Used EV Prices Are PLUMMETING By OVER 30%: Here's Why It's Happening!

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[ChargeToDrive]

Isn't this what we wanted from the beginning, this is great news guys prices are coming down.

[JD-sbss]

Weird this is getting negative press, a few years ago they were like "in a few years these will be affordable! It'll be great"

Now theyre getting more affordable, so the chronic whiners smoothly transitioned to complaining about how little EVs sell for.

Some people are ready and willing to complain about both sides of the same issue.

[danharold]

Are we car flippers or consumers. We should be glad to see new and used auto prices dropping.

[jasoneckert]

It is a correction for inflated prices to start with after price increases with covid supply chain issues. I bought one of the first 5k model y’s for 49, 900 in 2020. Then the prices shot up by like 10k for a couple years. Now I just bought a new 2024 model y same dual motor configuration for 38k after 7500 tax credit and 1000 discount for having a cybertruck order…so used prices have to adjust or everyone will just buy new

[JenniLudes]

I guess I'm weird. My car buying decision isn't based on future value guesses/depreciation. It's a depreciating asset. I buy for what best fits my needs at a price I can afford now. I also tend to drive a vehicle a long time before selling/trading it. At that point, most everything has significantly depreciated. It really only matters if you trade often or you're a fleet/rental car buyer.

[xgaustinxg]

Just picked up a 2019 Bolt EV 1 owner 40k miles. Florida. Paid $13, 500 and received the used EV tax credit meaning final car price was $9, 500 before taxes & fees. Absolute steal! Just had the battery replaced a few months prior so it's basically a new car underneath.

Very happy with my purchase and it's an awesome commuter car.

[davidgiles]

I fully expect EV prices to stabilize and potentially increase again depending on gas prices - that's the big unknown here... Even though I've lost value on my EV6, I'm actually happy that prices have dropped for EVs, as it makes them more affordable for a larger percentage of the population. Having said that, when I bought my EV6 two years ago I fully expected to own it for 8 to 10 years. As such, the current price of EVs are irrelevant for me.

[GerthebearBrady.]

I think the is a well needed correction after COVID. Hard pill to swallow for owners of newer EV's but great bargains to be had.

[SquawkCode]

The rental EV's being dumped into the market pushed prices down.

[TJPavey]

This is great news. More people can afford EVs.

The other thing to keep in mind is that more affordable EVs have been hitting the market. At one point an EV cost you $100k now you can get entry level EVs for much less. As those it the used market we see drops in the mean.

Also, as you point out, Tesla dropping new prices affects resale. Teslas are the market drivers right now.

EVs were launching new during pandemic and supply shortages. Used sales were above new. This clearly didn’t make sense and as a result we are seeing a return to normalcy.

Lastly we have media telling people that no one wants EVs and that the batteries will need replacing at 6 years for $60k. People generally aren’t critical thinkers and are happy to just take headlines at face value.

So in summary. Great news for savvy EV buyers willing to buy 1-3 year old vehicles.

[mcrkon]

Aren't falling prices a good thing?

[frankcoffey]

A correction had to happen. In 2022 I sold a Chevy Malibu to CarMax for more than I paid for it after driving it for 43 months. That was a once in a lifetime experience and I expect used cars to get back to normal.

[vxnova]

It’s more like prices are correcting, used car prices were insane for the past 3 years,

[ChevyU]

I paid $68K for a Tesla, now worth only $38K 15 months later. Now I'm paying 20% more for electricity than last year, what a huge mistake. ☹☹

[Livlifetaistdeth]

Cars are depreciating assets get over it they aren't investments.

[bwilsonweb]

I bought a 2017 BMW i3-REx, August 2023, for $15, 000 and consider it a steal. Bought from a Toyota dealer in Florida, they didn't know what they had. My benchmarks show 106 mi EV range and 88 mi gas. With a short wheel base and high power to weight, is the perfect urban car.

As for my 2019 Tesla Model 3 Std Rng Plus, the $6, 000 Full Self Driving continues to improve and with a replacement cost of $12, 000, it makes it too valuable to sell. It has over 129, 000 mi and ~10% battery degradation, 240 mi down to 215 mi.

[MARCUSMARC]

I think the Bolt is the best used car deal in EV right now, if you don’t need a road trip car. I just picked up a 2020 with 20k miles, battery recall complete, for $10, 400 OTD with the $4k used ev tax credit. That’s a screamin deal for basically a new car with 259 miles of range. I just literally couldn’t pass it up. And I LOVE driving the car, the EV daily driving experience is so much better than ICE.

[spacemanspiff]

I bought my Tesla Model Y Performance at the end of last year when they offered a big discount. Plus I got my $7, 500 tax credit. And I keep my cars for 7+ years. So, I’m not as concerned about the price drop as those who buy a new car every 2-3 years.

[doublebackagain]

Are the resale values weighed against original msrp or actual purchase price including rebates?

[jsinope]

I just bought a bolt ev! I couldn’t believe I was cross shopping with Honda fits! No brainer. Everyone seems to poo-poo the Bolt until they actually drive it. I drove a GTI and a miata previously so I love my cars. I couldn’t be happier with my purchase! It flies!