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. Used EV pricing trends over the past year look like this:
- February 2024: -31.8%
- January 2024: -30.8%
- December 2023: -31.2%
- November 2023: -33.7%
- October 2023: -33.7%
- September 2023: -39.1%
- August 2023: -38.7%
- July 2023: -34.7%
- June 2023: -29.5%
- May 2023: -29.9%
Tesla leads the way in dragging down those averages. Tesla’s initial price cuts started the trend, and its subsequent slashing of starting prices has taken much of the EV market with it. “Elon’s desire to maintain new Tesla sales through price cuts had a very destructive impact on the brand’s residual values,” said iSeeCars’ executive analyst Karl Brauer. The brand’s cuts to new vehicle prices impacted used values to the point that four of the most significant price drops in the overall used market between 2023 and 2024 came thanks to one of its vehicles.
On the flip side, many brands and vehicles saw their values increase over the year, though most are performance and premium models. The Porsche 718 Cayman had the largest price increase between 2023 and 2024, with a 29.4 percent jump. The BMW 5-Series Hybrid and Volvo S90 came second and third with 18.7 and 13.9 percent increases, respectively. Brauer attributed these numbers to affluent buyers’ ability to pay higher values without regard to larger market trends.
For a deeper dive, and more charts like the one below, go to the full iSeeCars report.
| Top 10 Cars With the Biggest Year-over-Year Price Drop: February 2023 - 2024 – iSeeCars Study | ||||
| Rank | Model | Average Used EV Price | Year-over-Year $ Price Difference | Year-over-Year % Price Difference |
| 1 | Chevrolet Bolt EV | $17,981 | -$7,847 | -30.4% |
| 2 | Nissan LEAF | $17,895 | -$7,329 | -29.1% |
| 3 | Kia Niro EV | $24,802 | -$9,236 | -27.1% |
| 4 | Hyundai Kona Electric | $23,474 | -$7,710 | -24.7% |
| 5 | Tesla Model X | $60,943 | -$19,919 | -24.6% |
| 6 | Tesla Model 3 | $30,466 | -$9,681 | -24.1% |
| 7 | Tesla Model S | $58,875 | -$15,144 | -20.5% |
| 8 | Alfa Romeo Stelvio | $29,003 | -$5,534 | -16.0% |
| 9 | Jaguar E-PACE | $28,965 | -$4,958 | -14.6% |
| 10 | Mercedes-Benz CLS | $48,362 | -$8,238 | -14.6% |
| Overall Used Car Average | $31,153 | -$1,161 | -3.6% | |
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March 15, 2024 at 10:25PM
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