There's no denying the crash in used EV values over the past year. We've watched EV prices fall between 30-40% since June of last year, while the average gas car's price has dropped by just 3-7% in that same timeframe.
In May 2024, the average late-model used EV cost $28,767, 8.3% below the average late-model gas car at $31,424. These prices highlight a major shift from a year ago when the average used EV cost $40,783.
New IRS rules making federal tax credits available to buyers at the point of sale could be driving down used EV prices significantly. Increased competition, falling lithium prices, and improved manufacturing are also contributing factors.
[
add
]
[
|
|
...
]