Top 15 used cars with the biggest price drops this year
Depreciation trends indicate that electric vehicles (EVs) lose value faster than gasoline-powered cars.
While new EVs still cost more than internal combustion engine (ICE) vehicles, in the used car market, EVs are quickly becoming a great deal. According to iSeeCars, the Tesla Model 3 tops the list of 15 used cars with the largest price drops, with six of the top seven spots occupied by EVs.
Data from iSeeCars shows that the Model 3 lost an average of 24.8% of its value over the past year, dropping its average price by $8,558 (around 210.8 million VND) compared to the previous year, bringing the price down to $25,931 (around 638.8 million VND). The Kia Niro EV also saw a 21% depreciation, compared to the overall used car market average of just 4.8%, lowering its price to $21,692 (around 534.3 million VND).
Nissan Leaf (-20.2%), Hyundai Kona Electric (-18.5%), and Chevrolet Bolt EV (-18.3%) also saw significant depreciation, with EVs losing value four times faster than ICE vehicles.
Interestingly, the older Tesla Model S only ranked 15th on the list, with a 13.4% drop. Meanwhile, Tesla's SUV models, the Model X and Model Y, did not appear on the list at all.
However, the overall trend shows that EVs lose value faster than ICE vehicles. According to iSeeCars, the value of EVs from one to five years old has shifted from being 12.1% higher than used ICE vehicles to 11.4% lower as of August 2023.
EVs are not the only vehicles losing value quickly. Maserati Levante also appears on the list, ranking 3rd with a 20.2% price drop, leaving its average price at $43,710 (around 1 billion VND).
Due to its high initial price, the year-over-year price difference for the Levante is the second-largest on the list at $11,086 (around 273.1 million VND), only beaten by the Mercedes-AMG GT, which saw a 14.8% price drop, equivalent to $13,840 (around 340.9 million VND).
This list likely causes concern for JLR, as its Range Rover Sport, Evoque, and Velar models occupy the top spots after the rise of EVs, with Jaguar’s own I-Pace also making the list.
Original article and picture by AutoPro
