The 15 used cars with the biggest price cuts this year

New electric vehicles still cost more than internal combustion engine cars, but they are falling rapidly in the used market. The Tesla Model 3 topped the list of the 15 used cars with the biggest price cuts this week, with six of the top seven being electric vehicles.

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The Model 3 lost an average of 24.8% of its value over the past year, with the average price falling $8,558 year-over-year to $25,931, according to iSeeCars. The Kia Niro EV followed closely behind, with its value falling 21% to $21,692, while the average drop for the entire used car market was 4.8%.

Related: The 10 best used cars under $20,000

The Nissan Leaf (-20.2%), Hyundai Kona Electric (-18.5%) and Chevrolet Bolt EV (-18.3%) also performed poorly, with their collective depreciation causing used EV prices to fall four times faster than internal combustion engine car prices.

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Notably, however, the older electric car, the Tesla Model S, barely made the 15th spot on the list with a 13.4% drop, while the Model X and Model Y SUVs did not appear at all.

But the overall trend is that EVs are losing more than ICE cars, meaning that since August 2023, prices for one- to five-year-old EVs have fallen from 12.1% higher than used ICE cars to 11.4% lower, iSeeCars reports.

However, electric cars aren’t the only ones burning through cash like doomed startups. The Maserati Levante squeezed in between the electric cars on the list, coming in third, with a 20.2% drop in value to an average price of $43,710.

And because its initial purchase price is so high, the year-over-year difference between the Levante’s current price and last year’s price is the second-highest on the list, at $11,086. Only the Mercedes-AMG GT beats it in this regard, with its price dropping 14.8 percent, but that’s a $13,840 drop.

The list also makes Jaguar Land Rover uneasy. With the oversupply of electric vehicles, Jaguar Land Rover’s Range Rover Sport, Evoque and Velar occupy the top three spots, with Jaguar’s own Jaguar I-Pace taking the last place.

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The 15 used cars with the biggest price cuts in the past 12 months