Used car prices are rising.

For most used cars, anyway.

A study by iSeeCars found 20 models that have shown “significant” price decreases over the past 12 months, led by the Tesla Model S.

The analysis of the retail prices of 1.4 million used cars showed the Model S — one of four Teslas on the list — lost an average of 17.2% of its value from March 2024 to March 2025, topping the Porsche Taycan (15.1%), Ford Explorer Hybrid (14.1%), BMW 5 Series hybrid (13.9%) and Tesla’s Model Y (13.1%) for the most precipitous fall.

“In both the new- and used-car markets, Tesla prices have been dropping for over two years,” iSeeCars executive analyst Karl Brauer said. “Price cuts on new Teslas immediately impacted used Teslas, driving their prices down at a rapid rate. The new car price cuts were driven by Tesla’s desire to maintain sales growth, but that strategy stopped working last year when the automaker saw its first decline in annual sales.

“Tesla has been one of the most profitable automakers in the world in recent years, but the ongoing drop in its new and used vehicle values, along with sagging sales, will be a drag on revenue and profit.”

Ten used models dropped more than 10% in price year-over-year. Half of the top 10 price reductions are electric vehicles and nine of the top 20 are alternative-fuel vehicles — seven EVs and two hybrids.

The Taycan’s $13,422 loss in value was by far the largest dollar amount, with no other model falling more than $10,000. It was followed by the Model S at $9,944 and the Mercedes-Benz AMG GT ($9,808).

The price drops run counter to the current used-car price trends, iSeeCars said. The automotive search engine and research website’s previous analysis, released two weeks ago, found overall used-car prices increasing for the first time in 2½ years, up 1% ($317) YOY.

Not surprisingly, Tesla ranked first among brands that lost value during the past year, with the average prices for all of its used models down 10.1% ($3,541). Other brands showing price drops include Chrysler (8.9%), Maserati (8.6%), Genesis (6.5%), Dodge (4.7), Buick (4.6%), Chevrolet (3.9%), Nissan (1.5%), Audi (1.1%) and Volvo (0.9%),

“While overall used-car prices are relatively stable, 10 brands are dropping,” Brauer said. “That suggests consumers looking to save money on their next used-car purchase can still find deals if they do their research.”

The full study is available here.