When a models new generation comes out, does the old one drop in price?

Hey, I was wondering, do used cars drop noticeably in price whenever a new generation with new looks comes out? For instance, did the first generation of XC Volvos drop in price when the second generation dropped, since almost everyone agrees that the new generation looks really good? https://www.lookingatcars.com/wp-content/uploads/2014/08/2015-volvo-xc90-front.png

Or did Golf mk6 drop significantly when Golf mk7 came out?

You get the point

submitted by /u/ibumetiins
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