Used Car Prices Stabilize;  Used EVs Continue To Fall      

iSeeCars is sharing its analysis of the used car market as of early December. Researchers say that after the rapid rise in used car prices brought on by the pandemic and the slow drop in 2024, the used car market stabilized over the past few months of last year.  The stable used car pricing signals a solid balance between supply and demand.

Here's are some highlights of the data:

• The average 1- to 5-year-old used car costs $29,934, down 1.4% ($399) from a year ago
• Electric vehicle prices continue to fall, dropping 18.4% ($6,232) from a year ago
• Used car prices have dropped by less than 3% ($750) over the past six months, reflecting strong stability after large increases during the pandemic, e.g. 28% ($7,000) in November 2021 versus November 2020
• Tesla leads the drop in average used car pricing by brand, with prices falling 21.2% ($5,660) since last year
• After Tesla, Stellantis brands dominate the decline in used car prices, with Maserati, Alfa Romeo, Ram, Chrysler, Dodge, and Jeep experiencing drops between 12.3% and 4% 
• The average used car price for several brands, led by Acura, Chevrolet, Toyota, and Genesis, went up between 2.8% and 1.7% over the past year

Used EV Prices Continue to Fall 

iSeeCars says while the overall used car market has stabilized, used electric vehicle prices fell  around 18% every month in September, October and November. (However, it's far less than the roughly 30% they were dropping in the first half of 2024.) The average used EV price is $27,615, about 8% below the average used car price of $29,934.   

$30,000: The New Average for Used Car Pricing

iSeeCars says over the past 12 months of 2024, the average price of a 1- to 5-year-old used car has settled in around $30,000, a big jump compared to the $20,000 average used car price in 2019.

The iSeeCars study analyzed over 1.3 million used cars sold in November 2023 and November 2024 to identify used car pricing trends.

To read the rest of the entire comprehensive study, click here.

Photo: iSeeCars.com.