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

in Research

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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.

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

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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.

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Honda

Decrease from summer 2022 peak: -$2,443

Used car display at a Subaru car dealership.

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Subaru

Decrease from summer 2022 peak: -$2,645

Red Lexus RC F Sport Coupe.

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Lexus

Decrease from summer 2022 peak: -$2,696

Chrysler vehicles on display at a dealership.

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Chrysler

Decrease from summer 2022 peak: -$3,044

White Cadillac CT5 in dealer lot.

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Cadillac

Decrease from summer 2022 peak: -$3,055

Lincoln Nautilus SUV at a dealership.

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Lincoln

Decrease from summer 2022 peak: -$3,781

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You don’t want to buy a car - you want to get the best deal on the car you’re looking for. The CoPilot app will notify you if there’s a similar vehicle in your area at a better price, so you’re always certain you got the best deal available. 

Detail of the Audi S4 sedan.

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Audi

Decrease from summer 2022 peak: -$4,082

Used Infiniti QX80 display at a dealership.

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Infiniti

Decrease from summer 2022 peak: -$4,094

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

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Mercedes-Benz

Decrease from summer 2022 peak: -$5,308

Used Volvo XC60 on display at dealership.

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Volvo

Decrease from summer 2022 peak: -$5,627

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

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Land Rover

Decrease from summer 2022 peak: -$7,013

Silver Fisker Karma EVER parked by buildings.

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Fisker

Decrease from summer 2022 peak: -$9,356

The 2021 Polestar 2 BEV in Palm Springs.

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OTHER CAR SHOPPING APPS ARE OUTDATED

You won’t realize how outdated other car searching apps are until you try the CoPilot car shopping app. CoPilot does the hard work for you by searching all of the listings in your area and intelligently creating a personalized list of the best buys in the area that match what you’re looking for.

Polestar

Decrease from summer 2022 peak: -$22,690

Karma GS-6 at an auto show.

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Karma

Decrease from summer 2022 peak: -$22,692

Navy Tesla Model 3 charging at supercharger station.

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Tesla

Decrease from summer 2022 peak: -$28,566

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

Get a curated list of the best used cars near you

The CoPilot car shopping app is the easiest way to buy a car. Tell us what you’re looking for and we’ll search the inventories of every dealership in your area to make you a personalized list of the best car listings in your area.

Only looking for newer models? CoPilot Compare is the search engine for nearly-new cars. Only see cars five years or newer with low mileage — CoPilot Compare is the best way to find off-lease, early trade-in, and CPO cars.

The best part? CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. CoPilot doesn’t work with dealerships, so there are no sponsored posts or other shady practices — just the most info on the best cars. Check out our About Us page to see how CoPilot works.

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