Electric vehicles are growing in popularity, but it will be some time before prices start to fall and come closer to parity with gas vehicles. While that’s the case for new EVs, the story is different on the used market, where several popular electric models have seen significant price drops over the last year. iSeeCars recently released new research on the used vehicles that have had the largest year-over-year price drops, and the list is dominated by electrics.
The Nissan Leaf had the most significant price drop between October 2022 and 2023, falling 30.6 percent to an average price of just $19,649. Not far behind it were the Tesla Model 3 with a 30.5 percent drop and the Chevrolet Bolt EV with a 28.7 percent decline. The list of other vehicles with the largest price drops include:
Nissan Leaf: 30.6% drop
Tesla Model 3: 30.5%
Chevrolet Bolt EV: 28.7%
Tesla Model X: 26.2%
Tesla Model S: 24.7%
BMW 5 Series Hybrid: 18.7%
Land Rover Range Rover: 18.3%
Land Rover Discovery: 17.9%
Lane Rover Range Rover Velar: 17.7%
As iSeeCars’ executive analyst Karl Brauer pointed out, most models on the list were introduced awhile ago and haven’t seen the most recent updates. Newer, more recently designed vehicles tend to hold their values better, but it’s also worth noting that many new Tesla models have seen massive recent price cuts that immediately hit the automaker’s used-vehicle values.
iSeeCars’ study also looked at the length of time used vehicles take to sell, finding that the price drops have helped the Nissan Leaf and Tesla models become much more affordable over the last year, making them much more appealing. Other EVs made the list of fastest-selling used vehicles, including the Ford F-150 Lightning, Polestar 2, and Volkswagen ID.4. The Lightning has only recently become more available on dealers’ lots in new form, so it’s not surprising that buyers are snapping up the used units with haste.
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