Used Car Prices Are Still Up, But Slipping Again With Tesla Leading The Way Down
The used car price roller coaster continues. A new study from iSeeCars.com found that the average price paid for a 1 to 5-year-old used car in July was up $1,147 or 3.7% from last year to $31,770, but down from June’s $32,437 and the lowest since March.
Teslas saw the biggest drop by far at a -5.7% average, followed by Chevrolet (-2.8) and Chrysler (-2.7). The brands up the most were Infiniti (11.7%), Land Rover (11.5%) and BMW (11.4%).
The Tesla Model S and Model Y lost the most value among specific models at -12.3, with the Model X not far behind at -12.1. All three were refreshed this year.
The Ford Explorer Hybrid, which was discontinued for retail sales after 2024, and Jeep Gladiator pickup were next on the list at -9.5% and -8.5%, respectively.
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The study’s biggest mover on the upside was the BMW 4 series, which jumped by $9,370 or 30% in value to $40,597. Luxury models took the next six spots with the Porsche Cayenne (22.3%), Land Rover Discovery (20.4%), BMW 7 Series (20.2%) Infiniti QX60 (17.8%) and Porsche 911 Convertible (17.8) ahead of the first vehicle from an American brand on the list, which was a surprising one.
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With a starting price of $21,895, the South Korea-built Chevrolet Trax is the lowest priced vehicle from any U.S. brand and is in hot demand. It was Chevy’s second-best selling SUV through the first half of the year and transaction prices for used examples were up 17.7% in July.
“With used electric vehicle prices still dropping and Tesla having the largest share of the used EV market, it’s not surprising to see that brand losing the most value,” iSeeCars Executive Analyst Karl Brauer said in a news release on the report. “More surprising is Infiniti gaining the most value, followed by Land Rover. These brands have led in lost used car value in the past and likely benefitted the most from the reversal of overall used car pricing over the past five months.”