TL/DR –
So, y’all, EVs are taking a nosedive in prices because folks are dragging their feet on buying them —blame those bougie battery costs and lacking chargers. Good news if you’re trying to score a deal: pre-owned Teslas and other EVs are practically on clearance, selling faster than pumpkin spice lattes in October. But don’t think all used cars are joining this pity party; some are still being extra, like that Porsche 718 Cayman, which decided it’s too luxe to drop in value.
A week doesn’t go by without buzz about electric vehicles’ (EVs) bumpy ride. The annual EY Mobility Consumer Index reports only 34% of global respondents plan to buy an EV next, blaming pricey battery replacements and lack of public charging.
One silver lining: new EV prices are dropping, with automakers offering $7,500-$10,000 rebates to move inventory.
On the used-car side, pre-owned EVs are selling for 11.4% less than gas cars, a big shift from a year ago when they cost 12.1% more, according to iSeeCars.com.
The Tesla Model 3 has seen the sharpest drop—down 24.8% due to a surplus. Five of the top six models losing value are EVs. iSeeCars lists the 15 pre-owned vehicles with the steepest price dips below.
Overall, used-vehicle prices are leveling out post-pandemic, but EV prices have dropped four times faster than hybrids and six times faster than gas cars. Thanks to an average 25% drop, used EVs are selling quicker than in 2023.
“Used electric cars have dropped from 55.3 days in September 2023 to 38.6 days to sell,” says iSeeCars executive analyst Karl Brauer. “There’s solid demand for used EVs if they’re priced 8% to 11% below hybrid and gas vehicles.”
If you’re eyeing a budget-friendly electric car, there are great deals that save money on fuel and maintenance.
Not all used-car prices are falling. Some models are actually gaining value, like the Porsche 718 Cayman (+21.4%), Volvo S90 (+16.3%), Chevrolet Camaro (+8.4%), BMW 2 Series (+6.6%), and Mitsubishi Outlander Plug-In Hybrid (+6.4%).
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Original Story at www.forbes.com
