In recent times, an intriguing shift has occurred in the automotive landscape, bringing positive news for potential car buyers: the drop in used car prices. The top models with the largest price drops in the last year include six hybrid and electric vehicles, according to a new study by iSeeCars. “A year ago, used EV prices were on the upswing, rising faster than the average used car,” said iSeeCars Executive Analyst Karl Brauer. “Electric vehicle prices are now falling at nearly 10 times the rate of the average used vehicle, reflecting a clear shift in EV supply and demand.” Used electric vehicle prices have fallen by nearly 30 percent, and the free fall keeps accelerating, growing from 8.8 percent in January to 16.8 percent in March to 29.5 percent in June, according to the study.
These are the cars with the greatest price drops between June 2022 and June 2023.
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Hyundai Ioniq Hybrid
Average Price: $20,148
Percent Price Change: -16.2%
$ Price Change: -$3,893
Some people find the handling and acceleration to be less engaging in the Hyundai compared to other hybrids in its class. Additionally, the interior materials and overall cabin design have been cited as areas where Hyundai could improve, to match the level of some competitors.
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Nissan LEAF
Average Price: $22,504
Percent Price Change: -19.2%
$ Price Change: -$5,354
A common concern buyers have about the LEAF is the relatively limited driving range compared to some other electric vehicles. Some users have also mentioned that the interior materials and cabin design could use a bit of an upgrade to match the quality found in higher-end competitors.
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BMW 5 Series (PHEV)
Average Price: $33,607
Percent Price Change: -15.5%
$ Price Change: -$6,170
The BMW 5 Series (PHEV) has earned a good reputation in the luxury sedan segment, but there are certain aspects that some people don’t like beyond the price. Despite being a plug-in hybrid electric vehicle, the all-electric range might not meet the expectations of those seeking longer emission-free journeys. Some users have also reported that the infotainment system’s complexity can be overwhelming and distracting.
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Jaguar E-PACE
Average Price: $33,213
Percent Price Change: -16.2%
$ Price Change: -$6,401
One common gripe revolves around this car’s limited rear passenger space, which may not be as accommodating for taller passengers or those requiring more legroom. Another concern lies in the fuel efficiency, with the E-PACE lagging behind some competitors in its class.
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Land Rover Discovery
Average Price: $40,986
Percent Price Change: -16.8%
$ Price Change: -$8,255
While the Land Rover Discovery is revered for its off-road prowess and luxurious features, one common concern revolves around its below-average fuel efficiency. Another area of contention is its high cost of ownership, including maintenance and repairs, which can be a deterrent for budget-conscious buyers.
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Land Rover Range Rover Velar
Average Price: $46,269
Percent Price Change: -17.5%
$ Price Change: -$9,783
The Land Rover Range Rover Velar has garnered admiration for its striking design and luxurious interior, but there are some issues. Some people have expressed reservations about its limited rear visibility due to the sloping roofline and small rear window.
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Tesla Model S
Average Price: $64,938
Percent Price Change: -19.0%
$ Price Change: -$15,212
Like other Tesla models, car shoppers can be concerned about the availability of charging, not to mention its high price point. Furthermore, the minimalist interior design, while appealing to many, may not resonate with those who prefer a more traditional layout with physical buttons and controls.
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Tesla Model 3
Average Price: $37,023
Percent Price Change: -30.5%
$ Price Change: -$16,258
The Tesla Model 3 possibly is becoming a less popular used vehicle because of its higher price compared to conventional cars, limited charging infrastructure in certain areas, dependence on technology with the central touchscreen, reported quality control issues, and limited service centers.
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Land Rover Range Rover
Average Price: $75,481
Percent Price Change: -18.5%
$ Price Change: –$17,095
Range Rover’s fuel efficiency is often cited as an area that needs improvement, as its large size and powerful engine uses more gas — not great in today’s economy. Some users are frustrated with the reliability and high maintenance costs.
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Tesla Model X
Average Price: $70,158
Percent Price Change: -21.3%
$ Price Change: -$18,980
The unique falcon-wing doors, while impressive in design, have been a point of contention for some due to occasional operational issues and potential repair costs. The Tesla’s larger size and weight can also impact its overall energy efficiency and range, leading to slightly lower performance compared to some other Tesla models.
This article was produced and syndicated by MediaFeed.
Image Credit: Tramino/istockphoto.
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