Used car prices are dropping, with EVs leading the way, according to iSeeCars data

Used EVs are a hot topic for debate. At one point not that long ago, it looked like used Tesla values would never stop climbing, but the automaker’s aggressive price-cut strategy has caused more than a few waves with used values. Used EV prices have declined almost 30 percent over the past year, leading their gas counterparts with cuts that add up to nearly eight times the average decline in combustion cars' prices. That’s part of the news from car sales data firm iSeeCars' latest analysis, which found that older EV models and Teslas are leading the charge with the largest used price drops around.

iSeeCars’ executive analyst Karl Brauer said, “EVs make up seven of the top 10 models that lost the most value this year. Older EVs like the Chevrolet Bolt and Nissan Leaf lost the most value, but three of Tesla’s four models are also among the top 10 cars that lost value.” Even so, Brauer noted that used car prices have been dropping across the board, with an average of a 3.6 percent decline since February 2023.

Top 10 used cars with the most significant price drop (February 2023-2024)

• Chevrolet Bolt EV: -30.4%
• Nissan Leaf: -29.1%
• Kia Niro EV: -27.1%
• Hyundai Kona EV: -$24.7%
• Tesla Model X: -24.6%
• Tesla Model 3: -24.1%
• Tesla Model S: -20.5%
• Alfa Romeo Stelvio: -16%
• Jaguar E-Pace: -14.6%
• Mercedes-Benz CLS: -14.6%

While Tesla’s vehicles only account for three of the top 10 price drops, the automaker’s heavy presence in the EV market has helped drive down prices for electrics across the board. Tesla's average used prices have fallen almost 29 percent, as a consequence of several cuts to new Tesla prices over the past year.

At the same time, the cuts are good news for buyers, as used EVs are becoming compelling bargains for people who want to live the zero emissions lifestyle without burning the extra cash for a new electric model.

For a much more extensive look at trends in the market for used electric vehicles and the overall market in general, check out the full iSeeCars report.