Used car prices have been heading in the right direction after months of elevated values and inventory shortages. Even so, the values of some vehicles have declined much faster than others, with EVs doing the heavy lifting. Automotive data outfit iSeeCars’ latest study looked at used car values over the past year, finding that used electric vehicles are dropping at a much faster rate than their gas-powered counterparts.
While used car values have been dropping overall over the past year, used EVs have dropped like a stone in comparison. iSeeCars found that the average for used electric models fell by up to almost 32 percent since 2023, while the used gas vehicle average price sank by just 3.6 percent.
This is good news for broke people like me. With the used ev credit I can get into an ev for under 15k with a few years left on the battery warranty.
The volatility of gasoline prices can be a huge blow to poor households.
When did they start giving credits on used EVs? I bought one around 7 years ago and the credit was for new cars only. That credit was part of the reason why the used values tanked, because the state recaptured the credit through excessive registration fees. My annual registration was 3x higher on my EV than my gas car.
This year there is a 4k credit on used evs 2022 or older in the US. Some states have equal or greater rebates, you can get up to 9k off in some places. It’s wild and there’s going to be a LOT of savvy lower income people reducing their transportation costs in the next year.
That’s awesome! I sure wish that would have been available when I bought my car. I loved the car, but I lost over half its value in the 2.5 years I owned it, which is unprecedented for certified pre-owned recent model cars.