iSeeCars, a Boston-based automotive market research and car-buying advisory firm, analyzed 2.4 million 1- to 5-year-old used cars sold in May 2024 and May 2025 to identify pricing trends. Their findings reveal that used car prices are generally rebounding after declines throughout 2023 and 2024.
Specifically, used car prices fluctuated between a loss of 2,406 USD and a gain of 630 USD over the past year. Prices have steadily increased annually since June 2024. Over the last three months, the average price of 1- to 5-year-old used cars has risen month over month. In March, prices were up 317 USD year-over-year, increasing to 599 USD in April and 630 USD in May. While these increases are not substantial, the percentage gain doubled from 1% in March to 2% in May.
If this trend continues, the average used car price could rise from 32,317 USD to 35,000 USD or more in the coming months.
Meanwhile, the study indicates that used electric vehicles (EVs) are one of two main segments that continue to depreciate. However, EV prices appear to be stabilizing after dropping nearly 30% a year earlier. In May, EVs depreciated only 8.8%, or 2,993 USD, compared to a decline of over 11,000 USD the previous year.
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Four of the five Tesla models currently sold in the US are among the top 10 used cars with price reductions. Photo: Tesla |
Four of the five Tesla models currently sold in the US are among the top 10 used cars with price reductions. Photo: Tesla
The sharp decline of over 30% in used EV prices in 2023 and 2024 has moderated to under 10% in the past three months, suggesting a growing balance between supply and demand in the used EV market.
When broken down by segment, EVs continued to experience the most significant losses, along with cars and minivans, as prices in these two segments decreased compared to a year ago. SUVs saw the largest price increases, followed by hybrids and pickup trucks.
| Model | Average Price May 2025 (USD) | Decrease Compared to 2024 (USD) | Decrease (%) |
| Tesla Model S | 46,503 | 8,837 | 16 |
| Tesla Model Y | 29,789 | 4,945 | 14.2 |
| Porsche Taycan | 75,644 | 10,998 | 12.7 |
| Ford Explorer Hybrid | 31,811 | 4,044 | 11.3 |
| Tesla Model 3 | 25,361 | 3,078 | 10.8 |
| Jeep Gladiator | 34,253 | 4,112 | 10.7 |
| Ford Escape Plug-in Hybrid | 26,201 | 3,139 | 10.7 |
| Mercedes GLB | 31,403 | 3,566 | 9.9 |
| Maserati Levante | 44,433 | 4,663 | 9.5 |
| Tesla Model X | 54,004 | 5,292 | 8.9 |
All four Tesla models are among the 10 used vehicles with the steepest price drops. The Model S and Model Y top the list, while the Model 3 ranks 5th and the Model X comes in 10th. Other vehicles on the list include the Porsche Taycan, Ford Explorer Hybrid, Jeep Gladiator, and Ford Escape Plug-in Hybrid.
By brand, Tesla experienced the largest drop in used car prices over the past year, followed by Chrysler, Dodge, Genesis, and Maserati. These brands saw price reductions ranging from 4.6% to 8.4%, while Buick, Nissan, Chevrolet, and Audi had much smaller declines, between 0.3% and 1.7%.
Infiniti, Nissan's luxury brand, saw the biggest average price increase over the past year, followed by Acura (Honda) and Lexus (Toyota). These Japanese luxury brands are among the most sought-after by used car buyers due to their combination of premium features and long-term reliability.
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