TL/DR –

EV prices are dropping faster than a bad habit! This new study shows that used electric vehicle prices have plummeted over 30% across the US, while their gas-guzzling cousins only saw a 6% drop. So, if you’ve been eyeing up that Tesla Model 3, now might be the time to slide into that eco-friendly ride because the price is right.

Electric Vehicles (EVs) are Becoming More Affordable

Exciting news, folks! The price tags on used EVs are sinking faster than those on gas guzzlers, says a recent study.

It’s not just nationwide, Louisville is feeling the winds of change too. iSeeCars, a leading automotive research firm, crunched the numbers on 2.2 million pre-owned cars sold from May 2023 to May 2024. The results? EVs, like the Tesla Model 3, saw their average sale prices drop a whopping $6,000.

Top Five Used Car Price Drops in Louisville

Here’s the scoop on the top five price drops for used cars in Louisville.

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).

Across the board, Louisville saw a 4% drop in used car prices, bringing the average sale price to $30,454.

The Downward Drift of EV Prices

Karl Brauer from iSeeCars shares that while used car prices have plateaued, EV prices have nose-dived. Nationally, EV prices have dropped over 30%, while gas cars fell by a mere 6%.

Compared to February, used gas car prices have only dipped by a measly $400. Meanwhile, used EVs have slid below gas cars in price and continued to roll downhill. By June 2023, EV prices were 30-40% lower than they were a year prior, while gas cars only experienced a 3-7% dip.

The Impact on Tesla

Since early 2023, the average used EV price has plummeted about 32%, or $14,400 according to iSeeCars. Tesla, one of the most popular EV brands, has been hit hard. The value of Tesla vehicles dropped 28.9% over the past year.

Original Story at www.whas11.com