Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
While the price of used vehicles has been slowly decreasing, the price of used electric vehicles has been plummeting.
Vehicle research site iSeeCars.com 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.”
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:
Let’s take a look at the used vehicles with the biggest price drops, according to iSeeCars.
Model | Average Price: June 2023 | Price 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% |
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.”
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.
This post was last modified on July 19, 2023 1:51 pm
If you've been considering signing up for one of the Chase Sapphire credit cards, now…
The costs associated with owning a home go way beyond the amount on the mortgage. …
Inflation hits people on a fixed income the hardest. Say you're retired. You're living off…
Deciding to save and invest are great habits. But once you check that box, your…
If you're considering subscribing to Fubo, you need to be comfortable missing out on some…
Are you looking for a way to earn 2% back on every purchase you make…