Electric Shocker: Used EVs Are Now Cheaper Than Used ICE Cars

A new study involving 2.2 million cars indicates that used EVs are cheaper than used gas cars. It also appears as though used EV values will continue to fall in the near future. On the other hand, gas-burning vehicles are losing value at a slower and more consistent rate. Electric vehicles were all the rage over the last few years, but the current appears to be flowing in the opposite direction now. In February, used EVs were, on average, $265 lower than used gas cars according to a new study.

On the other hand, EV values seem to see almost a third of their value gone year over year. In September of 2023, the average used EV price was 39.1 percent less than in 2022. Now, it's 29.5 percent down from May 2023. Year-over-Year Change in 1- to 5-Year-Old Used Gas Car Prices MonthAvg. Used Gas CarYoY $ Price Diff.YoY % Price Diff. May 2024$31,424-$2,045-6.1%April 2024$31,391-$1,722-5.2%March 2024$31,015-$1,374-4.2%February 2024$31,169-$1,004-3.1%January 2024$31,689-$696-2.

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