Used electric cars seem to be getting cheaper, a trend observed last year and one that continues into the second quarter of 2024. This price drop was most likely prompted by the massive and aggressive price cuts put in place by Tesla, which also affected the value of used examples, and it looks like the price of used Teslas dictates what other used EVs are worth in the US.
According to a Recurrent report for Q2 2024, 55% of all EVs listed for sale in the US cost less than $30,000. The report also found that over half of all used EVs cost less than $25,000, which makes them eligible for the $4,000 federal tax credit for used EVs. This is three times higher than when the Inflation Reduction Act was implemented, marking a clear downward trend for second-hand electric car prices.
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