 7 | Jaguar E-PACE | $25,477 | -$4,082 | -13.8% |
| 8 | Land Rover Range Rover Evoque | $29,112 | -$4,505 | -13.4% |
| 9 | Mercedes-Benz CLS | $43,897 | -$6,500 | -12.9% |
| 10 | Land Rover Range Rover Velar | $36,003 | -$5,257 | -12.7% |
| 11 | Cadillac XT4 | $26,751 | -$3,476 | -11.5% |
| 12 | Jeep Cherokee | $20,849 | -$2,695 | -11.4% |
| 13 | Ram 1500 Classic | $26,022 | -$3,347 | -11.4% |
| 14 | Land Rover Range Rover Sport | $51,994 | -$6,591 | -11.3% |
| 15 | Ford Ranger | $28,969 | -$3,494 | -10.8% |
| 16 | Audi Q8 | $44,977 | -$5,376 | -10.7% |
| 17 | Porsche Cayenne | $59,902 | -$7,075 | -10.6% |
| 18 | Alfa Romeo Giulia | $25,289 | -$2,896 | -10.3% |
| 19 | Chevrolet Trax | $16,038 | -$1,770 | -9.9% |
| 20 | Maserati Ghibli | $36,705 | -$3,973 | -9.8% |
| Overall Average | $29,934 | -$431 | -1.4% | |
Methodology
iSeeCars analyzed over 1.3 million 1- to 5-year-old used cars sold in November 2023 and 2024. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2023 price as well as a dollar difference. Additionally, the number of days each car was listed on iSeeCars.com was also mathematically modeled and aggregated. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2023 model year, and vehicles in production for fewer than four of the last five model years for each period were excluded from further analysis.
About iSeeCars.com
iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $426 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
