Used electric vehicle (EV) prices have dropped significantly over the past year, outpacing pricing changes for used gasoline and hybrid vehicles. On average, Tesla vehicles experienced the biggest dip in price among all brands studied.
Per a recent study published by iSeeCars, the average price for one- to five-year-old used car is now $31,257, a drop of 0.8 percent compared to last year. By contrast, electric vehicles have seen a much steeper decline, losing 15.1 percent in value, translating to an average price drop of $5,709.
Tesla leads the depreciation trend with prices falling 13.6 percent, or $5,013, on average. Among the list of the biggest used car price declines, three Tesla models rank among the top six, namely the Model S sedan, Model Y crossover, and Model 3 sedan. At the top of the list is the Porsche Taycan, which suffered a staggering 26.5-percent price decline over the last year.
Several factors are believed to be contributing to Tesla’s price drop, including lower consumer demand for EVs and increasing competition from other automakers in the electric vehicle segment. Hefty price cuts on new Teslas have also made used models less attractive, while Tesla’s lineup is also overdue for significant updates.
Other brands have also seen notable price declines, including Maserati (-10.6 percent), Chrysler (-7.6 percent), Chevrolet (-6.5 percent), and Genesis (-4.8 percent). While the study does not list any GM models among the 10 used electric vehicles with the largest price drops, Chevy ranks fourth among the top 10 brands with the largest price drops, while Buick ranks sixth.
Despite the sharp decline in EV values, the broader used car market has remained relatively stable. Over the past year, the average price for a one- to five-year-old used vehicle has fluctuated by less than $1,000, hitting a low of $29,651 in December of 2024 before rebounding to over $31,000 in early 2025. Experts suggest that used car prices are unlikely to decline much further in 2025, with contributing factors such as rising lease buyouts and tariffs on new vehicles possibly even pushing used prices higher in the future.
The recent iSeeCars study looked at more than 1.9 million one- to five-year-old vehicles sold between February of 2024 and February of 2025, comparing the average listing price of each model between the two given time periods. Heavy-duty vehicles, low-volume vehicles, and vehicles discontinued as of the 2024 model year were not counted in the study.
Comments
a guy buying an EV is already crazy… buying an EV second hand,, is what… maybe a s t u p i d
Let’s see …………. buying a used EV at just about the time that the batteries need to be replaced sounds like a great investment ……………. NOT!
There is less to go wrong with an EV than an ICE.
How much longer until the EV “craze” or “push” ( on us) is considered a failure? #Buildbackbetter(?)
Right….
Why do you call it a craze? It’s a mode of transportation. For a lot of people, they make perfect sense. For others, they don’t. If you have multiple vehicles like many in the US do, then an EV as one of your vehicles makes a lot of sense.
Of course they have a place and fit some folks very well.
But the idea we were going to all electric was laughable
In 5 years, most vehicles sold will be electric. It is inevitable.
I always wondered how they calculate depreciation. Is it the current trade-in price compared to list price, or compared to what the person payed? Remember a few years ago, during the EV frenzy, people were paying well over list price for an EV. Those people would really take a bath when they go to sell.
Paying over list for ICE vehicles too back then. Anyone who paid up for a C8 is hurting. $9k off new 2025 C8.
It is current used price compared to what it cost when new. So Covid era price gouging is hurting depreciation badly.
So glad “Peak EV” is behind us!
Let the market (people) decide ICE/HEV/EV not stupid politicians!!
Brother, “Peak EV” is not behind us. The technology is advancing at a rapid pace. It might be slowing temporarily in the U.S. but that won’t last for long. The last thing we need is to fall behind the rest of the world in the technology of EV’s and batteries. That won’t be good for our economy and jobs.
agreed. and there is a place for each kind of thing. you are correct
If peak EV is behind us, why are sales, still increasing?
all, if you live in a congested city where distances are short but traffic so congested that it takes a long time to go a short distance,
let those people use EV, it makes sense. The more people in those congested places that use an EV more gasoline for me to use in my truck, motorcycle, and sports car. Think about it. It might not be for you, but could benefit you by having more gas, that is cheap.
Where I live EV’s so not make sense, hard winters are not EV friendly, but in big cities for some it makes sense. Now for Muskrat and his Teslas, I hope people will continue to boycott them, he needs to get out of trying to ruin this country with his chainsaw cuts, yes there needs to be cuts, but not just whacking off jobs without studying what jobs actually need to be cut. Now tRump wants to destroy the Department of Education, which means federal aid to the states will stop, and the states will have to raise taxes to the residents of their state to make up for the losses. If you live in a lower populated state, it will mean big increases in property taxes if that state uses property taxes to fund education. Muskrat needs to get the hell out of government, the voters did not elect him for anything. (I’m a retired Vet (30 years) and Musk has no business cutting jobs at the VA, 80,00 vets are going to lose their jobs, many more are losing benefits, guess that’s what Cadet Bonespurs wants)
Used an EV just fine as my work truck all winter here in Canada. Suffered about a 15% range drop on really cold days, but with a normal range of 460 miles, that wasn’t an issue.
Trump wants to improve education. When was the last time a federal agency made something better. More power to D.O.G.E.
I drive 125 electric miles daily. I wish I could afford a Tesla. I am stuck with the chevy Bolt. Great engineering. Ugly as sin. $.03 a mile. And instant torque. My 3rd electric vehicle. I also own 2 Dodge chargers and an Avelanche. I Drive the Bolt almost always.
I also own several cars and drive the Bolt if my wife doesn’t already have it. One of the best, trouble free cars I’ve ever owned and I’ve been buying new cars since 1974. Ugly as sin, I don’t think so, but everyone is entitled to their opinion. As far as the depreciation, I buy new and normally drive them till the wheels fall off, not a consideration for me.
Keep the Bolt. More reliable than a Tesla, and nobody will confuse you with a Nazi sympathizer.
I guess most people want a complete car ,not just a battery car . Didn’t take much of a brain to come up with a battery car , how can it be called electric it’s a battery.Something really stinks. Burn baby burn
You realise batteries store electricity, right?
Sorry, Luddites, but EV sales are up YoY. There is no decline in demand. Just because Tesla has become unpalatable doesn’t mean other EVs are not increasing sales.