Used EV Prices Collapse; could Draw Buyers into the electric vehicle arena
Used EV prices are collapsing, particularly compared to used gas-powered cars, a large factor with people who consider EV prices to be too high may rethink. But the the trend also challenges car companies that hope to get consumers to buy their new EVs.
READ MORE ABOUT USED EV PRICES
Used EVs Priced Below Gas Cars for the First Time
Used Teslas Create America’s Much Needed $25,000 EV Market
iSeeCars reports that in November, the price of a used car that is 1- to 5-years-old dropped 1.4% year over year to $29,934. The price of a used electric vehicle dropped 18.4% to $21,671. New EVs cost about $10,000 more than gas-powered cars, so used car prices level the gas vs. EV price playing field. The iSeeCars data is based on 1.3 million used cars sold between November 2023 and November 2024.
Speaking about the overall market, “Buyers waiting for used car prices to come down can probably stop waiting,” said iSeeCars analyst Karl Brauer
Price points
The used EV with the sharpest price drop in November year over year was the Tesla Model 3, which dropped 22.3% to $25,767. Car industry experts believe that Tesla has to introduce a sub-$25,000 car to jump-start its sales; absent that, buyers can turn to the used car market to get that price point.
The EV sector already faces potential buyer roadblocks, which include range, number of charging stations, charging times and tire wear. Used EV prices may overcome some of those.
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