Used EV Prices Plummet 32% As Tesla Price Cuts Impact Industry
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Used car prices are slowly falling as the average model now costs $31,153 which is 3.6% less than a year ago. However, hybrids have been hit harder as they’ve dropped 6.5% in value.
Both pale in comparison to electric vehicles, which have seen their values plummet. According to a new iSeeCars study, EV prices have fallen a staggering 31.8% in the past year.
The company analyzed over 1.8 million used cars sold in February 2023 and 2024, which were between one and five years old.
The results showed a “general softening of used car prices overall, but a dramatic drop in used electric vehicle prices.”
The biggest loser was the Chevrolet Bolt as prices are down 30.4% to an average of $17,981.
Nissan’s Leaf wasn’t far behind as it fell 29.1% to lose $7,329 in value.
Rounding out the podium was the Kia Niro EV, which fell 27.1% for a drop of $9,236.
((Top 10 Cars With The Biggest Year-Over-Year Price Drop))
(Avg. Used EV Price and Y.O.Y $ Price Difference)
1.Chevrolet Bolt EV $17,981 -$7,847
2.Nissan LEAF $17,895 -$7,329
3.Kia Niro EV $24,802 -$9,236
4.Hyundai Kona Electric $23,474 -$7,710
5.Tesla Model X $60,943 -$19,919
6.Tesla Model 3 $30,466 -$9,681
7.Tesla Model S $58,875 -$15,144
8.Alfa Romeo Stelvio $29,003 -$5,534
9.Jaguar E-PACE $28,965 -$4,958
10.Mercedes-Benz CLS $48,362-$8,238
Source: iSeecars | Feb 2023-Feb 2024
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The top ten list of the biggest year-over-year price drops was dominated by EVs as they nabbed seven spots.
Besides the three aforementioned models, there was the Hyundai Kona Electric as well as the Tesla Model 3, S, and X.
The latter experienced a 24.6% drop as the average price fell by $19,919.
iSeeCars says the dramatic decrease was driven by Tesla’s aggressive price cuts, which have not only hurt the value of their used vehicles but also others as well.
As Executive Analyst Karl Brauer explained, “Elon Musk’s initial price reductions on new Teslas were already impacting EV values a year ago, but his repeated price cuts kept pushing used Tesla prices down, which spread to all electric vehicles, creating weakness across the used EV market.”
Ref: Used EV Prices Plummet 32% As Tesla Price Cuts Impact Industry (carscoops)
