These used car brands saw the biggest drop in value since the pandemic's peak

Published 5:00 pm Wednesday, October 4, 2023

These used car brands saw the biggest drop in value since the pandemic’s peak

Following record-setting price hikes throughout 2021, the cost of a used car is falling—although sticker prices are still more expensive than at any point prior to the start of 2020.

CoPilot analyzed used car data from dealerships around the country to rank the used vehicle models that have come down in price the most from their inflationary peak in early 2022. Price data is current as of Sept. 12. Exotic luxury car brands such as Maserati and Lamborghini were not included in this analysis.

Used car prices exploded over the course of 2021 in large part because of the chip shortage that stalled new automobile production once factories reopened. As global automobile production plummeted by 26% in the first three quarters of 2021, consumers flocked to the used-vehicle market for better deals and more selection, quickly driving used car prices sky-high.

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But what goes up must come down, with the UBS predicting that global car production this year will outpace sales of new cars by 6%. That oversupply inevitably drives prices down for new and used cars—although rising interest rates could still spell higher monthly payments for consumers.

The brands whose vehicles depreciated the most since their peak include electric vehicle makers such as Tesla and Polestar, which have tumbled more than $20,000 from the retail prices they commanded a year ago. Tesla, in particular, moved to cut prices at the start of this year amid slowing sales and fear of a potential drop-off in demand as the economy slows.


A chart showing the Consumer Price Index for used cars and trucks from 2010 to today. Prices remained relatively consistent during the 2010s and then spiked in 2021. The trend line shows price increases cooling some and then rising again in summer 2023.

Dom DiFurio // Stacker

The one-two punch that has you paying more for used vehicles

That trend in which lower inventories were pushing up the price of new vehicles could be easing, as analysts at Cox Automotive report new vehicle inventory increased 68% in August compared to the same month last year.

In the used vehicle market, inventories remain down 9% over the previous year, according to Cox. Despite lower inventories, prices have cooled about 6% from this time last year on average among all used vehicles.

Read on to see the vehicle brands that have cooled off the most.

Hondas parked at a dealership.

Jonathan Weiss // Shutterstock

Honda

Decrease from summer 2022 peak: -$2,443

Used car display at a Subaru car dealership.

Jonathan Weiss // Shutterstock

Subaru

Decrease from summer 2022 peak: -$2,645

Red Lexus RC F Sport Coupe.

jejim // Shutterstock

Lexus

Decrease from summer 2022 peak: -$2,696

Chrysler vehicles on display at a dealership.

Jonathan Weiss // Shutterstock

Chrysler

Decrease from summer 2022 peak: -$3,044

White Cadillac CT5 in dealer lot.

Artistic Operations // Shutterstock

Cadillac

Decrease from summer 2022 peak: -$3,055

Lincoln Nautilus SUV at a dealership.

Jonathan Weiss // Shutterstock

Lincoln

Decrease from summer 2022 peak: -$3,781

Detail of the Audi S4 sedan.

Darren Brode // Shutterstock

Audi

Decrease from summer 2022 peak: -$4,082

Used Infiniti QX80 display at a dealership.

Jonathan Weiss // Shutterstock

Infiniti

Decrease from summer 2022 peak: -$4,094

Selection of pre-owned Mercedes-Benz SUVs at dealership.

Artistic Operations // Shutterstock

Mercedes-Benz

Decrease from summer 2022 peak: -$5,308

Used Volvo XC60 on display at dealership.

Jonathan Weiss // Shutterstock

Volvo

Decrease from summer 2022 peak: -$5,627

A used Land Rover Discovery SUV for sale at a dealership.

woodsnorthphoto // Shutterstock

Land Rover

Decrease from summer 2022 peak: -$7,013

Silver Fisker Karma EVER parked by buildings.

BoJack // Shutterstock

Fisker

Decrease from summer 2022 peak: -$9,356

The 2021 Polestar 2 BEV in Palm Springs.

Luxury Fred Sherman // Shutterstock

Polestar

Decrease from summer 2022 peak: -$22,690

Karma GS-6 at an auto show.

MilanoPE // Shutterstock

Karma

Decrease from summer 2022 peak: -$22,692

Navy Tesla Model 3 charging at supercharger station.

Aleksei Potov // Shutterstock

Tesla

Decrease from summer 2022 peak: -$28,566

Data reporting by Dom DiFurio. Story editing by Nicole Caldwell. Copy editing by Tim Bruns.

This story originally appeared on CoPilot and was produced and
distributed in partnership with Stacker Studio.