Summary List Placement
- According to car search engine and automotive research firm iSeeCars.com, the average price of used cars rose 4.1% – about $941 – from July to August.
- iSeeCars.com compiled a list of the 10 cars with the greatest price drop between the same time period.
- The list consists of mostly mid-sized sedans and subcompact cars, although the Porsche 911 made an appearance with an average $1,453 price decrease – about 1.1%.
- Visit Business Insider’s homepage for more stories.
The average price of used cars increased from July to August due to a decrease in new car inventory, but an increase in demand, according to a study published by car search engine and automotive research firm iSeeCars.com.
The average price of used cars increased by 4.1% between the two summer months, translating to about $941 on average.
In iSeeCar’s list of used vehicles with the greatest price drop, only one luxury car made the cut: the Porsche 911, which saw a $1,453 – about 1.1% – price reduction from July to August.
“Dealers don’t need to be as competitive with the pricing of luxury and higher-priced vehicles because shoppers at these price points likely aren’t as bargain-conscious as those looking for more affordable and practical used cars,” iSeeCars CEO Phong Ly said in a statement.
iSeeCars analyzed over 500,000 used cars from the 2015 to 2019 model years that were sold between July 1 and July 17, as well as 400,000 used cars from the same model years that were then sold a month later between August 1 and August 17, to determine which used cars saw the greatest price drop.
However, low production and heavy-duty vehicles, as well as cars no longer being produced after the 2020 model year, were excluded from the study.
For those who are currently looking to purchase a lower-priced used car, these are the 10 vehicles that have become cheaper between July and August despite used car prices going up:
10. Nissan Altima: -0.8% price difference
9. Lincoln MKZ: -1.1% price difference
8. Hyundai Elantra GT: -1.1% price difference
7. Porsche 911: -1.1% price difference
According to Ly, the Porsche 911 has a good value retention as a used car, especially because most people looking to purchase one can already afford a new version.
6. Mazda Mazda6: -1.1% price difference
5. Ford EcoSport: -1.1% price difference
The EcoSport is one of two SUVs on the list.
“The small Ford EcoSport does not rank as highly as its competitors, so the demand isn’t as high for this vehicle and consumers who do want the vehicle are likely looking for a deal,” Ly said in a statement.
4. Ford Fusion Energi: -1.8% price difference
Of the four sedans on the list, the Fusion Energi saw the greatest price drop. According to Ly, the number of sedans on this list is likely due to the rising popularity of the small SUV segment.
3. Chevrolet Spark: -1.8% price difference
2. GMC Yukon XL: -1.9% price difference
This is the only other SUV on the list.
“The pandemic has brought a shift to smaller used SUVs as shoppers are looking for more practical vehicles, which suggests the demand is lower for supersized expensive SUVs like the GMC Yukon XL,” Ly said in a statement.
1. Chevrolet Sonic: -2.3% price difference
The Sonic and the only other Chevrolet in this compilation, the Spark, are the only two subcompact vehicles that made the list.