Used EVs are a scorching matter for debate. At one level not that way back, it seemed like used Tesla values would by no means cease climbing, however the automaker’s aggressive price-cut technique has brought about quite a lot of waves with used values. Used EV costs have declined virtually 30 p.c over the previous yr, main their gasoline counterparts with cuts that add as much as practically eight occasions the typical decline in combustion automobiles’ costs. That’s a part of the information from automobile gross sales knowledge agency iSeeCars’ newest evaluation, which discovered that older EV fashions and Teslas are main the cost with the most important used worth drops round.
iSeeCars’ government analyst Karl Brauer stated, “EVs make up seven of the top 10 models that lost the most value this year. Older EVs like the Chevrolet Bolt and Nissan Leaf lost the most value, but three of Tesla’s four models are also among the top 10 cars that lost value.” Even so, Brauer famous that used automobile costs have been dropping throughout the board, with a median of a 3.6 p.c decline since February 2023.
Prime 10 used automobiles with essentially the most important worth drop (February 2023-2024)
Whereas Tesla’s automobiles solely account for 3 of the highest 10 worth drops, the automaker’s heavy presence within the EV market has helped drive down costs for electrics throughout the board. Tesla’s common used costs have fallen virtually 29 p.c, as a consequence of a number of cuts to new Tesla costs over the previous yr.
On the identical time, the cuts are excellent news for patrons, as used EVs have gotten compelling bargains for individuals who wish to stay the zero emissions life-style with out burning the additional money for a brand new electrical mannequin.
For a way more intensive have a look at traits available in the market for used electrical automobiles and the general market generally, try the total iSeeCars report.