Used EV Prices Spiral
The models’ price declines easily eclipse those of ICE, hybrid models, study shows.
The Chevrolet Bolt is one of a half-dozen models that led used EV price declines over the past year.
IMAGE: Chevrolet
An analysis of used-vehicle prices shows a wide disparity in price declines between electric and nonelectric models.
The iSeeCars study indicates EV prices have fallen 32% in the 12 months ending this February. That compares to a 3% drop among gas-powered vehicles and about a 7% decrease for hybrids. It said the overall used-vehicle average price is down about 4% to $31,153.
The online automotive search engine and research site, which said it examined data on more than 1.8 million cars ages 1 to 5 that were sold in February 2023 and 2024, blames Tesla’s aggressive 2023 price cuts.
The site said used-vehicle prices so far this year have consistently been 2% to 7% lower than last year, while used EV prices are down 17% to 39%. Tesla falls in the middle of the EV range at 29%.
It listed six EV models as leading used price declines: Chevrolet Bolt, Nissan Leaf, Kia Niro, Hyundai Kona and Tesla models X and 3.
Despite the price declines, used prices still easily exceed those before the pandemic.
“Used car shoppers are seeing a bit of a break in vehicle costs, but we’re still well above the pre-pandemic average used car price point of roughly $20,000, with no indication we’re going back to those levels any time soon,” said iSeeCars Executive Analyst Karl Brauer.
Originally posted on Auto Dealer Today
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →