- A new study reveals used EV prices have dropped by 15.1% compared to last year.
- Prices for used Tesla EVs plummeted 13.6% over 2024 to an average of $32,198.
- On a model level, Porsche’s Taycan saw the steepest drop , losing 26.5% of its value.
If you’re in the market for a used car, there’s some good news as a study found the average price of a 1- to 5-year-old used vehicle is $31,257. That’s down $239 from a year ago, which equates to a modest drop of 0.8%.
However, if you’re in the market for an EV, it’s time to pop the bubbly. According to iSeeCars’ latest study, the price of a late model used electric vehicle plummeted 15.1% from a year ago.
More: Global EV Sales Projected To Rise 30% In 2025
That means the average 1- to 5-year-old EV costs $32,198. That’s $5,709 less than last year and is just slightly more than the $31,281 average price of a gas-powered model.
Tesla was the big loser as their average used vehicle price dropped to $31,733, which was a decline of $5,013 or 13.6%. Maserati posted a larger price drop of $5,208 but that’s only down 10.6% from a year ago. Chrysler finished off the loser’s podium as their used vehicles lost $2,058 or 7.6% compared to last year.
Top 10 Brands With the Largest Price Drops
iSeeCars blamed the steep Tesla declines on a variety of factors including new vehicle price drops, an aging product lineup, and stalling demand for new and used EVs. It’s also worth mentioning that Elon Musk’s political transformation appears to have alienated some customers and put owners in the crosshairs, limiting Tesla’s appeal.
That being said, “used car prices have largely stabilized.” This includes EVs, to an extent, as “used electric vehicle pricing was dropping around 30% every month in the first half of 2024, but over the past six months it’s been down between 15% and 20%.” That’s far from good, but things are improving.
For comparison, used gasoline and hybrid vehicle prices were only down 0.5% from a year ago. That equates to a mere $160.
Change in 1- to 5-Year-Old Used Car Prices by Powertrain 2025 vs. 2024
Given this, iSeeCars Executive Analyst Karl Brauer said “It’s not easy to find a great deal in today’s used car market, but if an electric vehicle can serve your personal transportation needs, most used models have dropped substantially in cost over the past year, especially compared to gas and hybrid models.”
Unfortunately, the future looks grim as Brauer stated “There’s no indication prices will drop from their current levels throughout 2025 and, with tariffs looming, the price of both new and used cars could potentially rise.”
That’s a bit of a bummer, but you can save money by picking certain vehicles. The BMW 5-Series Hybrid, Porsche Taycan, and Tesla Model S saw the biggest price drops. The Taycan, in particular, was down a staggering 26.5% ($26,626) from a year ago. Of course, you’d still be looking at spending $73,976 for a used one.