Used EV Prices Are PLUMMETING By OVER 30%: Here’s Why It’s Happening!
Used DV prices are having pretty significant drops right now and we have data that’s going to go into all of the information and details around what’s going on with these used car prices yeah I’ve seen so many articles pop up over the past week two weeks the past month
Over Tesla’s price cuts and how that might be affecting everything else in the EV Market uh but a lot of people are writing those headlines and articles without a ton of data to go off of and here we have a lot of numbers a lot of
Data for you and we’re going to see by the end of this video why some of these electric cars are taking such a massive price cut that’s right because IC cars put out an article that compares data from almost 2 million 1 to 5-year-old used cars that were sold in February
2023 and in 2024 and it does appear that EVS are having much more significant drops in their value than gas vehicles and some people people are saying that this is exclusively Tesla’s fault we actually have a lot of information around that as well yeah we’ll get to
That towards the end of this video but first uh let’s just get into some of these numbers so EV pricing dropped 10 times faster uh from February 2023 to February 2024 when you compare that to gas models which is pretty significant yeah that’s according to the IC cars
Study and the average used car is trading for around 31,1 153 and again that’s for one to 5ye old used cars gas cars too that’s for an an internal combustion engine powered car so yeah when you compare that to last year’s numbers that’s a drop of $1,161 or a
3.6% decline in pricing uh over the past year but things start to get a little crazier when we look at hybrids and even really crazy when you go into EVS SO gas cars like we just said have dropped a about 3.6% or an average of $1,161 that drop for a hybrid is closer
To $2,135 or around 6.5% which is almost double what it was for just a pure gas car yeah and then if you look at EVS that’s where the real shocker comes in because you go from 6.5% in hybrids to 31.8% EV pricing uh dropped on average about 14,4 $18 again
31.8% and if you look at this graph right here you can see gas EV and hybrid all on there and all three of these across the board you can see a decline in pricing and some of that has to do with just other factors in the economy
And uh overall where the the used car market is going in terms of pricing um but there is a very significant difference when you look at the EV side of things that red to blue jump is really noticeable yeah if you look back to March of 2023 so about a year ago the
Average used EV price was $ 43,6 N4 and that’s an $885 drop even from the year before that which was a$ 16.8% change year-over-year yeah so from 2022 to 2023 eeve saw a 16.8% drop in used pricing and then you go from 2023 to 2024 and that number again almost doubles going from
16.8% all the way to 31.8% now we also have some data here for the biggest price drops by brand and this is again for one of five-year-old cars Tesla is at the top of that list with a 28.9% price difference and that’s a $14,888 difference so the average price
That we’re seeing from these Tesla cars that are in this study is 36,5 $15 yeah and Tesla definitely leads this list I mean their price changes are the most drastic when you look at them compared to the other brands on this list Alfa Romeo and Maserati were also
Kind of the top at this list but at a 13.3% and a 9% change in pricing respectively um nowhere close to that 28.9% price difference that you saw in Tesla and again these numbers here we’re looking at are for all cars sold by the brand not just EV models yeah and the
Overall average for all these brands in the industry is 3.6% or that $1,161 difference that we were talking about before so that’s the overall compared to these that are at the top of that list pricing in the used car market is declining as it is it doesn’t matter
If you’re looking at a gas car or an electric or a hybrid that’s a trend that’s just in the Auto industry right now um I mean pricing for used cars did get a little bit B insane last year so we expected yeah we expected a little
Bit of a dip um so yeah I mean you would expect to see hopefully or I would have expected to see somewhere around that average uh drop of 3.6% and we’re way above that more evidence that electric vehicles are the biggest portion of this is looking at the list of the top 10
Cars individual models that have had the biggest price drops over the past year the first on this list all the way through the seventh car on this list all top seven are all EVS we have number one the bolt EV number two the Nissan Leaf we have number three the Kia Nero EV
Number four the Kona electric then we have the Tesla Model X Tesla Model 3 Tesla Model S so those are the top seven cars that have lost the most amount of value number one the Chevy bolt EV has lost about $784 of value on average or 30.4% yeah I think it’s really
Interesting to look at this list specifically because yeah like you said numbers 1 through seven all electric cars but then look at 8 n and 10 I mean those are not Cars people are buying in big numbers those are cars you would expect to see pretty massive price drops
On in the used Market I mean yeah you know cars we see every day on the road here like Toyota 4 Runners and Tacomas and Ford Explorers I mean they hold their value better cuz they’re sold in you know crazy volumes these are more premium luxury cars that are produced in
Way lower volumes and those are typically the cars you see uh much bigger price hits on uh the higher cars on this list those are much more common models that are made in larger quantities and yeah it’s a little shocking to see those on this kind of
List yeah and for reference those cars that are at positions 8 9 and 10 are respectively the Alpha Romeo stelvio the jaguar epace and the Mercedes-Benz CLS so that’s what rounds out the list of the top 10 cars that have lost the most value and of course we have to talk
About why this is happening everyone that’s been following what’s going on with car pricing and used car pricing and new car pricing has se that Tesla has had some pretty major price Cuts in the past which is certainly an aspect of why this is happening in the EV Market
But Tesla is not the only one yeah definitely I mean Tesla you see this about the most people write about Tesla all the time because Tesla the word itself is a very clickable headline and that’s that’s what get gets views um but all the other brands are doing it too I
Mean you look at GM they just announced price cuts of the Blazer EV of over $6,000 uh same thing with Ford the machy was just slashed in terms of price um with uh price Cuts going all the way up over above $8,000 depending on what
Model you get uh price cuts on the F-150 Lightning it’s all across the board it’s just we’ve been seeing the most coverage on Tesla because Tesla is one of the most popular EV uh Brands out there and they’re probably the most recognizable to someone who’s not super into electric
Vehicles which is making it easy to call this an exclusively Tesla thing but it’s certainly happening across the industry and it’s a combination of all these things that are creating what we’re seeing here with these used EV prices yes so we’re curious to hear your thoughts on this and your experience is
Shopping for an electric car so if you’ve been on the dealer lot recently uh and you’ve been shopping around we want to know kind of what the best deals you’ve seen how much is that little discount on the window sticker showing um it’d be cool to see what dealers are
Offering on some of these vehicles right now because from the looks of it there’s some inventory piling up yeah and it’s a double-edged sword because if you own one of the vehicles on this top 10 list that’s obviously a hit to the value of your vehicle but if you’re shopping for
One of these vehicles you might be able to find a really good deal on one of these cars because plenty of the cars on this list are good cars yeah totally and so there you go if you’re shopping for a used EV this might give you some info on
What exactly to look out for yeah um so yeah again let us know your thoughts in the comments below check out Alt tfl so you don’t miss anything we’ll catch you in the next Video
( https://www.alltfl.com/ ) Check out our new spot to find ALL our content, from news to videos and our podcasts! A new iSeeCars study looked into pricing on 1 to 5-year-old used EVs…and the results are eye-popping, especially in light of Tesla’s recent price cuts on its new vehicles. Kase and Alex cover what’s going on in this video! LINK TO STUDY — https://www.iseecars.com/used-car-prices-study
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