WOBURN, Mass.–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% in July, which follows a larger increase in May. However, while used car prices increased overall, prices for used Teslas tumbled, losing 5.3% in July.
iSeeCars reported 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%.
The company’s analysis found prices increased as supply remains constrained and more buyers shift to the used market to avoid higher new-vehicle pricing.
“Just as used electric vehicle prices are stabilizing, traditional used cars are going back up in value,” iSeeCars eExecutive Analyst Karl Brauer said in a statement. “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.”
Other Vehicle Price Changes
While Tesla’s used-vehicle price drop was the worst in the study, several other brands saw price decreases. Used Chevrolet models fell 2.8%, 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.
