- Tesla Model 3, Kia Niro EV, and Maserati Levante saw the biggest price drops.
- Six out of the seven vehicles with the sharpest depreciation are electric models.
- Used EVs lost value four times faster than gasoline cars, according to the study.
New EVs still cost more than ICE-engined alternatives, but on the used market electric cars are rapidly descending into bargain territory. The Tesla Model 3 this week topped a list of 15 used cars with the biggest price drops, a list in which six of the first seven cars are EVs.
Data from iSeeCars reveals that the Model 3 has shed an average of 24.8 percent of its value in the past year, taking the average price down $8,558 year-on-year to $25,931. Kia’s Niro EV isn’t far behind, its values having dropped 21 percent, versus a 4.8 percent average for the entire used car market, to $21,692.
Related: 10 Best Used Cars Of The Year Under $20,000
The Nissan Leaf (-20.2 percent), Hyundai Kona Electric (-18.5 percent) and Chevrolet Bolt EV (-18.3 percent) also fared badly, their depreciation collectively helping ensure used EV prices fell four times faster than those for combustion-engined cars.
It’s interesting to note, however, that the Tesla Model S, a much older EV, only scraped into 15th place on the list with a 13.4 percent drop, and the Model X and Model Y SUVs didn’t appear at all.
But the general trend is for EVs to lose more money than combustion vehicles, iSeeCars reports, and that means that one- to five-year-old EV prices have swung from 12.1 percent above used combustion prices to 11.4 percent below them since August 2023.
Nevertheless, EVs aren’t the only cars burning up dollars like a doomed startup. The Maserati Levante pushed its way between the EVs on the list, making it to third place with a 20.2 percent drop in value to an average of $43,710.
And because its original purchase price was so high, the year-on-year dollar difference between current Levante values and last year’s is the second highest on the list at $11,086. It was beaten in that respect only by the Mercedes-AMG GT, whose prices dropped 14.8 percent, but $13,840.
The list also makes uncomfortable reading for JLR, whose Range Rover Sport, Evoque and Velar occupy the first three slots after the glut of EVs, the last of which was the firm’s own Jaguar I-Pace.