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 dropโ€”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.

โ€œUsed electric cars have dropped from 55.3 days in September 2023 to 38.6 days to sell,โ€ says iSeeCars executive analyst Karl Brauer. โ€œThereโ€™s solid demand for used EVs if theyโ€™re priced 8% to 11% below hybrid and gas vehicles.โ€

If youโ€™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%).