Used EV prices falling much faster than gas models

Despite prices falling slightly, brand-new EVs are still notably more expensive than comparable gas models. On the used market, though, iSeeCars’ latest study found that used EV prices have fallen below used gas models’ pricing for the first time — and with used electrics' costs falling “much faster” than gas cars’ values.

iSeeCars analyzed more than 2.2 million used car prices in February, finding that EVs are losing value much faster than gas models. EV pricing is down almost 30 percent year-over-year, reaching nearly five times the rate of price decline of gas vehicles.

Karl Brauer, iSeeCars’ executive analyst, said, “There’s no denying the crash in used electric vehicle values over the past year. We’ve watched EVs’ prices fall between 30 and 40 percent since June of last year, while the average gas car’s price has dropped by just 3 to 7 percent in that same timeframe.”