Electric vehicles are selling slower, even as their prices fall faster than hybrids or gasoline models, according to new data from iSeeCars.com.
Researchers say that while used car prices are coming down from their pandemic-induced highs, used EV prices are down 33.7 percent compared to the average used car price, which is down only 5.1 percent. The average use hybrid price is down 9.6 percent.
Three of the top 10 slowest selling used cars are EVs, including the Kia EV6, Ford F-150 Lightning and Polestar 2. Meanwhile, seven of the top 10 fastest-selling new cars are hybrids, including the Ford Maverick, Kia Sportage and Toyota Grand Highlander.
In terms of new EVs, the iSeeCars data shows that new EVS take almost three times as long to sell compared to a year ago.
iSeeCars says it analyzed over 2.3 million new and 1- to 5-year-old used cars to evaluate the market for EVs relative to other segments. The analysis compared EVs to hybrids and conventional fuel vehicles and found substantial weakness in measures of demand for EVs.
Used electric vehicle demand nosedives
iSeeCars says its research shows that used EV price reductions from a year ago are far outpacing the drops in price for gasoline and hybrid models, confirming a shift in demand throughout the used car market.
Average used EV prices in October 2022 were over 60 percent higher than other used cars, at $52,821 compared to $32,627, but by 2023 they had dropped to within 13 percent, $34,994 compared to $30,972.
For the full iSeeCars report, click here.
Photo Courtesy of Tesla, Inc.
