There’s some welcome indications that after an extended period of pandemic-fueled sky-high used-vehicle values, transaction prices are finally on a downward trajectory. According to Cox Automotive, pre-owned models are, on average, now 10.1% cheaper than they were a year ago, which follows a whopping 45% jump in prices recorded from June 2020 to June 2021
That’s indeed good news for cash-strapped car shoppers in general, and those in the market for a used electric vehicle in particular, as pre-owned EV prices have plunged by 29.5% over the last 12 months, according to the online car research portal iSeeCars.com.
“In Spring 2022 the war in Ukraine sent the cost of oil skyrocketing (and) consumers saw electric vehicles as a safe haven from volatile gas prices,” explains the website’s Executive Analyst Karl Brauer. “A year later fuel prices have stabilized, interest rates have risen, and shoppers are cautiously weighing their vehicle purchase options. Electric vehicle prices are now falling at nearly 10 times the rate of the average used vehicle, reflecting a clear shift in EV supply and demand.”
Used Tesla prices in particular are seeing the most precipitous plunges, with the Model 3 sedan dipping in value by 30.5% and the Model X SUV losing 21.3% since June 2022. This can largely be attributed to Tesla CEO Elon Musk slashing new-model pricing by more than 11% so far in 2023, which, as the segment’s highest-volume player, has sent shivers through the entire EV market.
“Tesla occupies three of the top four slots in used car price drops, with Nissan’s LEAF rounding out the top four,” says Brauer. “With so many newer EVs entering the market over the past two years cars like the Model 3, X, S, and LEAF are looking less competitive and less compelling.”
Other pre-owned vehicles with plummeting prices, according to iSeeCars.com’s report include several Jaguar and Range Rover vehicles, which Brauer accounts for lagging marketplace demand among new models.
On the other side of the ledger, pre-owned versions of the flagship Mercedes-Benz SL-Class sedan continue to advance, with resale prices up by 14.3% over the past year. Other significant gainers include the subcompact Fiat 500X crossover (at +6.5%), the full-size Chevrolet Suburban SUV (+6.2%) and the Porsche 911 convertible (+5.0%), 718 Cayman (+4.7%) and the 718 Boxster (+4.3%) sports cars.
The website’s study also shows that it may be worth a road trip to garner the best prices on used vehicles. Cities showing the biggest used-car price drops over the last 12 months include Miami-Ft. Lauderdale, FL (-8.1%), New York, NY (-6.9%), Jacksonville, FL (-6.8%). Orlando-Daytona Beach, FL (-6.5%) and Houston, TX (-6.4%).
These are the 10 used vehicles showing the largest transaction price dips over the past year:
- Tesla Model 3: EV -30.5%
- Tesla Model X EV: -21.3%
- Nissan LEAF EV: -19.2%
- Tesla Model S EV: -19.0%
- Land Rover Range Rover: -18.5%
- Land Rover Range Rover Velar: -17.5%
- Land Rover Discovery: -16.8%
- Hyundai Ioniq Hybrid: -16.2%
- Jaguar E-PACE: -16.2%
- BMW 5 Series Plug-In Hybrid: -15.5%
Source: iSeeCars.com, based on 1.8 million 1- to 5-year-old used cars recorded from June 2022 and 2023. You can read the full report here.
The above content was 100% created by a human contributor.
"used" - Google News
July 15, 2023 at 02:04AM
https://ift.tt/C9TpDoY
Electric Cars Lead A Major Dip In Used-Vehicle Prices - Forbes
"used" - Google News
https://ift.tt/l710nF3
https://ift.tt/75NsVfK
Bagikan Berita Ini
0 Response to "Electric Cars Lead A Major Dip In Used-Vehicle Prices - Forbes"
Post a Comment