Used Electric Vehicle Prices Plunge 25% Over Past Year

Key models like the Tesla Model 3 see steep declines, driving faster sales and increased affordability

Prices for one to five-year-old used EVs dropped 25% over the past year, outpacing declines in hybrid and gas car prices.
The Tesla Model 3, Kia Niro EV, and Hyundai Kona Electric are among the models with the most significant price reductions.
The average cost of a used EV is now $27,000, compared to $30,292 for used gas cars.
Used EVs are selling much faster, averaging 38.6 days on the market compared to 55.3 days a year ago.
The price stabilization trend suggests that used EV prices may soon level off around $25,000.