Study Shows Major Price Drops On Used Electric Vehicles – Now selling for 11.4% less than gas-powered autos – A year ago, EVs were going for 12.1% more than gas cars

Pre-owned EVs are now selling for 11.4% less than internal combustion models. A year ago, they were going for 12.1% more than conventional cars, trucks and SUVs. That’s according to a study of pricing trends based on over 1.6 million 1-5-year-old used EV transactions in August 2023 and 2024 by the online marketplace iSeeCars.com.

https://www.forbes.com/sites/jimgorzelany/2024/09/10/study-shows-major-price-cuts-on-used-electric-vehicles/

By Jim Gorzelany

It seems a week doesn’t go by without some damning statistical evidence surfacing to document electric vehicles’ failing fortunes. For example, this week the annual EY Mobility Consumer Index found that only 34% of global respondents intend to make an EV their next vehicle, citing expensive battery replacement and public charging inadequacy as major deterrents.

One bright side to the genre’s reversal of fortunes is that new EV transaction prices have been falling to help counter the weakening demand, with automakers offering cash rebates as rich as $7,500-$10,000 this month to help their dealers winnow their inventories.
But the price drops have been especially pronounced on the used-car side of the lot, where pre-owned EVs are now selling for 11.4% less than internal combustion models. A year ago, they were going for 12.1% more than conventional cars, trucks and SUVs. That’s according to a study of pricing trends based on over 1.6 million 1-5-year-old used EV transactions in August 2023 and 2024 by the online marketplace iSeeCars.com.

The vehicle that’s experienced the most rapid price drop in the industry over the past year, according to the website’s data, is the full-electric Tesla Model 3, with a glut of pre-owned models sparking an average 24.8% plunge. What’s more, the study shows that five of the top six models showing the biggest losses over the past year are EVs. We’re citing iSeeCars’ list of the 15 pre-owned vehicles with the steepest price dips below.

As it is, used-vehicle prices in general have been drifting back to earth after pandemic-fueled supply and demand issues sent them soaring. But the website’s study found that pre-owned EV prices have dropped four times faster than hybrid-powered models and six times quicker than gas-powered pre-owned rides. Thanks to what amounts to an average 25% drop in values, used electric cars are now selling at a much faster pace than than they were in 2023.

Share: