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Prices of Used EVs Drop Below Used Gas Cars for the First Time

Friday, July 05, 2024 9:00 AM | Anonymous member (Administrator)

According to a recent iSeeCars study, used electric vehicle prices fell below used gasoline vehicle prices in February and continue to fall faster than prices for traditional and hybrid cars. 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. 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.

The study analyzed over 2.2 million 1- to 5-year-old used cars sold in May 2023 and 2024 and found that 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. 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.

“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.”

For more information, read the study HERE.

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