Summary:
- Used car prices fell 2 percent in November, followed by a 3 percent drop in December
- The average used car price was down over $1,000 in December, the first substantial drop in more than 2 years
- Tesla Model 3 was the biggest loser in recent months, sliding nearly 17% since September
- Most electric and hybrid vehicles remain hot, with the Chevrolet Bolt, Nissan Leaf, and Prius Prime prices still up over 20% year-over-year
Everything comes in cycles, and what could justifiably be dubbed “the crazy car price” cycle of the past 2-plus years looks to finally be coming to an end. Used car prices have dropped compared to a year ago for 2 months in a row, marking the first time values have actually decreased year-over-year since June of 2020, over two and a half years ago.
“We’re still a long way from ‘normal’ but there are clear signs the elevated prices of the past 2-plus years are coming to an end,” said Karl Brauer, Executive Analyst at iSeeCars.com. “It was easy to predict, given the macroeconomic factors we’ve seen over the past 6 months. With everything from inflation to interest rates hitting peak numbers there was no way the upward pressure on car values could continue. The next big question is: how far and how fast will car prices fall?”
Big Changes in Recent Months
Year-over-year Used Car Prices by Month, September - December 2022
Changes in Used Car Prices, 2022 vs. 2021 September to December - iSeeCars Study |
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Month | Average Used Car Price | $ Price Change from 2021 | % Price Change from 2021 |
December | $33,582 | -$1,043 | -3.0% |
November | $31,823 | -$697 | -2.1% |
October | $32,740 | $1,133 | 3.6% |
September | $33,368 | $2,414 | 7.8% |
Used Cars with the Biggest Price Drops, December 2022 vs. September 2022
Top 10 Cars with the Greatest Price Decreases (December 2022 vs. September 2022) - iSeeCars Study |
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Rank | Used Vehicle | Average Used Car Price (Dec 2022) | $ Price Change from September | % Price Change from September |
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% |
Average Across All Cars | $33,582 | $214 | 0.6% |
Used Cars with the Biggest Price Increases, December 2022 vs. September 2022
Top 10 Cars with the Greatest Price Increases (December 2022 vs. September 2022) - iSeeCars Study |
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Rank | Used Vehicle | Average Used Car Price, Dec 2022 | $ Price Change from September | % Price Change from September |
1 | Cadillac Escalade | $76,040 | $9,867 | 14.9% |
2 | Porsche 911 | $198,076 | $25,577 | 14.8% |
3 | Mercedes-Benz S-Class | $89,403 | $10,737 | 13.6% |
4 | Maserati Levante | $61,240 | $7,170 | 13.3% |
5 | Mercedes-Benz GLS | $68,880 | $8,008 | 13.2% |
6 | Maserati Ghibli | $50,606 | $5,879 | 13.1% |
7 | Cadillac Escalade ESV | $73,093 | $8,206 | 12.6% |
8 | BMW 7 Series | $61,875 | $5,638 | 10.0% |
9 | Acura MDX | $41,120 | $3,446 | 9.1% |
10 | Chevrolet Corvette | $85,834 | $7,089 | 9.0% |
Average Across All Cars | $33,582 | $214 | 0.6% |
Prices Have Shifted from Last December
Used Cars with the Biggest Price Drops, December 2022 vs. December 2021
Top 10 Cars with the Greatest Price Drops (December 2022 vs. 2021) - iSeeCars Study |
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Rank | Used Vehicle | Average Used Car 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 | Land Rover 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% |
Average Across All Cars | $33,582 | -$1,043 | -3.0% |
Used Cars with the Biggest Price Increases, December 2022 vs. December 2021
Top 10 Cars with the Greatest Price Increases (December 2022 vs. 2021) - iSeeCars Study |
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Rank | Used Vehicle | Average Used Car Price (Dec 2022) | $ Price Change from 2021 | % Price Change from 2021 |
1 | Toyota Prius Prime | $32,131 | $5,891 | 22.5% |
2 | Nissan LEAF | $28,314 | $4,898 | 20.9% |
3 | Chevrolet Bolt EV | $27,339 | $4,702 | 20.8% |
4 | Porsche 911 | $198,076 | $28,494 | 16.8% |
5 | MINI Clubman | $29,409 | $3,616 | 14.0% |
6 | Toyota Camry Hybrid | $31,443 | $3,405 | 12.1% |
7 | Honda Accord Hybrid | $32,811 | $3,545 | 12.1% |
8 | Toyota Prius | $27,397 | $2,930 | 12.0% |
9 | Toyota RAV4 Hybrid | $37,702 | $3,904 | 11.6% |
10 | Volkswagen Golf GTI | $29,761 | $3,077 | 11.5% |
Average Across All Cars | $33,582 | -$1,043 | -3.0% |
Used Car Price Changes by Body Type, December 2022 vs. December 2021
Average Price Changes by Body Type (December 2022 vs December 2021) - iSeeCars Study |
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Body Type | Average Used Car Price (Dec 2022) | $ Price Change from 2021 | % Price Change from 2021 |
Hatchback | $26,678 | $1,917 | 7.7% |
Coupe | $50,466 | $2,321 | 4.8% |
Wagon | $20,228 | $69 | 0.3% |
Sedan | $27,936 | -$589 | -2.1% |
Truck | $40,594 | -$1,060 | -2.5% |
SUV | $33,770 | -$1,003 | -2.9% |
Average Across All Cars | $33,582 | -$1,043 | -3.0% |
Convertible | $50,304 | -$2,154 | -4.1% |
Minivan | $31,875 | -$2,017 | -6.0% |
Used Car Price Changes by Fuel Type, December 2022 vs. December 2021
Electric and Hybrid Vehicle Pricing (December 2022 vs. December 2021) - iSeeCars Study |
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Fuel Type | Average Used Car Price (Dec 2022) | $ Price Change from 2021 | % Price Change from 2021 |
Hybrid | $36,954.5 | $3,197 | 9.5% |
Electric | $51,530.3 | -$1,569 | -3.0% |
Average Across All Cars | $33,582.2 | -$1,043 | -3.0% |
Non-Hybrid/Electric | $33,313.3 | -$1,166 | -3.4% |
Used Car Price Changes by City, December 2022 vs. December 2021
iSeeCars looked at the top 50 most populous metro areas to see which metro areas had the smallest and largest increase in pre-owned car prices in December 2022 compared to December 2021.Average Used Car Price Increases by City (December 2022 vs. December 2021) - iSeeCars Study | |||
Rank | DMA | % Price Change from December 2021 | $ Price Change from December 2021 |
1 | San Antonio, TX | 7.6% | $2,354 |
2 | Hartford & New Haven, CT | 1.8% | $583 |
3 | Boston, MA-Manchester, NH | 1.3% | $422 |
4 | Greenville-Spartanburg, SC | 0.8% | $253 |
5 | Cleveland-Akron (Canton), OH | 0.6% | $177 |
6 | Minneapolis-St. Paul, MN | 0.5% | $176 |
7 | Washington, DC (Hagerstown, MD) | 0.2% | $68 |
8 | Harrisburg-Lancaster-York, PA | 0.2% | $62 |
9 | West Palm Beach-Ft. Pierce, FL | 0.0% | -$17 |
10 | New York, NY | -0.3% | -$85 |
11 | Grand Rapids-Kalamazoo, MI | -0.6% | -$202 |
12 | Miami-Ft. Lauderdale, FL | -1.0% | -$326 |
13 | Charlotte, NC | -1.1% | -$371 |
14 | Birmingham, AL | -1.2% | -$389 |
15 | Denver, CO | -1.4% | -$503 |
16 | Milwaukee, WI | -1.7% | -$568 |
17 | Cincinnati, OH | -2.0% | -$642 |
18 | Houston, TX | -2.6% | -$927 |
19 | Louisville, KY | -2.6% | -$864 |
20 | Columbus, OH | -2.7% | -$835 |
21 | Austin, TX | -2.7% | -$978 |
22 | Baltimore, MD | -2.7% | -$883 |
23 | Philadelphia, PA | -2.8% | -$952 |
24 | Salt Lake City, UT | -3.0% | -$1,032 |
25 | Phoenix, AZ | -3.1% | -$1,069 |
26 | St. Louis, MO | -3.2% | -$1,059 |
27 | Chicago, IL | -3.4% | -$1,215 |
28 | Indianapolis, IN | -3.7% | -$1,202 |
29 | San Francisco-Oakland-San Jose, CA | -3.8% | -$1,385 |
30 | Orlando-Daytona Beach, FL | -3.8% | -$1,261 |
31 | Raleigh-Durham (Fayetteville), NC | -4.0% | -$1,389 |
32 | Los Angeles, CA | -4.3% | -$1,533 |
33 | Atlanta, GA | -4.4% | -$1,605 |
34 | Seattle-Tacoma, WA | -4.5% | -$1,634 |
35 | Kansas City, MO | -4.9% | -$1,665 |
36 | Nashville, TN | -5.0% | -$1,724 |
37 | Detroit, MI | -5.0% | -$1,673 |
38 | Greensboro-Winston Salem, NC | -5.0% | -$1,646 |
39 | San Diego, CA | -5.1% | -$1,738 |
40 | Pittsburgh, PA | -5.5% | -$1,836 |
41 | Dallas-Ft. Worth, TX | -5.7% | -$1,968 |
42 | Jacksonville, FL | -6.0% | -$2,059 |
43 | Portland, OR | -6.1% | -$2,120 |
44 | New Orleans, LA | -6.1% | -$2,030 |
45 | Tampa-St Petersburg (Sarasota), FL | -6.2% | -$2,156 |
46 | Norfolk-Portsmouth-Newport News,VA | -7.3% | -$2,395 |
47 | Albuquerque-Santa Fe, NM | -7.7% | -$2,698 |
48 | Sacramento-Stockton-Modesto, CA | -9.4% | -$3,291 |
49 | Las Vegas, NV | -10.1% | -$3,497 |
50 | Oklahoma City, OK | -14.1% | -$4,972 |
Bottom Line
Overall, used car prices are dropping, which means consumers waiting for prices to come down won’t have to wait much longer. Prices are still above pre-pandemic levels, but every indication suggests they will continue to fall, presenting a likely buying opportunity in the coming months for shoppers who have been waiting on the sidelines for the past 2 years.
Related Studies:
- Inflation Hammers the Car Market, Driving Up Prices and Reducing Affordability
- Best Used Cars for the Money
- Top 10 Cars That Hold Their Value the Best
iSeeCars.com analyzed over 1.9 million 1-5-year-old used car sales in December 2021 and 2022. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as a percentage difference from the 2021 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2022 model year, and vehicles with fewer than 4 of the 5 model years for each period were excluded from further analysis.
About iSeeCars.com
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $360 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.