According to the report, the average price of used electric vehicles fell below the average price of used gasoline cars in February and has continued to decline since then. iSeeCars.
Used electric vehicle prices stabilized in 2023, after about two years of skyrocketing, but they have dropped significantly so far this year, iSeeCars found in an analysis published earlier this month. That trend is based on published surveys of used car prices, from multiple dealers and sellers, over the study period.
According to iSeeCars, the value of used cars has dropped regardless of powertrain type, but electric vehicles have seen a much sharper decline. The analysis found that over the past year, the average value of gasoline cars fell between 3% and 7%, but the average used electric vehicle value fell between 30% and 39%.
Chevrolet Bolt EV 2017
According to iSeeCars data, used electric vehicle prices were about $8,000 (or 25%) higher than the average value of used gasoline cars in June 2023, but in May 2024 , which is $2,657 (8%) less than the average value of gasoline cars.
Some particular models lost greater value than others. In May, used Jaguar I-Pace prices were 30.1% lower year-on-year – the biggest drop on record. Following the I-Pace are the Chevrolet Bolt EV (28%), Hyundai Kona Electric (26.5%), Kia Niro EV (24.8%) and Nissan Leaf (24%).
The average price of a used Tesla Model 3 also fell below that of the BMW 3-Series, arguably one of the Model 3’s closest gasoline competitors. In Tesla’s case, values fell for Used samples may be relevant volatility of new Tesla pricesand last year suddenly Tesla discounts.
Hyundai Kona Electric 2019
Overall, used electric vehicle prices rose in 2021 and peaked in 2022. That put them on a downward trajectory since then, to the point that retail giant CarMax noted last year that the best-selling used electric cars in late 2023 and early 2024 are priced up to 5,000 USD lower more than a year ago.
Meanwhile, Concerns about the cost of new electric vehicles according to JD Power, is the root cause of the decline in consumer consideration. Perhaps lower used electric vehicle prices will help fix that.
