A recent analysis from iseecars.com revealed that used car prices have decreased, with electric vehicles (EVs) experiencing even steeper declines. The Tesla Model 3, for instance, faced a 24.8% drop when compared to last September. Other entry-level EVs like the Bolt, Niro, and Leaf have also seen significant price drops, comparable to high-end cars such as the Maserati Levante and the Mercedes-Benz AMG GT during the same timeframe.

While many may attribute this rapid depreciation of EVs to a sluggish market, the truth is that the fast-paced evolution of EV technology means that even cars just 2 or 3 years old are no longer at the forefront. As a result, the cost of obtaining a nearly-new EV has become notably more affordable, contributing to a general recovery in the used car market following the inflated prices seen during the pandemic.

CarGurus’ recent data indicates that this recovery is not uniform. In the last month, they reported a small uptick of just under half a percent in used car prices, signaling a broader downward trend. While overall prices are decreasing, some used cars are still appreciating, albeit minimally.

Referring back to the iseecars.com figures, the biggest year-over-year price increases in the used vehicle market include the Porsche 718 (up 21.4%), Volvo S90 (up 16.3%), and Chevrolet Camaro (up 8.4%). The overall market is still adjusting, moving back towards what was considered normal, but the shift towards electric vehicles is dramatically affecting the pricing of traditional internal combustion engine (ICE) performance vehicles. Notably, the 718 will transition to four-cylinder engines soon, and rumors abound regarding an electric version of the Camaro in the future.

CarGurus’ latest analysis also highlighted some intriguing data on rising used car prices, including a brand-new EV among the top contenders. The Chrysler 300, which recently stopped production, saw a 3.4% price increase, while the refreshed Toyota Camry rose by 2.2%. Additionally, the Honda Prologue experienced a 3.2% jump in used prices, likely due to speculation and demand for a vehicle that isn’t fully available in the market yet. This indicates that the specific situation of a vehicle is becoming just as important as its power source as the market continues to recover.