Used EV prices have fallen far below gas vehicles

As EV manufacturers cut prices on new models, the price of used EVs has fallen to 11% below that of gasoline models, according to data from iSeeCars.

A study of 1.6 million used cars (all between one and five years old) sold between August 2023 and 2024 found the Tesla Model 3 had the single biggest drop in value of any vehicle in the past year, falling 24.8%. Other EVs showed smaller, but still significant drops.

If there’s any good news, it’s that the fall-off in used EV prices isn’t as steep as it was at the end of last year and beginning of this one. That could mean we’re almost at the end of the long slide.

“The 25 percent drop in used electric vehicle prices over the past year remains several times higher than gasoline or hybrid cars,” Karl Brauer, executive analyst at iSeeCars, said in a statement. “But it’s lower than the 30 to 40 percent drops we were seeing at the end of 2023 and first half of 2024, suggesting average used EV prices might soon stabilize around $25,000.” 

In August, the average price of a used gas-consumer vehicle was $30,292, while that of a used EV came in at $26,839—an 11.4% difference. Compare that to last year, when EVs sold for 12.1% more than gas vehicles.

Here’s a look at the cars with the biggest year-over-year price drops as of August 2024: