Used car shoppers can get a deal on electric vehicles (EV) as a new report notes that EV prices have fallen over the last year, with used Tesla prices declining more than other brands.
AÂ study by iSeeCars found that the average price of a 1-to-5-year-old user car declined slightly last year with a 0.8% decrease that amounts to a $239 price drop as of February.
By contrast, used EV prices have dropped 15.1% in the past year, which amounts to a $5,709 price decline. That continues a trend dating back over the past six months, with used EV prices falling 15% to 20%.
Among the various brands surveyed, used Tesla vehicles saw the largest average year-over-year price drop, falling $5,013, or 13.6%. That was several percentage points larger than the rest of the top five biggest price drops, surpassing Maserati (10.6%), Chrysler (7.6%), Chevrolet (6.5%) and Genesis (4.8%).
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“Several mainstream and premium brands had big used car price drops over the past year, in terms of percentage,” said iSeeCars executive analyst Karl Brauer. “But only Tesla and Maserati lost more than $5,000 in dollar value.”
Among the used EV models analyzed in the study, the Porsche Taycan saw prices decline the most, falling 26.5% to an average price of $73,976. Used Tesla models ranked second and third, with Model S prices down 16.2% to $49,366 and Model Y prices down 15.9% to $31,247.
“Used electric vehicle shoppers seeking a car for under $25,000 now have several choices, including the Nissan Leaf with an average price below $17,000,” Brauer said.
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Other used EVs that are under the $25,000 threshold on average include the Hyundai Kona at $20,329 after prices dropped 13.4% and the Kia Niro at $21,758 following a 12.3% decline. The Tesla Model 3 is near that level, coming in at an average price of $26,354 after a 13.5% drop.
Both gas-powered used cars and hybrid vehicles experienced far more price stability than used EVs over the past year, with very modest declines observed in the study.
The price of an average used hybrid vehicle is down just 0.5% from a year ago, with a $156 decline to an average price of $29,881. Used internal combustion engine vehicles also saw 0.5% price drop compared to last year, amounting to a $153 decline to $31,281.
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“It’s not easy to find a great deal in today’s used car market,” Brauer said. “But if an electric vehicle can serve your personal transportation needs, most used models have dropped substantially in cost over the past year, especially compared to gas and hybrid models.”