If you’re shopping for a used EV, there’s some good news. EV prices have fallen over the last year and Tesla prices have fallen even more than other EV brands. According to a study by iSeeCars, the average price for a used car has gone down by about $239 since February. However, EV prices have dropped by nearly $6,000 in the last six months to a year.
Exploring the EV Price Drop Trend
Used EV prices have dropped by about 15% in the last year. This continues a trend going back to the last six months, which has seen used EV prices fall by as much as 20%. Compared to all the other EV brands surveyed, used Tesla models have seen the steepest price drop. Used Tesla vehicles have gone down in price by an average of roughly $5,000 over the last year, a 13.6% drop.
Other brands with large price drops include Maserati, at 10.6%, Chrysler, at 7.6%, Chevrolet, at 6.5%, and Genesis, at 4.8%. Used cars in general have gone down in price recently, but with all the controversy surrounding EVs and Tesla in particular, the values have dropped even further.
Used EV Shoppers Have More Affordable Choices
Many large and premium brands have had big price drops on used models over the last year according to percentages. However, only Tesla and Maserati lost over $5,000 in value. Among the various EV models surveyed in the aforementioned study, the Porsche Taycan took the biggest price hit with a loss of 26.5% in value. Used Tesla models came in second and third with the Model S and Model Y prices dropping 16.2% and 15.9% respectively.
If you’re shopping for used cars, these big price drops are good news. This is especially true if you’re shopping for a used EV. You now have several choices for EV models under $25,000, including the Nissan Leaf with an average price well under $20,000. There are several other used EVs around or under the $25,000 mark. These models include the Hyundai Kona, the Kia Niro, and the Tesla Model 3.
Gas-Powered and Hybrid Vehicle Prices More Stable
On the other hand, used cars that are either gas-powered or hybrid have seen a lot more price stability compared to used EVs over the last year. Only modest declines have been observed so far. The price of a used hybrid vehicle has gone down less than 1% over the last year. The average price is just under $30,000.
Gas-powered models have seen similar price declines also under 1%. However, the average price of a used gas-powered model is higher than a hybrid at about $31,000. It’s still not easy to find good deals in the current used car market. However, if you’ve been wanting an EV, now is a good time to find substantially lower prices on used models. This is especially true if you’ve been wanting a Tesla.
