The average price of used cars increased from July to August due to a decrease in new car inventory, but an increase in demand, according to a study published by car search engine and automotive research firm iSeeCars.com.
The average price of used cars increased by 4.1% between the two summer months, translating to about $941 on average.
In iSeeCar's list of used vehicles with the greatest price drop, only one luxury car made the cut: the Porsche 911, which saw a $1,453 — about 1.1% — price reduction from July to August.
"Dealers don't need to be as competitive with the pricing of luxury and higher-priced vehicles because shoppers at these price points likely aren't as bargain-conscious as those looking for more affordable and practical used cars," iSeeCars CEO Phong Ly said in a statement.
iSeeCars analyzed over 500,000 used cars from the 2015 to 2019 model years that were sold between July 1 and July 17, as well as 400,000 used cars from the same model years that were then sold a month later between August 1 and August 17, to determine which used cars saw the greatest price drop.
However, low production and heavy-duty vehicles, as well as cars no longer being produced after the 2020 model year, were excluded from the study.
For those who are currently looking to purchase a lower-priced used car, these are the 10 vehicles that have become cheaper between July and August despite used car prices going up: