Used Electric Vehicle Prices Continue To Plummet

Used electric vehicle prices continue to plummet according to a new iSeeCars study. By plummet, we mean they've lost 24.7 percent of their value over the past year, falling four times faster than hybrids and six times faster than gasoline models. Compare that to a 6 percent drop in used hybrid prices and 4.4 percent drop in used gasoline prices.

Here are the Top 10 used EVs with the biggest price drops over the past year,  according to iSeeCars:

1. Tesla Model 3
2. Kia Niro EV
3. Maserati Levante
4. Nissan Leaf
5. Hyundai Kona Electric
6. Chevrolet Bolt 
   
7. Jaguar E-Pace
8. Land Rover Range Rover Sport
9. Land Rover Range Rover Evoque
10. Land Rover Range Rover Velar

To see the Top 15 list click here.

Other key study findings:

• 1- to 5-year-old used electric vehicle prices have swung from 12.1 percent above used gasoline cars to 11.4 percent below used gasoline cars since August of 2023
• The average used EV lost 25 percent of its value over the past year, sliding from $35,621 in August of 2023 to $26,839 in August of 2024
• By comparison, gasoline prices were down 4.4 percent and hybrid prices were down 6 percent between August of 2023 and August of 2024
• Used EVs are selling much faster than they did a year ago, suggesting the massive price drops have improved demand for used electric vehicles

To put a dollar figure by it, iSeeCars data shows that both used hybrid and gasoline cars are showing remarkable stability, holding stable at around $30,000 in August 2024,  while used electric vehicles fell below $27,000 for the first time last month.

Overall, used cars (gasoline, hybrids, and electric cars) are selling faster today than they did a year ago. Researchers say this suggests an increase in used vehicle demand, with the EVs seeing the biggest decrease in time to sell.

The iSeeCars study analyzed the pricing trends of over 1.6 million 1- to 5-year-old used cars sold in August 2023 and 2024 to determine the difference in market values between used gasoline, hybrid, and electric vehicles.

To see the entire study, including visuals, visit iSeeCars here.

Photo Courtesy of Tesla, Inc.