Prices of used EVs drop below used gas cars for the first time
Share this @internewscast.com

(iSeeCars) – In February, the prices of used electric vehicles dropped below the average prices of gasoline cars, and EVs have continued to diminish in value more quickly than typical used gas cars, as indicated by a new study from iSeeCars.

This study examined over 2.2 million used cars, aged between 1 to 5 years, which were sold in both May 2023 and 2024. It revealed that the average price for a used electric vehicle fell by 29.5 percent compared to the previous year, while the average price for a used gas car decreased by 6.1 percent. By May 2024, the average cost of a used electric vehicle stood at $28,767, which is 8.3 percent less than the $31,424 average price for a gas car. This represents a significant shift from a year prior when used EVs were priced at $40,783 and gas cars at $33,469.

Used Electric Vehicle Market Crashing

“The decline in the values of used electric vehicles over the past year is undeniable,” stated Karl Brauer, Executive Analyst at iSeeCars. “EV prices have dropped between 30 and 40 percent since June last year, while used gas car prices have only fallen by about 3 to 7 percent during the same period.”

While electric vehicle values appeared to stabilize at the end of 2023, they experienced a substantial drop in February this year and have continued to decline over the past four months. At the same time, the average used gas car price has shifted by approximately $400 during those same four months.

“It’s clear used car shoppers will no longer pay a premium for electric vehicles and, in fact, consider electric powertrains a detractor, making them less desirable – and valuable – than traditional models,” said Brauer.

1- to 5-Year-Old Used EV Prices vs. Used Gas Car Prices – iSeeCars Study
Month Average Used EV Price Average Used Gas Car Price $ Price Difference % Price Difference
May 2024 $28,767 $31,424 -$2,657 -8.5%
April 2024 $29,066 $31,391 -$2,325 -7.4%
March 2024 $29,925 $31,015 -$1,090 -3.5%
February 2024 $30,904 $31,169 -$265 -0.9%
January 2024 $33,275 $31,689 $1,586 5.0%
December 2023 $33,572 $29,789 $3,783 12.7%
November 2023 $34,275 $30,116 $4,159 13.8%
October 2023 $34,994 $30,906 $4,088 13.2%
September 2023 $34,926 $31,147 $3,779 12.1%
August 2023 $36,161 $31,446 $4,715 15.0%
July 2023 $38,797 $32,251 $6,546 20.3%
June 2023 $40,916 $32,715 $8,201 25.1%

Used Gas Car Prices Showing Stability

Demand for used gas cars grew during the new car production shortages brought on by the pandemic. This demand pressure is slowly easing, but with used prices hovering around $31,000 they remain well above pre-pandemic levels.

“Over the past year the average used price for traditional internal combustion engine vehicles has never shifted by more than 7 percent, with most months changing between 3 and 6 percent,” said Karl Brauer. “This is in stark contrast to the 30 to 40 percent drops in used EV pricing.”

Year-over-Year Change in 1- to 5-Year-Old Used Gas Car Prices – iSeeCars Study
Month Average Used Gas Car Price Year-over-Year $ Price Difference Year-over-Year % Price Difference
May 2024 $31,424 -$2,045 -6.1%
April 2024 $31,391 -$1,722 -5.2%
March 2024 $31,015 -$1,374 -4.2%
February 2024 $31,169 -$1,004 -3.1%
January 2024 $31,689 -$696 -2.1%
December 2023 $29,789 -$959 -3.1%
November 2023 $30,116 -$1,328 -4.2%
October 2023 $30,906 -$1,475 -4.6%
September 2023 $31,147 -$2,029 -6.1%
August 2023 $31,446 -$2,384 -7.0%
July 2023 $32,251 -$1,829 -5.4%
June 2023 $32,715 -$1,128 -3.3%

Used EV Prices Continue To Crash

The ongoing crash in used electric vehicle prices pulled their values below the average used gas cars in February and shows no sign of stopping.

“While the drop in used EV prices is dramatic, what’s more disconcerting is no indication of used EV values stabilizing,” said Brauer. “At some point used EV prices will have to bottom out, but we don’t appear to be at that point yet.”

Year-over-Year Change in 1- to 5-Year-Old Used EV Prices – iSeeCars Study
Month Average Used EV Price Year-over-Year $ Price Difference Year-over-Year % Price Difference
May 2024 $28,767 -$12,016 -29.5%
April 2024 $29,066 -$12,630 -30.3%
March 2024 $29,925 -$13,195 -30.6%
February 2024 $30,904 -$14,417 -31.8%
January 2024 $33,275 -$14,814 -30.8%
December 2023 $33,572 -$15,212 -31.2%
November 2023 $34,275 -$17,386 -33.7%
October 2023 $34,994 -$17,827 -33.7%
September 2023 $34,926 -$22,427 -39.1%
August 2023 $36,161 -$22,846 -38.7%
July 2023 $38,797 -$20,657 -34.7%
June 2023 $40,916 -$17,097 -29.5%

EV Models Lead the Drop in Used Car Values

When ranking used cars by the biggest price drops over the past year, electric vehicles take up the first seven slots and make up eight of the top 10 models with the largest drops in pricing.

Top 10 Cars With the Biggest Year-over-Year Price Drops: May 2024 – iSeeCars Study
Rank Model Average Used Price Year-over-Year $ Price Difference Year-over-Year % Price Difference
1 Jaguar I-PACE $32,651 -$14,053 -30.1%
2 Chevrolet Bolt EV $18,081 -$7,041 -28.0%
3 Hyundai Kona Electric $21,602 -$7,780 -26.5%
4 Kia Niro EV $22,893 -$7,561 -24.8%
5 Nissan LEAF $17,593 -$5,546 -24.0%
6 Tesla Model 3 $28,439 -$8,932 -23.9%
7 Tesla Model X $59,296 -$13,690 -18.8%
8 Jaguar E-PACE $27,811 -$5,658 -16.9%
9 Tesla Model S $55,340 -$10,399 -15.8%
10 Maserati Levante $49,096 -$8,991 -15.5%
Overall Average $31,368 -$2,184 -6.5%

Methodology

iSeeCars analyzed over 2.2 million 1- to 5-year-old used cars sold in May 2023 and 2024. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2023 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2023 model year, and vehicles in production for fewer than four of the last five model years for each period were excluded from further analysis.

More from iSeeCars:

  • Best and Worst Car Colors for Resale Value
  • Most and Least Driven Cars
  • Cars that Hold Their Value Best

About iSeeCars.com

iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $439 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.

This article, Prices of Used EVs Drop Below Used Gas Cars for the First Time, originally appeared on iSeeCars.com.

Share this @internewscast.com
You May Also Like

Trump Faces Lawsuit Over Sharing Medicaid Data with ICE

A coalition of 20 Democrat-led states is suing the Trump administration for…

‘Not Like in the Movies’: Smyth County Health Department Offers Tips to Prevent Drownings

MARION, Va. (WJHL) — In the past five years, close to 500…

Trump claimed he was unaware that the term he used in a speech is considered antisemitic.

WASHINGTON – President Donald Trump mentioned that he was unaware that the…

Suspect Apprehended Following Police Evasion Incident in Jonesborough

JONESBOROUGH, Tenn. (WJHL) — A man was arrested Wednesday after allegedly fleeing…

“Commissioner Criticizes City Leaders Over Gang Issues Following Mall Shooting”

SAVANNAH, Ga. () — A Chatham County Commissioner is urging action against…

Watch Live: Trump Speaks in Iowa Following the Passage of a Major Bill in the House

President Trump is kicking off his July Fourth weekend at the Iowa…

Drunk Driver Sentenced to 13 Years for Fatal Riverview Crash Involving 19-Year-Old

Video: Family seeks justice for 19-year-old Jeremiah Stone after learning of possible…

25th Annual Red, White, and Kaboom Celebration Lights Up Lakeland

LAKELAND, Fla. (WFLA) — Thousands of people in Lakeland celebrated the Fourth…

Illinois Football Team Takes Part in Yearly ‘Lift for Life’ Event

CHAMPAIGN, Ill. (WCIA) — Illinois football raised thousands of dollars at its…

Mega Bill Allocates $40M for ‘Garden of Heroes’: Who Might Be Featured?

(NEXSTAR) Within the several hundreds of pages of the megabill the House…

Storm Team 3: Monitoring 4th of July Showers, Storms, and Tropical Developments

Happy 4th! Stray passing showers and occasional rumbles of thunder are possible…

Evidence Idaho Prosecutors Compiled Against Bryan Kohberger

() In a hastened plea deal hearing Wednesday, Bryan Kohberger admitted he…