Used vehicle pricing has been all over the map for the last few years, but EVs are leading the charge in the trend of declining prices. iSeeCars’ recent study found that several electric models are at the forefront of a pleasing trend of used vehicle price reductions.
iSeeCars ranked the vehicles with the largest year-over-year price drops as of May 2024, finding that the Jaguar I-Pace fell the most, at a 30.1 percent drop. The remaining top 10 cars with the largest price drop on the used market include:
- Jaguar I-Pace: 30.1% drop between May 2023 and 2024
- Chevrolet Bolt EV: 28%
- Hyundai Kona EV: 26.5%
- Kia Niro EV: 24.8%
- Nissan Leaf: 24%
- Tesla Model 3: 23.9%
- Tesla Model X: 18.8%
- Jaguar E-Pace: 16.9%
- Tesla Model S: 15.8%
- Maserati Levante: 15.5%
Seven of the 10 vehicles with the largest price drops between May 2023 and 2024 were electric, while all of the models with the most significant price gains were gas. The Porsche 718 Cayman and Genesis G90 gained the most, at 30.4% and 17.3%, respectively. The Porsche 718 Boxster and BMW 5 Series hybrid weren’t too far behind.
Part of the used EV price drop can be attributed to buyers’ skepticism. iSeeCars’ executive analyst Karl Brauer said, “With so many EVs entering the new car market in recent years, and then flowing into the used market, it suggests an over-supply condition that will continue as more EVs come off lease. Without a major catalyst to increase EV demand, used prices for these models will likely keep falling.”
Used EVs saw far more aggressive price drops than gas models overall during that period. The iSeeCars study covered 2.2 million one- to five-year-old used models and found that used EVs dropped 29.5 percent year-over-year, compared to just 6.1 percent for gas vehicles. That decline is the first time that average used EV prices fell below gas models, indicating that now could be an excellent time to start shopping for a preowned vehicle.
