Average Used Ford Prices Down Five Percent From Last Year

March 12, 2024 12:29 pm

For a period of several years, both used and new vehicle prices soared to new record heights on a nearly monthly basis, but things have changed dramatically as of late. In fact, used Lincoln Navigator prices, specifically, skyrocketed following the onset of the pandemic and a resulting inventory shortage, but as Ford Authority recently reported, used vehicle prices in general have begun falling back to normal levels over the past few months. Now, new data from iSeeCars confirms that used Lincoln prices are actually dropping faster than most other brands, while average used Ford prices are also seeing a pretty significant decline compared to 2023, too.

iSeeCars analyzed over 1.8 million one-to-five-year-old used vehicles sold in February 2023 and 2024, comparing the average prices of those models by segment, brand, and model. That data revealed that used vehicle prices have softened considerably as of late, with the average model priced at $31,153, which represents a 3.6 percent or $1,161 decline versus last year.

As for used Ford prices, that average came in at $33,588, which is a year-over-year decline of $1,854, or 5.2 percent – the 13^th highest drop of any automotive brand. However, it was far from the being the worst offender, as Tesla ranked first after its used models lost a whopping $14,808 or 28.9 percent in list prices year-over-year, which can be attributed to aggressive price cuts on new models throughout the course of 2023. Regardless, used vehicle prices as a whole remain high by historical standards.

“Used car shoppers are seeing a bit of a break in vehicle costs, but we’re still well above the pre-pandemic average used car price point of roughly $20,000, with no indication we’re going back to those levels any time soon,” said Karl Brauer, iSeeCars Executive Analyst. “A dramatic drop in used electric vehicle values, largely driven by Elon Musk’s aggressive price cuts on new Teslas, reflects how much influence Tesla continues to have on the EV market.”

We’ll have more on the state of used Ford prices soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.

By Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.