Used Car Prices Decline, Especially for Hybrids and EVs
Overview
The average price of a used car has dropped by 3.6% compared to last year, now standing at $31,153. However, hybrids have seen a steeper decline of 6.5%, while electric vehicles (EVs) have experienced a significant 31.8% decrease in value.
Key Findings
A recent study by iSeeCars analyzed over 1.8 million used cars sold between February 2023 and 2024, revealing a general softening of used car prices with a notable drop in EV values.
Top 3 EVs with the Biggest Price Drops
- Chevrolet Bolt EV: -30.4% ($17,981)
- Nissan LEAF: -29.1% ($17,895)
- Kia Niro EV: -27.1% ($24,802)
Top 10 Cars with the Biggest Year-Over-Year Price Drop
| Rank | Model | Avg. Used EV Price | Y.O.Y $ Price Difference | Y.O.Y % Price Difference |
|---|
Impact on Tesla and Other Brands
Tesla has been hit the hardest, with a 28.9% decrease in average used vehicle price. This decline is attributed to Tesla’s aggressive price cuts affecting the entire EV market.
Brands with Significant Price Changes
| Rank | Brand | Avg. Used EV Price | Y.O.Y Price Difference | Y.O.Y % Price Difference |
|---|
Future Outlook
While EV prices are showing signs of stabilization, they continue to decrease. Prospective buyers are advised to wait if considering a used electric vehicle purchase.
Conclusion
Despite the overall decline in used car prices, the market remains above pre-pandemic levels. Prices are expected to remain steady in the coming months, offering some relief to buyers.
Additional Resources
For more insights on used car pricing trends, check out our article on Used Car Prices Drop Faster Than Expected, Now Well Below 2021 Peak.