It was only a year ago that electric vehicle owners were flipping their cars for a profit, but those days appear to be over. Used EV prices fell 29.5% in June compared with a year earlier.
It was only a year ago that electric vehicle owners were flipping their cars for a profit, but those days appear to be over. Used EV prices fell 29.5% in June compared with a year earlier, according to a new study from automotive research firm, iSeeCars.Used electric vehicle prices fell 29.5% in June compared with a year earlier, according to a new study from iSeeCarsThe average used vehicle price has decreased 3.6%, or $1,237, over the same time periodWhile the average used car price fell 3.
In January, used EV prices fell 8.8% compared with a year earlier. The value declines accelerated to 13.8% in February, 16.8% in March, 24% in April and 28.9% in May before suffering their worst devaluation last month. “Pricing for used electric vehicles, led by Tesla, has simply collapsed in 2023, falling farther and faster each month since January,” Brauer said. “With Tesla cutting prices on new models, its used EV values have tumbled. And because Tesla makes up the bulk of the used EV market, the dramatic drop in Tesla values has impacted the entire category.”
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