Used Electric Car Prices Continue to Drop in Q2 2024

Used electric cars seem to be getting cheaper, a trend observed last year and one that continues into the second quarter of 2024. This price drop was most likely prompted by the massive and aggressive price cuts put in place by Tesla, which also affected the value of used examples, and it looks like the price of used Teslas dictates what other used EVs are worth in the US. According to a Recurrent report for Q2 2024, 55% of all EVs listed for sale in the US cost less than $30,000.

Another study published in early March by iSeeCars found that EVs depreciated almost 10 times faster than ICE or hybrid vehicles from February 2023 through February 2024. It notes that while the average used car price in the US decreased by 3.6% over the past year, the price of used EVs fell by 31.8%. The used EV with the biggest price drop year-over-year was not a Tesla, though. It was the Chevrolet Bolt EV, which lost 30.4% on average, or a difference of around $7,900.

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