this post was submitted on 17 Mar 2024
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[Dormant] Electric Vehicles

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Used EV prices fall much faster than gas cars, according to iSeeCars (www.autoblog.com)
submitted 8 months ago* (last edited 8 months ago) by MicroWave@lemmy.world to c/evs@lemmy.world
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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.

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[–] stankmut@lemmy.world 10 points 8 months ago* (last edited 8 months ago) (1 children)

Early last year, Tesla dropped their Model Y pricing by $10,000. Sunk the value of all used Model Ys overnight. I think other EVs have had price cuts as well. This probably had more impact on the used market than anything else.

[–] bitchkat@lemmy.world 3 points 8 months ago

The people that paid over MSRP for used cars during covid years are bellyaching now that a) prices have returned to pre-covid levels and b) new $7500 rebate (tesla has used up all their rebates under the old program)