February marked the first time that prices of used electric vehicles were lower than those of gas-powered cars and trucks—and the gap has been growing ever since, which could give the category a boost with consumers.
A study by iSeeCars of one- to five-year-old vehicles found that the average used EV price in May was down 29.5% year over year, versus 6.1% for the average used gas car. And the month-over-month differences show just how sudden the shift has been.
Last June, an EV cost an average of $8,201 more than a gas car—a 25.1% difference. By February of this year, EVs were $265 cheaper than gas cars. And in May of 2024, the average price difference stood at -$2,657, with EVs being 8.5% cheaper than gas cars.
Gas car prices in that time frame have been largely stable, hovering in the $30,000–$32,000 range. Used EVs, by comparison, have dropped from an average of $40,916 in June 2023 to $28,767 last month.
The drop in used prices comes as consumers see price cuts from companies such as Tesla and Ford on their new electric models. In addition, new tax credit policies are knocking as much as $4,000 off the sticker price of used EVs at the point of sale.
Experts, though, says the cheaper prices aren’t increasing sales—and they don’t expect that to change until the charging infrastructure in the U.S. is significantly improved.
The cooldown in EV sales overall has prompted some manufacturers to back away from their goals of becoming all-electric by the end of the decade.
Here’s a look at the used cars that have seen the biggest 12-month price drops, according to iSeeCars.
Jaguar I-PACE
Price/percentage difference: -$14,053 / -30.1%
Chevrolet Bolt EV
Price/percentage difference: -$7,041 / -28.0%
Hyundai Kona Electric
Price/percentage difference: -$7,780 / -26.5%
Kia Niro EV
Price/percentage difference: -$7,561 / -24.8%
Nissan Leaf
Price/percentage difference: -$5,546 / -24.0%
Tesla Model 3
Price/percentage difference: -$8,932 / -23.9%
Tesla Model X
Price/percentage difference: -$13,690 / -18.8%
Jaguar E-PACE
Price/percentage difference: -$5,658 / -16.9%
Tesla Model S
Price/percentage difference: -$10,399 / -15.8%
Maserati Levante
Price/percentage difference: -$8,991 / -15.5%
