The automotive industry is constantly evolving, with new models hitting the market every year. However, buying a brand new car can be cost-prohibitive for many consumers. Thankfully, a recent study by iSeeCars highlights the significant cost savings that can be found when purchasing lightly used vehicles. This study identified the top 20 cars that offer the most savings when bought lightly used, with some models depreciating by almost 50 percent after just a year or two.
The list of top 20 cars to buy lightly used includes popular models like the Mercedes-Benz EQS, Nissan LEAF, and Jaguar F-PACE. Interestingly, electric vehicles made up half of the most depreciated models, with the Mercedes-Benz EQS leading the pack with a depreciation rate of 47.8 percent in just one year.
In a separate study earlier this year, iSeeCars found that electric vehicles are depreciating at a rate 10 times higher than their gas-powered counterparts, with Tesla models seeing significant price drops due to aggressive pricing strategies. The data indicates that the automotive market is shifting, making it a prime time to consider buying a lightly used vehicle for significant cost savings.
It’s important to note that not all cars depreciate at the same rate. In fact, iSeeCars found one model, the Land Rover Range Rover, that actually appreciated in value after just one year. Additionally, the Kia Rio depreciated by only 0.1 percent, showcasing the variability in depreciation rates across different models.
To conduct this study, iSeeCars analyzed over 1.6 million new and used cars from January to March 2024. The criteria for a “lightly used” vehicle was defined as a 2022 or 2023 model with an odometer reading within 20 percent of 13,476 miles. By comparing used prices to new selling prices, iSeeCars was able to calculate the depreciation rates for each model. Low-volume models and those discontinued as of 2023 were excluded from the study, providing a comprehensive analysis of the automotive market trends.
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