A new study states that used EVs have lost 25% value over the past year, six times more than used gas cars.
Prices of one to five-year-old used EVs plummeted 25% over the past year. The average price of a used EV in the U.S. is now $27,000, lower than the average price of used gas cars and hybrids. Tesla Model 3, Kia Niro EV and Hyundai Kona Electric are among those leading this plunge. The price drop is accelerating their sales, with fewer days spent on lots. We've been watching this unfold over the past year: electric cars depreciating much faster than their gasoline and hybrid counterparts.
It’s expected to stabilize at around $25,000—a price tag many automakers are attempting to hit with their next-generation models. This has led to used EVs being on the market for an average of 55.3 days in September 2023 to just 38.6 days now. That means used gas cars, hybrids and EVs now take the same amount of time to sell. The study also added that demand for hybrids remains robust, with fewer fluctuations and price drops like EVs.
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