As a rule, cars are not an appreciating asset. In 2022, the world went mad, and lightly used vehicles were trading for 8.5 percent more than new vehicles, on average. Fortunately, the world is normalizing again, and that’s no longer the case in 2023.

According to data gathered by iseecars.com, lightly used vehicles (from the model years 2022-2023) are now worth 8.1 percent less than they were when new. That’s a total of around a $3,700 loss, which is a reversal from the same period last year, when a pandemic hangover caused lightly used vehicles to be worth $3,574 more, on average, than brand-new ones.

That drop in value has been driven by vehicles like the Audi e-tron, lightly used examples of which are worth nearly 28 percent, or $22,757, less than the brand-new car. Similarly, the Alfa Romeo Stelvio is worth 26.9 percent less than it was new, on average.

Top 14 Used Vehicles That Appreciated In Value vs. New

Rank Model Increase % Increase $ Avg. Used Price
1 Ford Maverick 12.30% $4,038 $36,777
2 Toyota Corolla Hybrid 7.90% $2,038 $27,809
3 Mercedes G-Class 4.60% $8,633 $196,228
4 Toyota Sienna 3.70% $1,806 $50,978
5 Toyota RAV4 Prime 3.50% $1,726 $51,298
6 Toyota Corolla Cross 2.90% $853 $30,636
7 Toyota RAV4 Hybrid 2.40% $953 $40,045
8 Kia Carnival 2.20% $916 $42,025
9 Ford Bronco 1.70% $901 $55,372
10 Honda Civic (hatch) 1.00% $297 $29,683
11 Honda Accord Hybrid 0.40% $152 $34,704
12 Chevy Corvette 0.40% $324 $84,827
13 Kia Rio 0.10% $27 $20,135
14 Honda Accord 0.10% $16 $30,404

For those looking to avoid big depreciation, it’s probably wise to avoid the premium segment. Thirteen of the 20 biggest losers, in terms of second-hand value, were luxury vehicles from Audi, Mercedes, Alfa Romeo, Porsche, and their ilk.

Although the used car market is normalizing, it isn’t quite normal yet. The average price for a lightly-used vehicle is $41,812, and there are still 14 vehicles that actually appreciate after leaving the dealer lot.

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Read: Used Car Prices Take A Hit In 2023 With Tesla Model 3 Losing $11,000 In 6 Months

The biggest gainer is the Ford Maverick (+12.3 percent), which is quite a ways ahead of the next-biggest appreciator, the Toyota Corolla Hybrid (+7.9 percent). Overall, the vehicles that are gaining value are fuel-efficient and sensible and tend to be reasonably priced.

The one notable exception on this list is the Mercedes-Benz G-Class. The third best performing vehicle, in terms of second-hand value, lightly used examples of the luxury SUV are worth an average of 4.6 percent ($8,633) more than they were new.

While prices are no doubt being helped by the fact that new vehicle production is returning to normal, other factors are also contributing to the second-hand market finding a healthier equilibrium.

“Inflation and interest rates are among the primary factors impacting consumer spending, as reflected in a substantial drop in used car pricing over the past year,” said Karl Brauer, iSeeCars.com Executive Analyst.

Top 20 Used Vehicles With Highest Depreciation 2023

Rank Vehicle Decrease % Decrease $ Avg Used Price
1 Audi e-tron -27.80% -$22,757 $59,073
2 Alfa Romeo Stelvio -26.90% -$14,698 $39,994
3 Mercedes C-Class -24.60% -$13,189 $40,533
4 Audi A4 -24.30% -$11,963 $37,265
5 Nissan Titan -23.90% -$13,809 $44,020
6 Chevy Silverado 1500 L -23.10% -$14,438 $48,134
7 Infiniti QX80 -23.00% -$19,104 $63,794
8 Nissan Murano -22.80% -$10,199 $34,445
9 Infiniti Q50 -22.50% -$11,188 $38,599
10 Porsche Macan -22.40% -$16,567 $57,402
11 Mercedes S-Class -22.20% -$29,878 $104,459
12 BMW 7 Series -22.10% -$22,190 $78,364
13 Genesis G70 -22.00% -$10,878 $38,576
14 BMW 2 Series -22.00% -$9,956 $35,312
15 Infiniti QX50 -21.40% -$10,492 $38,518
16 Ford Mustang Mach-E -21.10% -$13,430 $50,086
17 BMW 5 Series -20.40% -$13,699 $53,296
18 Volkswagen ID.4 -20.40% -$10,048 $39,156
19 Jeep Compass -20.40% -$7,316 $28,530
20 Nissan Rogue Sport -20.40% -$6,494 $25,325
– Industry Average -8.10% -$3,701 $41,812