Here’s more evidence of the trickle-down used-car impact from Tesla’s price reduction last month:

The average price of a later-model used Tesla in the second half of January (after the price cut) was nearly 5% lower than the average price before the reduction.

That’s according to an analysis from iSeeCars.com, which looked at prices of model year 2020-2021 used vehicles listed on the site between Jan. 3-11 (before the price reduction) and compared them to the prices from Jan. 15-31.

A used Tesla was listed for $56,154 pre-announcement, iSeeCars said. That fell to $53,486 after the announcement, a 4.8% drop.

Breaking it down by model, the Model 3 was down 5.2% in price, the Model S fell 5.1%, the Model X was off 3.9% and the Model Y fell 5.0%.

That said, iSeeCars pointed out that used Tesla vehicles saw a 21.3% spike in traffic on iSeeCars during this period, while used cars overall climbed 6.5%, the site said.

The softening prices in Teslas come at a time when used-car prices overall are already starting to slow down, after two-plus years of increases.

“But even as the values for used cars are dropping across the board, Tesla models experienced some of the biggest price drops in recent months,” iSeeCars said in the analysis, which was authored by executive analyst Karl Brauer. “Used Tesla Model 3 prices, for example, were down 16.8 percent between September and December of 2022.”

In another analysis, Edmunds data from last month showed that for pre-owned Tesla units from the 2020 or later model years, listing prices after 17 days of 2023 were down 24.5% from June 2022, which is when they peaked.

More specifically, used Teslas from these model years had a $76,626 average listing price back in June.

It was at $58,657 at the time of Edmunds’ analysis last month.

The 24.5% listing price decline since June is also twice as steep as the overall decline (11.6%) for used vehicles from the same model years, Edmunds said.

In terms of how Tesla’s January price cut impacted activity and values on the wholesale side of the used-car market, here’s what Black Book had to say in its Market Insights report from Jan. 24, which examined auction activity the week ending Jan. 21.

“In addition to watching for the signs of spring, our auctions spotters paid close attention to the activity in the lanes on Tesla’s after the shocking news of large price drops across the line-up, and many of the Teslas that ran the lanes ended on an IF bid,” Black Book said. “Retail listing prices of all Tesla models fell each day last week and subsequently, we saw large drops on the models that were sold through the wholesale channel.”

As for specific models, Black Book said the Model S and Model 3 “pulled down” values in the prestige luxury car and near-luxury car segments for the week ending Jan. 21.

Those two segments, with declines of 2.16% and 1.04%, had the largest week-over-week dips of any car segment that week, according to Black Book.

Meanwhile, Black Book said, “Tesla Model Y and Model X also experienced large declines (the week ending Jan. 21), but the large truck segment sizes prevented the overall segment averages from being impacted. Despite the large drops for Tesla, the compact luxury (down 0.53%) and midsize luxury (down 0.65%) crossover/SUV segments reported smaller declines compared to the week prior.”