Used car prices are up for the fifth month in a row after falling for more than two years. Recent research from iSeeCars found that used car pricing increased 3.7 percent last month, which follows a larger increase in May. However, while used car prices increased overall, used Tesla tumbled, losing 5.3 percent in July.
The Tesla Model S, Model Y, and Model X had the largest price drops in the survey, while pricing for the BMW 4 Series increased by 30 percent. Prices increased as supply remains constrained and more buyers shift to the used market to avoid higher new-vehicle pricing. iSeeCars executive analyst, Karl Brauer, said, “Just as used electric vehicle prices are stabilizing, traditional used cars are going back up in value. The combination of high new car prices, plus concern over tariffs and their impact on future car values, is likely leading to increased near-term demand for both new and used vehicles.”
Tesla’s used-vehicle price drop was the worst in the study, but several other brands saw price decreases. Used Chevrolet models fell 2.8 percent, followed by Chrysler at 2.7 and Dodge at 1.6. On the other end of the spectrum, the BMW 4 Series had the largest price increase, followed by the Porsche Cayenne, Land Rover Discovery, BMW 7 Series, and Porsche 911 Cabriolet.
[Images: Tesla]
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