15 car models that will see a huge price drop in September 2023

Car prices are falling across the board. According to Kelley Blue Book, average transaction prices have fallen 2.4%, or $1,212, since the beginning of the year — the largest decline in a decade. The average new car in America sold for $48,451 in August, while the average price of a non-luxury used car is about $20,000, according to Carfax data.

“After a turbulent past few years in the auto market, we are now seeing new vehicle pricing trends level off,” said Rebecca Redzewski, research director at Cox Automotive. “Dealers and automakers are feeling the pricing pressures, and with auto loan rates rising and inventory levels rising, new car prices appear to have hit a ceiling, at least for now.”

Similar factors contribute to the decline in used car prices. According to Carfax, slow rebuilding of new car inventory, rising new car prices, ongoing microchip shortages and rising interest rates are among the biggest factors.

Carfax noted that electric cars saw the largest drop in prices over the past year, falling by more than 22%, followed by luxury car prices. Electric vehicle price cuts were largely driven by Tesla. In July, the company said lower raw material costs and government tax breaks were reducing the cost of the car, Reuters reported.

RealCarTips analysis revealed that several Tesla models have achieved significant price cuts. Tesla Model S is currently $82,490 after down 31.5% from January Tesla Model Y is $47,853 after down 27.5% Tesla Model , which is a 20.1% decrease in price.

In addition to Tesla, here are the car models that saw the biggest price drops as of September 2023, according to new and used car data from RealCarTips and Autoweek:

1. Nissan Leaf: $22,500, down 19% year-over-year (used)

2. Land Rover Range Rover: $75,481, down 18.5% year-over-year (used)

3. Land Rover Range Rover Velar: $46,269, down 17.5% year-on-year (used)

4. Dodge Durango: $36,899, down 17.4% since January (new)

5. Land Rover Discovery: $40,986, down 16.8% year-on-year (used)

6. Hyundai IONIQ 5: $41,315, down 16.2% since January (new)

7. Jaguar E-Pace: $33,213, down 16.2% y/y (used)

8. BMW 5 Series PHEV: $33,600, down 15.5% year-over-year (used)

9. Dodge Charger: $34,559, down 15.4% since January (new)

10. Kia EV6: $39,048, down 14.5% since January (new)

11. Dodge Challenger: $30,755, down 13.1% since January (new)

12. Chrysler 300: $34,020, down 12.8% since January (new)

13. Ford Edge: $41,955, down 12.5% ​​since January (new)

14. Kia Niro EV: $37,542, down 12.1% since January (new)

15. Volvo XC90 Recharge: $69,532, down 11.9% since January (new)

More from GOBankingRates