I'm an Auto Expert: These Used Cars Could Get Cheaper Throughout 2026
Something strange is happening in the used car market, as prices either remained flat or increased slightly in the overall car and luxury car segments for August, and the used EV market actually jumped 5.1% since January, according to InsideEVs, despite concerns about battery health and broader longevity.
So where might a savvy would-be car buyer look for a preowned vehicle at a bargain price in terms of makes and models? We asked around and came up with a few answers that you might find interesting.
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Kainoa Baldonado, general manager of Shawnee Mission Ford in Kansas, pointed to a selection of secondhand electric vehicles in particular as seeing price drops in comparative terms.
Which Vehicles Could See Price Drops in the Pipeline?
First up is the Hyundai IONIQ 5, and the reasoning for why prices may drop soon is simple, according to Baldonado. Hyundai recently slashed the MSRP of the 2026 IONIQ 5 by roughly $6,000 (or $6,300 to be more precise, according to Motor1), meaning that both new and used models will see significant savings as a result.
Next, the Kansas dealership’s GM gestured toward preowned 2023 BMW X5 and Mercedes GLE vehicles, with them hitting a three-year off-lease window in waves — and bringing steep savings in the form of initial depreciation with them.
“That combination of naturally steep depreciation curves, and a supply bump tends to accelerate price softening faster than the broader market,” Baldonado stated.
The early-2020s Tesla Model 3 EVs were also mentioned by Baldonado as attractive in terms of price reductions, with fellow auto industry expert Roger Bible, director of operations at ATC Driveaway, in agreement
“While it's still a popular vehicle, increased used inventory, manufacturer price adjustments on new vehicles, and growing competition from other EV manufacturers have put pressure on resale values,” Bible suggested.
Bible urged buyers to refrain from rushing into a deal, trying to time the market looking for a perceived bottom, or most importantly, ignoring vehicle reviews and track records on reliability. Baldonado emphasized the increasing age of early model EVs, more competitive new model pricing, and lease-driven supply increases as being the drivers of price drops (and the importance of keeping up-to-date on automotive news to help inform the best possible purchase).
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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