2023-11-28 22:08:56
Electric vehicle prices are falling and their sales are slowing in new and used markets.
Over the past 12 months, used electric vehicle prices are down 33.7 percent compared to a 5.1 percent drop for all used cars and a 9.6 percent drop for used hybrids, according to the latest study from the iSeeCars site.
Year-over-year used car price comparison by segment, October 2023:
|
Segment |
Price comparison |
Average price in October 2023 |
Average price in October 2022 |
|
All used cars |
-5.1% |
$30,972 |
$32,627 |
|
EVs |
-33.7% |
$34,994 |
$52,821 |
|
Hybrids |
-9.6% |
$31,511 |
$34,850 |
The study analyzed more than 2.3 million new and used cars from 1 to 5 years old to evaluate the electric vehicle market relative to other segments.
Teslas have had some of the biggest price drops for used cars, ranging from a decrease of $21,775 for the Model X, $18,596 for the Model S and $14,716 for the Model 3.
Electric vehicles rank in the top five of the top 10 used cars with the biggest price drops.
|
The 10 used cars with the biggest price drops (year-on-year), October 2023 |
||||
|
Position |
Model |
Year-on-year price comparison |
Average Price October 2023 |
Average Price October 2022 |
|
1 |
Nissan LEAF |
-30.6% |
$19,649 |
$28,304 |
|
2 |
Tesla Model 3 |
-30.5% |
$33,455 |
$48,171 |
|
3 |
Chevrolet Bolt EV |
-28.7% |
$20,398 |
$28,625 |
|
4 |
Tesla Model X |
-26.2% |
$61,424 |
$83,199 |
|
5 |
Tesla Model S |
-24.7% |
$56,655 |
$75,251 |
|
6 |
Chrysler Pacifica Hybrid |
-20.0% |
$33,272 |
$41,571 |
|
7 |
BMW 5 Series (hybrid) |
-18.7% |
$30,757 |
$37,812 |
|
8 |
Land Rover Range Rover |
-18.3% |
$69,650 |
$85,298 |
|
9 |
Land Rover Discovery |
-17.9% |
$37,131 |
$45,242 |
|
10 |
Land Rover Range Rover Velar |
-17.7% |
$42,511 |
$51,631 |
|
Average for all used cars |
-5.1% |
$30,972 |
$32,627 |
|
Despite these price drops, used EVs now take 52.4 days to sell, down from 37.1 days a year ago.
The average used car sold in 55.2 days a year ago, but now it sells faster than the average electric vehicle at 49.2 days.
|
Average days on market by used car segment, October 2023 |
||
|
Segment |
Average days on market, October 2023 |
Average days on market, October 2022 |
|
All used cars |
49.2 |
54.9 |
|
EVs |
52.4 |
37.5 |
|
Hybrids |
46.7 |
34.3 |
The same patterns are seen in new car sales, where electric vehicles now take almost three times longer to sell compared to a year ago.
At 57.5 days, EVs take longer than the average new car or new hybrid to roll out of dealerships.
|
Segments |
Average days on market, October 2023 |
Average days on market, October 2022 |
|
All new cars* |
44.4 |
32.6 |
|
EVs* |
57.5 |
20.5 |
|
Hybrids |
37.2 |
20.0 |
*Excluding Teslas
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