Used electric car prices have dropped significantly below those of gasoline-powered cars.
The backlash against electric cars is underway.
As electric car makers cut prices on new models, used electric car prices have fallen to 11% of gasoline-powered cars. according to data from iSeeCars.
A study of 1.6 million used cars (all between one and five years old) sold between August 2023 and 2024 found that Tesla The Model 3 saw the biggest drop in value over the past year, down 24.8%. Other electric vehicles saw smaller but still significant drops.
If there’s any good news, it’s that used electric car prices haven’t fallen as dramatically as they did late last year and early this year. That means we’re nearing the end of a long slide.
“The 25 percent drop in used EV prices over the past year is still several times higher than that of gasoline or hybrid vehicles,” Karl Brauer, executive analyst at iSeeCars, said in a statement. “But this is lower than the 30 to 40 percent decline we saw in late 2023 and the first half of 2024, suggesting that the average used EV price could soon stabilize around $25,000.”
In August, the average price of a used gasoline-powered car was $30,292, while the price of a used electric car was $26,839—a difference of 11.4%. That compares with last year, when electric cars sold for 12.1% more than gasoline-powered cars.
Here’s a list of the cars with the biggest annual depreciation through August 2024:
| Ranking | Model | Average price | $ Yearly difference | % Difference by year |
| 1 | Tesla Model 3 | $25,931 | -$8,558 | -24.8% |
| 2 | Kia Niro Electric Car | $21,692 | -$5,769 | -21.0% |
| 3 | Maserati Levante | $43,710 | -$11,086 | -20.2% |
| 4 | Nissan LEAF | $16,243 | -$4,102 | -20.2% |
| 5 | Hyundai Kona Electric | $21,466 | -$4,873 | -18.5% |
| 6 | Chevrolet Bolt Electric Car | $17,863 | -$3,997 | -18.3% |
| 7 | Jaguar E-PACE | $26,477 | -$5,149 | -16.3% |
| 8 | Land Rover Range Rover Sport | $53,071 | -$9,528 | -15.2% |
| 9 | Land Rover Range Rover Evoque | $30,506 | -$5,395 | -15.0% |
| 10 | Land Rover Range Rover Velar | $37,642 | -$6,652 | -15.0% |
| 11 | Ram 1500 classic | $26,413 | -$4,634 | -14.9% |
| 12 | Mercedes-Benz AMG GT | $79,808 | -$13,840 | -14.8% |
| 13 | BMW X7 | $55,333 | -$8,899 | -13.9% |
| 14 | BMW X2 | $24,878 | -$3,874 | -13.5% |
| 15 | Tesla Model S | $53,141 | -$8,255 | -13.4% |
