The value of used electric vehicles is falling at nearly 10 times the speed of internal combustion vehicles. While the vehicles remain popular, several factors, including gas prices and Tesla’s enormous influence, are causing the value of second-hand EVs to drop dramatically.
In June, the average price of an EV was 29.5 percent lower than it had been a year earlier. That’s even lower than in May, when prices were 28.9 percent lower than a year before, according to new data. Meanwhile, the average price of a used vehicle, industry-wide, was down just 3.6 percent in June 2023.
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