EV demand differs between hybrid and gasoline-powered vehicles, according on data from over 2.3 million new and 1- to 5-year-old used cars. The biggest surprise: used EV prices fell 33.7 percent between October 2022 and October 2023, from $52,821 to $34,994.

Electric Vehicles' Prices Drop

Automotive Fleet shared iSeeCars report, used electric vehicle (EV) market has witnessed a dramatic shift in pricing, highlighting the challenges faced by this segment. According to the study released on November 28, 2023, used EV prices have declined by a staggering 33.7% over the past year. This drop far exceeds the price reductions seen in other vehicle categories, including a 5.1% decrease in overall average used car pricing and a 9.6% dip in the average used hybrid car price.

The big drop in used EV prices shows what's happening in the electric vehicle market. Even though the EV market is growing, used electric cars are now the slowest to sell in the used car market. This slow sales speed shows that people are not buying used electric cars as much.

iSeeCars looked at data from over 2.3 million new and used cars to see how the EV market compares to hybrid and regular cars. Results show used electric vehicles demand has declined dramatically compared to other cars. Thus, the electric vehicle compared to other cars. It appears the electric vehicle market is failing.

The past year has seen a significant decrease in used EV prices, surpassing the reductions seen in gasoline and hybrid models. This shift in demand across the used car market is evident. In October 2022, average used EV prices stood at a staggering 60% higher than other used cars, at $52,821 compared to $32,627.

However, by 2023, they had narrowed the gap to within 13%, with prices at $34,994 compared to $30,972 for other vehicles. The data highlights a significant change in pricing trends for used electric vehicles. this indicates evolving consumer preferences in the market.

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Biggest Price Drop

Electric vehicle (EV) manufacturers, starting with Tesla, have initiated a wave of price cuts. However, despite these reductions, EV prices still tend to exceed those of comparable gas-powered cars. InsideEVs shared a report about this latest news on cars.

This price gap, along with concerns regarding the reliability of charging infrastructure, has led to some degree of caution among potential customers, as noted by Karl Brauer, iSeeCars executive analyst.

Nevertheless, there's no need for alarm. The vehicles experiencing the most significant price drops are older models introduced years ago.

Top Five Used Cars with the largest price drops in the EV category include:

1. Nissan Leaf

2. Tesla Model 3

3. Chevrolet Bolt EV

4. Tesla Model X

5. Tesla Model S.

According to Brauer, this price decline is a common occurrence for older models when the market contracts. Many of these models were introduced several years ago and may require a redesign to stay competitive.

Among used electric vehicles (EVs), those not manufactured by Tesla, such as the Kia EV6, Ford F-150 Lightning, Polestar 2, and Volkswagen ID.4, tend to take the longest time to find buyers. However, in October 2023, the Rivian R1T stood out as the quickest-selling used EV, with an average time on the market of just 35.5 days.

Other fast-selling used EVs include the Chevrolet Bolt EV and EUV, along with the Tesla Model 3 and Model Y, as indicated in a previous report from last month.

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