Used EV prices have fallen far below gas vehicles

As electric car manufacturers cut prices on new models, used electric cars are now 11% cheaper than gasoline models, According to iSeeCars data.

A study of 1.6 million used cars (between one and five years old) sold between August 2023 and 2024 found that the Tesla Model 3 saw the biggest value decline of any car in the past year, decreasing by 24.8%. Other electric vehicles also showed smaller, but still significant, declines.

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

“The 25 percent decline in used EV prices over the past year remains several times higher than gasoline or hybrid prices,” Karl Brauer, executive analyst at iSeeCars, said in a statement. “But it’s less than the 30 to 40 percent declines we saw in late 2023 and the first half of 2024, suggesting that average used EV prices could soon stabilize around $25,000.”

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

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