Considering the shambolic state of the American economy, inflation, and rampant wage stagnation, I love finding stories about affordable cars and prices dropping . In this case, the team at iSeeCars analyzed the listing prices of over 1.6 million one-to-five-year-old used cars listed for sale online between August 2023 and August 2024 to determine which cars have lost the most value on the used market.
The study resulted in a few notable takeaways, including that on average, the prices of used EVs have fallen by a massive 25 percent since August 2023. The average price of used internal combustion vehicles fell by 4.4 percent, and average used hybrid prices fell by 6 percent in the same one-year time period.
Potentially as a result of their extreme price drops, used electric vehicles are selling much faster than they did a year ago, falling in line with the average amount of time it takes to sell an ICE or hybrid vehicle: about 39 days. Check out the rest of the findings on iSeeCars here. Following the absurd explosion of used car prices in the early stages of the pandemic, it’s encouraging to know that prices are gradually normalizing.
For anyone looking to purchase an affordable used vehicle, consider one of the cars on this list to get a good deal on once-expensive models. As always, proceed with caution. Keep reliability issues for some used models in mind, and don’t forget about the current astronomical car insurance rates that could end up breaking your bank.
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