Tesla leads large drop in used electric car value, Model 3 down 30%
Tesla is leading a large drop in used electric car value in the US – with Model 3 being down 30% over the last year.
After an incredible rise in 2022 that resulted in some used EVs selling for more than brand new cars, used car value finally started to drop over the last six months.
According to iSeeCars, used car prices have dropped by less than four percent year-over-year for the third month in a row, but used EV prices are dropping even faster:
But used electric vehicle prices are collapsing even as overall used car prices stabilize. June saw used EV prices drop 29.5 percent from a year earlier, after falling 28.9 percent in May, 24 percent in April, and 16.8 percent in March. iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars to identify the latest used car pricing trends.
iSeeCars Executive Analyst Karl Brauer notes that with Tesla representing the majority of the market, it is weighing heavy on the used EV price drop:
Vehicle prices are in a free-fall, dropping 15.7 percent since January and by an increasing amount every month so far in 2023. With Tesla cutting prices on new models its used EV values have tumbled. And because Tesla makes up the bulk of the used EV market the dramatic drop in Tesla values has impacted the entire category.
The Tesla Model 3 is leading the price drop with a whopping 30% drop in value since the high of June 2023:
| Top 10 Used Cars With the Greatest Year-over-Year Price Drops (June 2022 vs. June 2023) – iSeeCars Study | ||||
| Rank | Model | Average Price (June 2023) | $ Price Change from June 2022 | % Price Change from June 2022 |
| 1 | Tesla Model 3 | $37,023 | -$16,258 | -30.5% |
| 2 | Tesla Model X | $70,158 | -$18,980 | -21.3% |
| 3 | Nissan LEAF | $22,504 | -$5,354 | -19.2% |
| 4 | Tesla Model S | $64,938 | -$15,212 | -19.0% |
| 5 | Land Rover Range Rover | $75,481 | -$17,095 | -18.5% |
| 6 | Land Rover Range Rover Velar | $46,269 | -$9,783 | -17.5% |
| 7 | Land Rover Discovery | $40,986 | -$8,255 | -16.8% |
| 8 | Hyundai Ioniq Hybrid | $20,148 | -$3,893 | -16.2% |
| 9 | Jaguar E-PACE | $33,213 | -$6,401 | -16.2% |
| 10 | BMW 5 Series (PHEV) | $33,607 | -$6,170 | -15.5% |
| National Average | $32,811 | -$1,237 | -3.6% | |
Electrek’s Take
It’s wild that prices dropped 30%, and yet the average used Model 3 still sells for $37,000, which is pretty close to the base price of a brand-new Model 3.
The high interest rates are becoming high enough that they are not only affecting new car buyers, but also used car transactions.
It’s creating a weird situation where used car inventory is at a record low because people are not upgrading, but prices are still falling because there’s insufficient demand due to buyers not securing financing.
We are going to have to wait a little more to have a great used EV market.
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With 615 horsepower, the Cadillac Lyriq-V is the quickest Caddie to date. Cadillac’s first V-Series EV will outsprint a CT5-V Blackwing, and it can be yours for under $80,000.
The 2026 Lyriq-V EV is the fastest Cadillac ever
We knew it was coming soon. Cadillac teased the Lyriq-V for the first time in late October, giving a sneak peek at its first electric V-Series vehicle.
Cadillac’s performance brand is known for iconic sports cars like the CT5-V Blackwing, but the new EV pushes the “V-Series sub-brand to new heights,” boasted John Roth, vice president of Global Cadillac.
As the first EV to wear the V-Series badge, Cadillac promised the Lyriq-V would be powerful, but we didn’t know it would be this fast.
Cadillac officially introduced the 2026 Lyriq-V on Thursday, revealing additional specs, prices, and more. With an estimated 615 hp and 650 lb-ft of torque and a standard dual motor AWD powertrain, the EV is expected to accelerate from 0 to 60 mph in just 3.3 seconds, making it the quickest Cadillac to date.
At that speed, it would outrun the Cadillac CT5-V Blackwing with a 0 to 60 mph sprint time in 3.4 seconds. Although the CT-5 packs slightly more horsepower (668 hp), the Lyriq-V’s EV powertrain unlocks more powerful, instant acceleration.
The added power is enabled by an added Velocity Max feature, which “unleashes the vehicle’s full performance capability” with a surge of power and acceleration.
Interior and exterior design, prices, and features
The V-Series model differs from the traditional Lyriq with a lower center of gravity and custom front and rear bumpers. It also features V-Series badging on the rear doors and tailgate, V-pattern mesh on the lower grille, and 22″ wheels with the logo etched into the side.
Inside, the performance EV borrows features from the Lyriq, such as a panoramic fixed glass roof, a 23-speaker AKG sound system, and a massive 33″ LED display screen.
Cadillac distinguishes the V-Series from the traditional Lyriq by adding the V-Series logo, a V-mode button, and a sports rim with hand grips. Other unique features include a custom infotainment experience with a “V-Series persona,” a signature V-Series illuminated sill plate and V-pattern detailing on the seatbacks.
A 102 kWh battery pack is expected to provide a range of up to 285 miles. The 2026 Cadillac Lyriq-V starts at $79,990, including the destination fee.
In comparison, the Tesla Model Y Performance starts at $51,490 and has an EPA-estimated range of up to 277 miles. It also includes AWD and can accelerate from 0 to 60 mph in 3.5 seconds.
Cadillac’s new performance EV will be sold in the US, Canada, Australia, and New Zealand. Other markets will be announced closer to launch. GM will begin producing the new Lyriq-V at its Spring Hill, TN, manufacturing plant in early 2025.
What do you think of the Cadillac’s new performance EV? Would you buy one for $80,000? Or are you sticking with the Model Y Performance? Drop us a comment below to let us know.
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Tesla has announced some important price hikes across its entire lineup in Canada amid incentives going away and a struggling Canadian dollar.
The Canadian EV market is already having problems amid announcements that the federal incentive program will be eliminated. The same thing is happening to Quebec’s own program, which was the most generous in the country—making the province the leader in EV adoption in Canada.
Now, Tesla, which sells more EVs than anyone in Canada, announced that it is increasing prices on all its lineup.
Here are the price increases for each Tesla model:
- Model 3:
- Long Range RWD: $4,000
- Long Range AWD: $8,000
- Performance: $9,000
- Model Y: $4,000
- Model S: $4,000
- Model X: $4,000
Buyers can still get $1,300 CAD off of new Model Y, Model S, or Model X purchases with a referral code.
Tesla never comments on price changes and therefore, we don’t know the official reasons for these specific price increases, but we can make some educated guesses.
First off, the Canadian dollar has crashed in comparison to USD over the last few months:
Furthermore, the timing of announcing that the price increases will take place on February 1st has led some to link this to the upcoming tariff wars that President Trump signaled against Canada.
The US President said that he plans to impose 25% tariffs on any goods coming from Canada, and Canada said that it would retaliate.
Electrek’s Take
Obviously, this is not good for the EV market in Canada.
The removal of incentives is already hurting the market, and now the base price of the most popular EVs in the country, Tesla vehicles, is also going up before incentives.
This will be a bad year for EVs in Canada.
Hopefully, things will settle down and we will get more clarity once the tariff war actually starts.
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