Used EV Prices Spiral
The models’ price declines easily eclipse those of ICE, hybrid models, study shows.
The Chevrolet Bolt is one of a half-dozen models that led used EV price declines over the past year.
IMAGE: Chevrolet
An analysis of used-vehicle prices shows a wide disparity in price declines between electric and nonelectric models.
The iSeeCars study indicates EV prices have fallen 32% in the 12 months ending this February. That compares to a 3% drop among gas-powered vehicles and about a 7% decrease for hybrids. It said the overall used-vehicle average price is down about 4% to $31,153.
The online automotive search engine and research site, which said it examined data on more than 1.8 million cars ages 1 to 5 that were sold in February 2023 and 2024, blames Tesla’s aggressive 2023 price cuts.
The site said used-vehicle prices so far this year have consistently been 2% to 7% lower than last year, while used EV prices are down 17% to 39%. Tesla falls in the middle of the EV range at 29%.
It listed six EV models as leading used price declines: Chevrolet Bolt, Nissan Leaf, Kia Niro, Hyundai Kona and Tesla models X and 3.
Despite the price declines, used prices still easily exceed those before the pandemic.
“Used car shoppers are seeing a bit of a break in vehicle costs, but we’re still well above the pre-pandemic average used car price point of roughly $20,000, with no indication we’re going back to those levels any time soon,” said iSeeCars Executive Analyst Karl Brauer.
Originally posted on Auto Dealer Today
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