The price adjustments reflect notable changes over the past year. As of June 2023, used EVs were significantly more expensive than their gasoline counterparts by about $8,000 or 25%. However, data from iSeeCars shows that starting in late 2023 and accelerating into 2024, prices for used electric vehicles began to fall steadily. By contrast, prices for used gasoline cars remained relatively stable around $31,000 with minimal fluctuations.
| Month | Used EV Average Price | Used Gas Car Average Price | Price Difference | % Difference |
|---|---|---|---|---|
| May 2024 | $28,767 | $31,424 | -$2,657 | -8.5% |
| April 2024 | $29,066 | $31,391 | -$2,325 | -7.4% |
| March 2024 | $29,925 | $31,015 | -$1,090 | -3.5% |
| February 2024 | $30,904 | $31,169 | -$265 | -0.9% |
| January 2024 | $33,275 | $31,689 | $1,586 | 5.0% |
| December 2023 | $33,572 | $29,789 | $3,783 | 12.7% |
| November 2023 | $34,275 | $30,116 | $4,159 | 13.8% |
| October 2023 | $34,994 | $30,906 | $4,088 | 13.2% |
| September 2023 | $34,926 | $31,147 | $3,779 | 12.1% |
| August 2023 | $36,161 | $31,466 | $4,715 | 15.0% |
| July 2023 | $38,797 | $32,251 | $6,546 | 20.3% |
| June 2023 | $40,916 | $32,715 | $8,201 | 25.1% |
Specific model comparisons highlight these trends even more clearly. For example, in June 2023, a used Tesla Model 3 was priced $2,635 higher than a comparable BMW 3 Series. By May 2024, this relationship had reversed dramatically with the Tesla Model 3 now being $4,806 cheaper than the BMW model.
| Model | May 2024 Average Used Price | YoY Price Difference | YoY % Price Difference |
|---|---|---|---|
| Jaguar I-Pace | $32,651 | -$14,053 | -30.1% |
| Chevrolet Bolt EV | $18,081 | -$7,041 | -28.0% |
| Hyundai Kona Electric | $21,602 | -$7,780 | -26.5% |
| Kia Niro EV | $22,893 | -$7,561 | -24.8% |
| Nissan Leaf | $17,593 | -$5,546 | -24.0% |
| Tesla Model 3 | $28,439 | -$8,932 | -23.9% |
| Tesla Model X | $59,296 | -$13,690 | -18.8% |
| Jaguar E-Pace | $27,811 | -$5,658 | -16.9% |
| Tesla Model S | $55,340 | -$10,399 | -15.8% |
| Maserati Levante | $49,096 | -$8,991 | -15.5% |
This pricing trend was established through extensive research conducted by iSeeCars. The study analyzed sales data of 2.2 million one- to five-year-old cars between May 2023 and May 2024. Findings indicate that among all car categories examined, electric vehicles experienced seven of the most significant price drops over the last year.
Source: iSeeCars
