Electric vehicle prices are plummeting across the United States
According to a new study, EV prices are dropping at a much higher rate than gasoline-powered vehicles.
LOUISVILLE, Ky. — Used electric vehicle prices are plummeting across the United States, and Louisville is no exception.
A new study from iSeeCars analyzed 2.2 million used cars from May 2023 to May 2024 to track pricing trends. The Tesla Model 3 had the fourth-highest price drop among all vehicles, with the average sale price falling nearly $6,000 in that span.
Here are the top five year-over-year price drops in Louisville for all used cars:
1. Ford Expedition (17.9% drop to $42,975).
2. Volkswagen Atlas (17.5% drop to $29,022).
3. Honda Civic (17.5% drop to $5,966).
4. Tesla Model 3 (15.9% drop to $31,551).
5. Jeep Grand Cherokee (15.8% drop to $30,699).
Overall, used cars dropped in price in Louisville by 4% to an average sale price of $30,454.
“Used car prices have been relatively stable over the past year, but electric vehicles have seen substantial declines,” said Karl Brauer, iSeeCars executive analyst. “Nationally, EV prices have dropped by more than 30% while gasoline vehicles only fell by 6%, suggesting a major drop in demand for used electric models.”
Nationally, used gas-powered cars have shifted in price by just $400 since February. Used EVs fell below gas vehicles in average price and have continued to drop at a high rate.
EV prices are 30-40% lower than they were in June 2023, while gas vehicles have dropped just 3-7%.
The average used EV price is down about 32%, or $14,400, since early 2023, according to iSeeCars.
Tesla has been impacted more than any other EV brand. Tesla vehicles lost 28.9% of their value in the last year.
