I am excited to talk about this hot — and contentious — topic in the used car field – used car prices! And not just prices but the used cars with largest price drops — so you can find the current bargains.
In the last six months, we’ve seen some shocking price hikes and jaw-dropping price dips.
If you’re looking for today’s top bargains, check out our list of the top used cars with the greatest price drops.
We’ll also discuss why some cars are actually getting more expensive, and what this means for you.
Used cars got super expensive during the pandemic due to the chip shortage and lack of new car inventory. We all saw that and it’s something I hadn’t ever seen in my lifetime.
But heading into 2023, we’re seeing some major changes in model prices. Surprisingly, not every car in the used market is getting cheaper, some are actually getting more expensive, and we’ll talk about those in a sec.
Table of contents
Starting here with the top 10 used cars with the greatest six-month price drops. As of February 2023, the average price of a used car is $31,815 (source). This is down almost 5% from six months ago.
It’s a good sign used car prices are generally trending downward — which is nice to see — because for a while every vehicle was just so expensive and everything was unobtainable.
However, compared to six months ago, some cars are down far more than 5%. This could be one of the best times to pick up these bargains.
Here are the top 10 used cars with the greatest six-month price drops:
Hyundai Ioniq Hybrid: $20,500 (down $2,540 for a 12% reduction in price)
The Hyundai Ioniq Hybrid is a compact car that gets great gas mileage. It has a combined EPA rating of 59 mpg, and it can travel up to 29 miles on electric power alone. The Ioniq Hybrid is also very affordable.
The Ioniq Hybrid comes standard with a variety of features, including a rearview camera, Bluetooth, and a USB port. It also has a number of advanced safety features, including lane departure warning and forward collision warning.
My son has an Ionic and it’s a nice car. I’ve risen in it but he won’t let me drive it, lol. It’s very smooth and keeps up with traffic.
The Ioniq Hybrid is a great choice for drivers who are looking for a fuel-efficient and affordable car. It is also a great choice for drivers who are looking for a car with advanced safety features.
Here are some of the pros and cons of the Hyundai Ioniq Hybrid:
Pros:
- Great gas mileage
- Affordable
- Standard features
- Advanced safety features
Cons:
- Not as much cargo space as some other cars
- Not as much power as some other cars
- The hybrid battery can take up some trunk space
Toyota Camry: $24,300 (down $3,500 for a 14% reduction in price)
The Toyota Camry is a midsize sedan that has been in production since 1982.
It’s one of the most popular cars in the world, and it has been praised for its reliability, fuel efficiency, and comfortable ride.
The Camry is available in a variety of trim levels, and it can be equipped with a variety of features, including a sunroof, leather seats, and a premium sound system.
Camry’s have been powered by four-cylinder and six-cylinder engines that produce adequate horsepower. The six-cylinder engine will be more snappy off the line.
The Camry has a history of being a comfortable car to drive. It has a smooth ride and a quiet cabin. The seats are comfortable, and the steering is light and easy to maneuver.
I’ve got a Camry right now. It’s a good car and does everything well (not exceptional, but well). It’s kind of like the Swiss Army knife of cars… dependable, durable and nice performance.
The Camry also has a spacious interior, with plenty of legroom and headroom for both front and rear passengers.
The Camry is great for families. It’s spacious, comfortable and safe. It’s also a reliable car that is easy to maintain. The Camry is a great choice for anyone looking for a midsize sedan.
Here are some of the pros and cons of the Camry:
Pros:
- Reliable
- Fuel efficient
- Comfortable ride
- Spacious interior
- Safe
- Available with a variety of features
Cons:
- Not as powerful as some other cars (especially with a 4 cylinder engine)
- Not as stylish as some other cars
- Can be expensive
JD Power has more information about the Camry here.
Toyota RAV4: $27,600 (down $3,500 for a 12% reduction in price)
The Toyota RAV4 is a compact SUV that has been in production since 1996. It’s one of the most popular SUVs in the world, and it has been praised for its reliability, fuel efficiency, and spacious interior.
They’re actually kind of fun to drive. I’ve driven several over the years and even taken a RAV4 on an extended trip. It always had the performance I needed on each drive. Highly recommended.
The RAV4 is available in a variety of trim levels, and it can be equipped with a variety of features, including a sunroof, leather seats, and a premium sound system.
The RAV4 is a comfortable SUV to drive. It has a smooth ride and a quiet cabin. The seats are comfortable, and the steering is light and easy to maneuver. The RAV4 also has a spacious interior, with plenty of legroom and headroom for both front and rear passengers.
The RAV4 is a safe SUV. It has received five-star safety ratings from the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS).
The RAV4 comes standard with a variety of safety features, including lane departure warning, forward collision warning, automatic emergency braking, and blind spot monitoring.
The RAV4 is a great SUV for families. It is spacious, comfortable, and safe. It is also a reliable SUV that is easy to maintain. The RAV4 is a great choice for anyone looking for a compact SUV.
Here are some of the pros and cons of the Toyota RAV4:
Pros:
- Reliable
- Fuel efficient
- Comfortable ride
- Spacious interior
- Safe
- Available with a variety of features
Cons:
- Not as powerful as some other SUVs
- Not as stylish as some other SUVs
- Can be expensive
Toyota Prius: $28,100 (down $3,000 for a 10% reduction in price)
The Toyota Prius is a compact hybrid car that has been in production since 1997. It is one of the most popular hybrid cars in the world, and it has been praised for its fuel efficiency, environmental friendliness, and comfortable ride.
The Prius is available in a variety of trim levels, and it can be equipped with a variety of features, including a sunroof, leather seats, and a premium sound system.
The Prius is powered by a 1.8-liter four-cylinder engine that produces 98 horsepower. It is combined with an electric motor that produces 80 horsepower. The Prius gets up to 58 mpg in the city and 53 mpg on the highway.
The Prius is a comfortable car to drive. It has a smooth ride and a quiet cabin. The seats are comfortable, and the steering is light and easy to maneuver.
The Prius also has a spacious interior, with plenty of legroom and headroom for both front and rear passengers.
I have a work out buddy who owns a Prius. He has had a very good experience with his Prius. It’s been a reliable car that he uses for a long work commute every day. When he gets home, he prefers to drive his ’57 Chevy Nomad, lol.
The Prius is a great car for families. It is spacious, comfortable, and safe. It is also a fuel-efficient and environmentally friendly car.
The Prius is a great choice for anyone looking for a compact car that is both practical and environmentally friendly.
Honda Insight: $28,300 (down $2,500 for a 9% reduction in price)
The Honda Insight is a compact hybrid car that has been in production since 2018. It is one of the most fuel-efficient cars on the market, getting up to 88 mpg in the city and 83 mpg on the highway. The Insight is also a relatively affordable car, starting at just under $25,000.
The Insight is powered by a 1.5-liter four-cylinder engine and an electric motor that together produce 151 horsepower. The car can run on electric power alone for short distances, and it can also recharge its battery while driving.
They say that the Insight is a comfortable car to drive. I’m sure that it is.
I don’t know anyone with an Insight. I’ve been very happy with the Honda’s and Accura’s that I’ve owned and I imagine the Insight is also a good reliable car.
Here are some of the pros and cons of the Honda Insight:
Pros:
- Fuel efficient
- Affordable
- Comfortable
- Safe
- Spacious interior
- Standard with a variety of features
Cons:
- Not as powerful as some other cars
- Not as stylish as some other cars
- Can be expensive to maintain
- The hybrid battery can take up some trunk space
Toyota Corolla: $29,600 (down $2,000 for a 7% reduction in price)
The Toyota Corolla is a compact car that has been in production since 1966.
It’s one of the most popular cars in the world, and it has been praised for its reliability, fuel efficiency, and comfortable ride.
The Corolla is available in a variety of trim levels, and it can be equipped with a variety of features, including a sunroof, leather seats, and a premium sound system.
The Corolla is a comfortable car to drive. It has a smooth ride and a quiet cabin. The seats are comfortable, and the steering is light and easy to maneuver.
The Corolla also has a spacious interior, with plenty of legroom and headroom for both front and rear passengers.
The Corolla is a safe car. It is also a fun car to drive. I’ve driven several over the past years and each was reliable, quick and got good gas mileage. For me, the space was a little crammed, but bearable.
The Corolla is a great car for families. It is spacious, comfortable, and safe. It is also a reliable car that is easy to maintain. The Corolla is a great choice for anyone looking for a compact car.
Here are some of the pros and cons of the Toyota Corolla:
Pros:
- Reliable
- Fuel efficient
- Comfortable ride
- Spacious interior
- Safe
- Available with a variety of features
Cons:
- Not as powerful as some other cars
- Not as stylish as some other cars
- Can be expensive to maintain
- The hybrid battery can take up some trunk space
Honda Accord: $29,900 (down $1,500 for a 5% reduction in price)
The Honda Accord is a midsize sedan that has been in production since 1976. It is one of the most popular cars in the United States, and it has been praised for its reliability, fuel efficiency, and comfortable ride.
The Accord is available in a variety of trim levels, and it can be equipped with a variety of features, including a sunroof, leather seats, and a premium sound system.
We’ve had several Accords in the family. Each has been a joy to drive. Each has been surprisingly quick while getting very good gas mileage. Each has also been spacious and reliable.
The Accord is also a comfortable car to drive. It has a smooth ride and a quiet cabin. The seats are comfortable, and the steering is light and easy to maneuver.
The Accord also has a spacious interior, with plenty of legroom and headroom for both front and rear passengers.
The Accord is a great car for families. It is spacious, comfortable, and safe. It is also a reliable car that is easy to maintain. The Accord is a great choice for anyone looking for a midsize sedan.
Here are some of the pros and cons of the Honda Accord:
Pros:
- Reliable
- Fuel efficient
- Comfortable ride
- Spacious interior
- Safe
- Available with a variety of features
Cons:
- Not as powerful as some other cars
- Not as stylish as some other cars
- Can be expensive to maintain
- The hybrid battery can take up some trunk space
Toyota Sienna: $30,500 (down $2,000 for a 6.5% reduction in price)
The Toyota Sienna is a minivan that has been in production since 1997. It is one of the most popular minivans in the United States, and it has been praised for its reliability, fuel efficiency, and comfortable ride.
The Sienna is available in a variety of trim levels, and it can be equipped with a variety of features, including a sunroof, leather seats, and a premium sound system.
The Sienna is a comfortable car to drive. It has a smooth ride and a quiet cabin. The seats are comfortable, and the steering is light and easy to maneuver.
The Sienna also has a spacious interior, with plenty of legroom and headroom for both front and rear passengers. It’s been a while since I’ve been in a Toyota Sienna.
My friends have one that they really like and it was a comfortable vehicle to ride in.
The Sienna is a safe car. It has received five-star safety ratings from the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS).
The Sienna comes standard with a variety of safety features, including lane departure warning, forward collision warning, automatic emergency braking, and blind spot monitoring.
The Sienna is a great car for families. It is spacious, comfortable, and safe. It is also a reliable car that is easy to maintain. The Sienna is a great choice for anyone looking for a minivan.
Here are some of the pros and cons of the Toyota Sienna:
Pros:
- Reliable
- Fuel efficient
- Comfortable ride
- Spacious interior
- Safe
- Available with a variety of features
Cons:
- Not as powerful as some other minivans
- Not as stylish as some other minivans
- Can be expensive to maintain
- The hybrid battery can take up some trunk space
Honda Odyssey: $31,200 (down $1,500 for a 5% reduction in price)
The Honda Odyssey is a minivan manufactured and marketed by Japanese automaker Honda since 1994, now in its fifth generation, which began in 2018.
It is one of the best-selling minivans in the United States, and has been praised for its comfortable ride, spacious interior, and fuel efficiency. Of course, it’s biggest competitor is the Toyota Sienna.
The Odyssey is powered by a 280-horsepower 3.5-liter V6 engine that gets up to 19 mpg in the city and 28 mpg on the highway.
I’ve driven an Odyssey before. It’s a very good car, as blends right in with heavy traffic. Everything is predictably good with the car.
The Odyssey has a spacious interior with plenty of room for passengers and cargo. The second row seats can be folded down to create a flat load floor, and the third row seats can be folded up to provide more cargo space.
The Odyssey also comes with a variety of features that make it a comfortable and convenient vehicle to drive, including a sunroof, heated seats, and a power-adjustable driver’s seat.
Pros:
- Comfortable ride
- Spacious interior
- Fuel efficiency
- A variety of features
Cons:
- Higher price tag than some competitors
- Not as agile as some smaller minivans
- Not as fuel-efficient as some hybrid minivans
Overall, the Honda Odyssey is a great choice for families or anyone who needs a spacious and comfortable vehicle. It is well-equipped with features that make it a pleasure to drive, and it is backed by Honda’s reputation for reliability.
Toyota Highlander: $31,400 (down $1,000 for a 3% reduction in price in price)
The Toyota Highlander is a mid-size crossover SUV that has been in production since 2000. It is currently in its fourth generation, which was introduced in 2019.
The Highlander is available with a variety of powertrains, including a 2.5-liter four-cylinder engine, a 3.5-liter V6 engine, and a hybrid powertrain. It is also available with front-wheel drive or all-wheel drive.
The Highlander has a spacious interior with seating for up to eight passengers. It also has a large cargo area with 16.3 cubic feet of space behind the third row, 48.6 cubic feet behind the second row, and 84.3 cubic feet behind the first row.
The Highlander comes standard with a variety of features, including a 7-inch touchscreen infotainment system, a six-speaker sound system, Bluetooth, USB connectivity, and a rearview camera.
It also comes standard with a variety of safety features, including forward collision warning, automatic emergency braking, lane departure warning, and lane keeping assist.
The Highlander is a popular choice for families or anyone who needs a spacious and comfortable vehicle. It is available with a variety of powertrains and features, and it comes standard with a variety of safety features.
I haven’t driven a Highlander although I’ve driven several RAV4’s and 4Runners. I really like each of those.
My friends with Highlanders really like their Toyota. I imagine they’re a very nice and fun to drive.
Here are some of the pros and cons of the Toyota Highlander:
Pros:
- Spacious interior
- Large cargo area
- Available with a variety of powertrains
- Standard with a variety of features
- Comes standard with a variety of safety features
Cons:
- Can be more expensive than some competitors
- Not as fuel-efficient as some hybrid SUVs
- Not as agile as some smaller SUVs
Which brand of used cars has the largest price drops
As you can see, the top 10 used cars with the greatest six-month price drops are all Toyotas. This is likely due to the fact that Toyota is one of the most popular brands of cars, and they have a wide range of models to choose from.
The Toyota Camry is one of the most popular nameplates of any vehicle on the market. The fact that we’re seeing an 11% drop in just six months should be pretty alarming to folks who own Camrys, but it’s a great opportunity for those looking to purchase a Camry.
The Camry started out as an affordable, very reliable great sedan for your family to and from school or work, but it has evolved, especially in the last couple of years. Now we have models like the TRD, the SES, and even all-wheel drive.
My theory is that, for so long, used cars were so unbelievably expensive during the pandemic, with people consistently paying huge markups over retail price. But I think now that we’re heading into spring and summer of 2023, perhaps production is starting to catch up with demand.
Now, let’s talk about why some cars are actually getting more expensive. There are a few reasons for this. First, the demand for used cars is still high, even though prices are dropping. This is because there is still a shortage of new cars, and people are reluctant to buy new cars at the current prices.
Second, some cars are becoming more rare. For example, the Toyota FJ Cruiser was discontinued in 2014, and the value of used FJ Cruisers has been steadily increasing ever since.
Finally, some cars are simply becoming more desirable. For example, the Ford Mustang is a popular sports car that has been in high demand for many years. As the demand for Mustangs increases, so do the prices.
So, what does this mean for buyers? It means that you need to be prepared to act quickly if you see a car that you want. The prices of used cars are changing rapidly, and if you wait too long, you may miss out on a great deal.
It also means that you need to be willing to negotiate. The prices of used cars are not set in stone, and you may be able to get a better deal if you are willing to haggle.
Finally, it means that you need to be prepared to do your research. Before you buy a used car, you need to make sure that you know what you are getting into. You need to research the car’s history, its condition, and its value.
it’s an exciting time to be in the market for a used car. There are some great deals out there, and it’s always a good idea to do your research and find the best value for your money.
Buying a used car can be a great way to save money. I am always happy to help you find the perfect car at the perfect price — that’s the goal of my website!
However, it’s important to do your research and be prepared to act quickly if you see a car that you want.
