Ford Ranger Among Top 20 Used Cars With Biggest Price Drops

Following years of ever-rising used vehicle prices, most expected things to return to normal throughout the course of 2024. However, that hasn’t really happened, as used vehicle prices have declined somewhat, though while there are some exceptions to the rule, those prices haven’t dropped by a significant margin, overall. In terms of individual models, the Ford Ranger has depreciated a bit faster than the overall market as of late, and that continued to be the case over the past year, according to a new study.

This study comes to us from iSeeCars, which looked at 1.3 million used car transactions in November 2023 compared to November 2024 to see which models and brands experienced the largest upward or downward movement in terms of one- to five-year-old models. The Ford Ranger ranked as one of the top 20 models that have depreciated the most over that time span, with average pricing declining by $3,494 or 10.8 percent to $28,969. This outpaced the overall market by a large margin, as it dropped by a mere 1.4 percent or $431 in the past year.

Meanwhile, Lincoln ranked fourth on the list of automotive brands with the largest year-over-year drops in terms of one-to-five-year-old models in November 2024. The average used Lincoln was listed at $41,361, which is a 7.4 percent or $3,307 difference, year-over-year, when compared to November 2023. On the flip side, Ford prices increased by $111 or 0.3 percent, on average, to $32,481 in November 2024 versus November 2023.

“Buyers waiting for used car prices to come down can probably stop waiting,” said iSeeCars Executive Analyst Karl Brauer. “Prices have barely moved over the past year and it appears $30,000 is the new $20,000 for used car shoppers. That number likely prices a lot of consumers out of the one- to five-year-old used car market, forcing them to consider older, higher-mileage models. Most brands’ pricing has lost value over the past year, but Acura, Chevrolet, Toyota, and Genesis are up more than two percent. It’s likely these automakers had fewer models transitioning from the new to the used car market in November, restricting supply and driving up prices.”