EV Prices Plunge In New York And LA

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Used EV prices have plunged across much of the US. The sharpest drops are in America’s two largest cities–New York and LA. While the EV count in NYC may be the largest in the country, EV sales have been strong in California for years.

Tesla Drop –Largest Among EVs

EV Tech –Tires Wear Fast

There is a price war among EV makers. At the same time, in the US, EV sales have weakened from a double-digit increase over the last several years. Tesla helped trigger this price war, perhaps to keep market share. While that may have worked, the cut in its new car prices has also affected the prices of its used cars.

According to a new study by iSeeCars titled “Aggressive Tesla Price Cuts Pummel the Used EV Market,” –” Used electric cars have dropped 10 times faster than gasoline models over the past year.”

Five-Year-Old Cars

The study examined used car prices across 1.8 million used cars between one and five years old. Used EV prices have been dropping, and they were down between 17% and 39% year-over-year during the 12 months that ended in February. During the same period, the price of used Teslas is down 28.9%. 

iSeeCars measured EV price decreases by city by looking at the car model that dropped the most: the Nissan LEAF. In both cases, the average price drop in New York was 37.8% to $17,020. In LA, the price drop was 32.1% to $16,616.

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