Plummeting Prices: How Used EVs are Now More Affordable than Gasoline Cars

Prices for pre-owned electric vehicles have taken a dive and are now lower than those for used internal combustion engine vehicles, with the decline starting in February and persisting, as per data from iSeeCars.

In 2023, the cost of pre-owned electric vehicles leveled out following approximately two years of steep increases. However, this year has seen a considerable decline in their prices, according to a recent study by iSeeCars. This pattern was determined by examining the listing prices of second-hand cars across a variety of dealerships and private sellers during the research timeframe.

Pre-owned vehicle prices have experienced a downturn across the board, regardless of the type of engine. However, electric vehicles (EVs) have suffered a significantly sharper drop, as per findings from iSeeCars. In the span of the last year, the worth of the average gas-powered vehicle has fallen by about 3% to 7%, meanwhile, the value of the average second-hand EV has plummeted by a substantial 30% to 39%, as

2017 Model of the Chevy

According to data from iSeeCars, in June 2023, pre-owned electric vehicles cost approximately $8,000 more, a 25% increase, compared to conventional used cars with gasoline engines. However, by May 2024, the price of these electric vehicles dropped by $2,657, falling 8% below the average cost of used gasoline cars.

Certain car models experienced more significant drops in their resale value compared to the rest. As of May, the second-hand market value for the Jaguar I-Pace dropped by 30.1% compared to the previous year, marking the sharpest decline. This model was ahead of the Chevrolet Bolt EV, which saw a 28% decrease, the Hyundai Kona Electric with a 26.5% reduction, the Kia Niro EV at 24.8%, and the Nissan Leaf at 24%.

Prices for pre-owned Tesla Model 3s have now fallen below the costs of the BMW 3-Series, a key competitor in the petrol vehicle market. The decline in the secondhand value of Teslas is probably tied to fluctuations in the pricing of new models, as well as the unexpected price reductions implemented by Tesla last year.

2019 Model of the Hyundai K

In general, the cost of pre-owned electric vehicles experienced a significant increase throughout 2021 and reached their highest point in 2022. However, this trend has since reversed, leading to a decline in prices. This drop became so pronounced that the automotive retailer CarMax observed a reduction of up to $5,000 in the prices of the most popular second-hand electric vehicles for the latter part of 2023 and the beginning of 2024, compared to the previous year

Amidst the debate, apprehensions about the expense of new Electric Vehicles play a pivotal role in diminishing buyer interest, J.D. Power suggests. It's possible that reduced prices for pre-owned EVs might offset such concerns.

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