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Used EV prices fall much faster than gas cars, according to iSeeCars

iSeeCars found that used values are headed in the right direction, but gas vehicles are falling at a far slower rate than electric counterparts.

“Elon’s desire to maintain new Tesla sales through price cuts had a very destructive impact on the brand’s residual values,” said iSeeCars ’ executive analyst Karl Brauer. Brauer attributed these numbers to affluent buyers’ ability to pay higher values without regard to larger market trends. Top 10 Cars With the Biggest Year-over-Year Price Drop: February 2023 - 2024 – iSeeCars StudyRankModelAverage Used EV PriceYear-over-Year $ Price DifferenceYear-over-Year % Price Difference 1 Chevrolet Bolt EV$17,981-$7,847-30.4%2 Nissan LEAF$17,895-$7,329-29.1%3 Kia Niro EV$24,802-$9,236-27.1%4 Hyundai Kona Electric$23,474-$7,710-24.7%5 Tesla Model X$60,943-$19,919-24.6%6 Tesla Model 3$30,466-$9,681-24.1%7 Tesla Model S$58,875-$15,144-20.5%8 Alfa Romeo Stelvio$29,003-$5,534-16.0%9 Jaguar E-PACE$28,965-$4,958-14.6%10 Mercedes-Benz CLS$48,362-$8,238-14.6% Overall Used Car Average$31,153-$1,161-3.6%

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