Used car prices have been heading in the right direction after months of elevated values and inventory shortages. Even so, the values of some vehicles have declined much faster than others, with EVs doing the heavy lifting. Automotive data outfit iSeeCars’ latest study looked at used car values over the past year, finding that used electric vehicles are dropping at a much faster rate than their gas-powered counterparts.
While used car values have been dropping overall over the past year, used EVs have dropped like a stone in comparison. iSeeCars found that the average for used electric models fell by up to almost 32 percent since 2023, while the used gas vehicle average price sank by just 3.6 percent.
All these stories about ev depreciation don’t take into account that many ev’s originally sold with a $7,500 rebate in the US. When you remove that from the depreciation, it doesn’t look nearly as bad.
Also, they weren’t the only ones but used EVs where ridiculously priced for a couple of years there.
Yeah, I wanted to buy a used EV in France but i ended up buying new because the prices were way too high for used vehicles.