The pandemic led to a price bubble for all vehicles, especially used ones. The good news for buyers is that values are starting to fall again. However, while the bubble is deflating for used cars, it has burst for second-hand EVs.

In October 2023, the average price for a one to five-year-old used vehicles fell by 5.1 percent market-wide compared to the same month a year earlier. However, buyers are now paying an average of 33.7 percent less for older EVs in 2023 than they were in 2022.

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