Used electric car prices have fallen well below those of gasoline-powered cars

As electric car manufacturers slash prices on new models, the price of used electric cars is now 11% lower than gasoline cars, data from iSeeCars shows.

A study of 1.6 million used cars (all between one and five years old) sold between August 2023 and 2024 found that the Tesla Model 3 suffered the biggest drop in value of any vehicle over the past year, dropping 24.8%. Other EVs saw smaller but still significant drops.

If there is any good news, it’s that the decline in used EV prices isn’t as steep as it was at the end of last year and the beginning of this year. That could mean we’re nearing the end of a long slide.

“The 25 percent decline in used EV prices over the past year is still several times higher than gasoline or hybrid cars,” Karl Brauer, executive analyst at iSeeCars, said in a statement. “But it’s lower than the 30 to 40 percent declines we saw in late 2023 and the first half of 2024, suggesting average used EV prices could stabilize around $25,000 soon.”

In August, the average price of a used gasoline vehicle was $30,292, while a used EV came in at $26,839, a difference of 11.4%. Compare that to last year, when EVs sold for 12.1% more than gasoline vehicles.

Below you can see the cars with the biggest year-on-year price drops through August 2024: