Used Electric Vehicles Dropped 10 Times Faster Than Others In The Past Year

The used market has not been kind to electric vehicles over the past 12 months. Used EV prices have dropped 10 times faster than gasoline models over the past year, according to new research from iSeeCars.  The dramatic price drop is largely attributed to Tesla's aggressive price cuts on new models, according to iSeeCars Executive Analyst Karl Brauer.

Here's a snapshot of iSeeCars data:

• The average used car price is down 3.6 percent, but used EV prices have fallen 31.8 percent since last year
• Used vehicle prices have been consistently 2 to 7 percent lower than they were last year, suggesting inflation isn’t impacting used car pricing
• Used EV prices have been plummeting, falling between 17 and 39 percent year-over-year during the last 12 months
• Used Tesla prices have fallen 28.9 percent, reflecting the brand’s aggressive new model price cuts while driving values down across the used EV market 
• Seven electric models lead the used car market in price drops: Chevrolet Bolt, Nissan Leaf, Kia Niro, Hyundai Kona, Tesla Model X, Tesla Model 3, Tesla Model S
• Used car prices have been slowly dropping over the past 12 months, with the average used car now priced at $31,153, a 3.6 percent decline, or $1,161 drop, since last year. While used hybrid vehicles are down about twice that rate, at 6.5 percent or $2,135, electric vehicles have experienced a far more dramatic drop, losing 31.8 percent of their value, which equates to $14,418. 
• iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars sold in February 2023 and 2024. By comparing the average prices of cars by segment, brand and model, the analysis shows a general softening of used car prices overall, but a dramatic drop in used electric vehicle prices.

To see the full report and finding of the study, click here →

Photo Courtesy of Tesla, Inc.