Used electric vehicle prices continue to lose value faster than the average used gas car, having fallen below average gas car prices in February, according to the latest study by iSeeCars released last month. 

The study analyzed over 2.2 million 1- to 5-year-old used cars sold in May 2023 and 2024 and found that the average used EV price is down 29.5% year-over-year versus 6.1% for the average used gas car price. In May 2024, the average used electric vehicle was priced at $28,767, or 8.3% below the average gas car at $31,424. These prices show a major turnaround from a year ago, when the average used EV cost $40,783 and the average used gas car cost $33,469.

Used Electric Vehicle Market Crashing

“There’s no denying the crash in used electric vehicle values over the past year,” said Karl Brauer, executive analyst at iSeeCars, in a news release. “We’ve watched EVs prices fall between 30% and 40% since June of last year, while the average gas car’s price has dropped by just 3 to 7 percent in that same timeframe.”

While electric vehicle values appeared to stabilize at the end of 2023, they experienced a substantial drop this year in February and have continued to decline over the past four months.

Meanwhile, the average used gas car price has shifted by approximately $400 during those same four months.

“It’s clear used car shoppers will no longer pay a premium for electric vehicles and, in fact, consider electric powertrains a detractor, making them less desirable – and less valuable – than traditional models,” Brauer said.

Used Gas Car Prices Showing Stability

Demand for used gas cars grew during the new car production shortages brought on by the pandemic. This demand pressure is slowly easing, but with used prices hovering around $31,000 they remain well above pre-pandemic levels.

“Over the past year the average used price for traditional internal combustion engine vehicles has shifted by no more than 7 percent, with prices most months changing between 3 and 6 percent,” said Brauer. “This is in stark contrast to the 30 to 40 percent drops in used EV pricing.”

Used EV Prices Continue To Crash

The ongoing crash in used electric vehicle prices pulled their values below the average used gas car’s in February and shows no sign of stopping.

“While the drop in used EV prices is dramatic, what’s more disconcerting is no indication of used EV values stabilizing,” Brauer said. “At some point used EV prices will have to bottom out, but we don’t appear to be at that point yet.”