Used EV prices dropped by 20% compared to last year; Report

While the cost of used EVs is still slightly higher, the gap is said to be narrowing.

A new study suggests that now is a good time to buy a used electric vehicle, as their values are dropping significantly compared to previous years.

According to the study, while the general average price of used cars dropped to 6.8% from Q2 2023, prices of used EVs reduced by a massive 20.5% compared to last year and an even higher 38.5% compared to Q2 2022.

In Q2 2024, the average cost for used ICE cars was $27,391, compared to the average used EV price of $33,787. While the cost of used EVs is still slightly higher, the gap is said to be narrowing. Reports state that just one year back, the cost of used ICE cars and used EVs stood at $29,382 and $42,482, respectively.

Another detail mentioned is that used EVs are newer than the used ICE cars available. The average age of a used ICE car was 4.5 years and had 52,478 miles on the odo. Compare this to the average age of a used EV, which was 2.7 years and recorded just 29,430 miles.

Source: Edmunds