Used-Vehicle Prices Normalize
Average sticker settling at about $30K, while used EV prices have fallen faster and further.
The average 1- to 5-year-old vehicle now sells for just under $30,000.
Pexels/Richard Taveira
The used-vehicle market has been stabilizing after the pandemic-era spikes, and used electric model prices have fallen even more.
Iseecars.com, an automotive research and comparison website, reviewed data on 1.3 million used cars sold in November and in November 2023 to arrive at its findings.
The average 1- to 5-year-old vehicle now sells for just under $30,000 – $29,934 – down 1.4%, or $399, year-over-year.
Used EV prices, though, have dipped dramatically – 18.4%, or about $6,230. In fact, iSeeCars said, EV prices fell about 18% in each of the past three months. The average used EV price is $27,615, or about 8% under the overall used price average.
The research provider said EV market leader Tesla leads the overall used-vehicle price decline by brand at a 21% drop, or $5,660.
A few brands actually saw average price increases: Acura, Chevrolet, Toyota and Genesis, whose used models appreciated by about 2% to 3%.
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