A used Tesla Model 3 cost $25,931, from a drop of $8,558, or 24.8%, in comparison with last 12 months.
The common used electric vehicle lost 25% of its value over the past 12 months, sliding from $35,621 in August of 2023 to $26,839 in August of 2024, in response to an iSeeCars study released Sept. 9.
By comparison, gasoline prices were down 4.4% percent and hybrid prices were down 6% between August of 2023 and August of 2024. Meaning used EVs prices have fallen 4 times faster than hybrids and 6 times faster than gasoline models.
the most important price drops over the past 12 months, five of the highest six cars are electric vehicles, led by the Tesla Model 3 and Kia Niro EV. Luxury cars from brands like Jaguar, Land Rover, and Maserati are also distinguished on the list. A used Tesla Model 3 cost $25,931, from a drop of $8,558, or 24.8%, in comparison with last 12 months. A used Kia Niro EV was priced $21,692, for a 21% drop of $5,769 in comparison with last 12 months.
Pricing and Sales Speed of Used EVs
The study analyzed the pricing trends of over 1.6 million 1- to 5-year-old used cars sold in August 2023 and 2024 to find out the difference in market values between used gasoline, hybrid, and electric vehicles.
“The 25% drop in used electric vehicle prices over the past 12 months stays several times higher than gasoline or hybrid cars,” said Karl Brauer, iSeeCars executive analyst, in a news release. “However it’s lower than the 30% to 40% drops we were seeing at the top of 2023 and first half of 2024. And the substantial drop in EV prices over the past 12 months appears to have brought them consistent with demand, with used EV days-on-market much lower today, reflecting a faster selling rate in comparison with a 12 months ago.”
Used hybrid and gasoline vehicle types are holding stable at around $30,000, while used electric vehicles fell below $27,000 for the primary time last month. “The used automotive market clearly couldn’t support electric vehicles priced within the mid- to low-$30,000 range,” Brauer said. “But with used EV prices showing smaller declines in recent months it’s possible these cars will stabilize somewhere around $25,000.”
While price stays the first metric for measuring demand, the speed at which cars are selling also reflects the market’s appetite for used cars. All three vehicle types (gasoline, hybrids, and electric cars) are selling faster today than they did a 12 months ago. This implies a rise in used vehicle demand, with the EVs seeing the most important decrease in time to sell.
“Used electric cars have dropped from a median of 55.3 days in September 2023 to 38.6 days in how long they take to sell,” said Brauer. “That is a much bigger drop than gasoline or hybrid cars, with all three vehicle types now taking the identical time to sell on average. This means solid demand for used EVs – in the event that they are priced 8 to 11 percent below hybrid and gasoline vehicles.”
Used Electric Vehicle Prices Dropping Like a Lead Balloon
The year-over-year decline in electric vehicle prices may be very slowly moderating, but it surely continued at 20% to 30% in recent months. This pushed used EV prices below $27,000 for the primary time in August of 2024, greater than 11% below gasoline models.
“People waiting for a great deal on a used electric automotive have been rewarded for his or her patience,” Brauer said. “When you bought a used EV a 12 months ago you almost certainly bought too soon, but at today’s prices a used EV is beginning to make sense – assuming your lifestyle and vehicle needs line up with the advantages and limitations of an EV.”
This Article First Appeared At www.automotive-fleet.com
