Price Drop on Used Electric Cars: Is Now the Time To Buy?

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While the price of used vehicles has been slowly decreasing, the price of used electric vehicles has been plummeting.

Vehicle research site has identified the used vehicles with the biggest price drops — and electric vehicles dominate the list.

“Used car prices overall are stabilizing,” iSeeCars Executive Analyst Karl Brauer says in the report. “But there’s been a massive drop in used electric vehicle values this year, with bigger drops every month and no indication of any floor in sight.”

What Used Electric Vehicle Has Had the Biggest Price Drop?

The Tesla brand has seen the biggest price drops among all used vehicles. The automaker’s models S, X and Y occupy three of the top four slots in used car price drops.

Here are some more key findings from the report, which covers June 2022 to June 2023:

  • While used non-electric vehicle prices have decreased by less than 4%, used electric vehicle prices have collapsed by nearly 30%.
  • Six of the top 10 used vehicles with price drops are hybrid and electric vehicles.
  • After Tesla, Nissan’s LEAF is the next EV with the biggest price decrease.

Let’s take a look at the used vehicles with the biggest price drops, according to iSeeCars.

ModelAverage Price: June 2023Price Change From June 2022% Price Change From June 2022
Tesla Model 3$37,023-$16,258-30.5%
Tesla Model X$70,158-$18,980-21.3%
Nissan LEAF$22,504-$5,354-19.2%
Tesla Model S$64,938-$15,212-19.0%
Land Rover Range Rover$75,481-$17,095-18.5%
Land Rover Range Rover Velar$46,269-$9,783-17.5%
Land Rover Discovery$40,986-$8,255-16.8%
Hyundai Ioniq Hybrid$20,148-$3,893-16.2%
Jaguar E-PACE$33,213-$6,401-16.2%
BMW 5-Series (PHEV)$33,607-$6,170-15.5%
National Average$32,811-$1,237-3.6%

Should I Buy An Electric Vehicle Now?

If you are thinking of buying an EV, money expert Clark Howard wants you to hold off a bit longer if you can.

Clark says the best option is to wait until car prices drop further, which should continue to happen over the next several months.

Also, if you’re looking for an affordable electric car, there are models besides Tesla that you may want to consider.

“That’s something we don’t talk about a lot,” Clark says, “is the opportunity that exists for buying a used electric vehicle, many of which, from other manufacturers besides Tesla, have very small battery packs that can be a very affordable choice for urban/suburban commuting.”


Final Thoughts

So if you need a vehicle that’s relatively cheap, Clark is OK with you taking advantage of devalued used electric vehicles as long as you know that they are for local driving only

Want more tips? Read our guide on buying a used car.

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