Even six months ago, I never thought I would see the day that used electric cars would sell for less than used gasoline vehicles, but we are here.
Watch my Fox News Houston interview from last week on this subject here.
- Jerry Reynolds, Host of the Car Pro Show
Used electric vehicle prices fell below average gas car prices in February and EVs have continued to lose value faster than the average used gas car, according to the latest study by iSeeCars.
Here's a look at some of the iSeeCars data:
- EV prices dropped below average used gas car prices by $265 in February, widening to $2,657 in May
- In June 2023, used EV values were more than $8,000 (25 percent) higher than the average used gas car price; last month they were $2,657 (over 8 percent) lower than the average used gas car price
- Over the past year average used gas car values have dropped between 3 and 7 percent year-over-year, while used EV values have dropped between 30 and 39 percent
iSeeCars says its study analyzed over 2.2 million 1- to 5-year-old used cars sold in May 2023 and 2024. Here's what the analysis found:
- The average used EV price is down 29.5 percent year-over-year versus 6.1 percent for the average used gas car price.
- In May 2024, the average used electric vehicle was priced at $28,767, or 8.3 percent below the average gas car at $31,424.
iSeeCars says these prices show a major turnaround from a year ago, when the average used EV cost $40,783 and the average used gas car cost $33,469.
Watch Jerry's Fox News Houston interview from last week on this subject:
Used Electric Vehicle Market Crashing
According to iSeeCars' Karl Brauer:
“There’s no denying the crash in used electric vehicle values over the past year,” said Karl Brauer, executive analyst at iSeeCars. “We’ve watched EVs prices fall between 30 and 40 percent since June of last year, while the average gas car’s price has dropped by just 3 to 7 percent in that same timeframe.”
Photo Credit: iSeeCars.com.
While electric vehicle values appeared to stabilize at the end of 2023, you can see they experienced a substantial drop this year in February - a drop that's continued over the past four months. On the flip side, the data shows that the average used gas car price has shifted by approximately $400 during those same four months.
There is much more information to digest in this terrific study and you can see it all here.
Photo Credit: Electrify America.