Used EV prices are currently at an all-time low, exhibiting signs of stabilization. The average value of used EVs dropped 4.8% year-over-year, while used gas cars increased in value by 5.2%. Teslas saw the highest depreciation, with the Model S losing 12.3% of its value. Despite falling prices, there’s still a used EV tax credit available. The market appears to be maturing, as the rate of price decline has slowed significantly compared to the previous year, where average drops exceeded 24%.
The average value of a used EV in June was 4.8% lower year-over-year compared to 2024, while used gas cars overall got more expensive by 5.2%.
Tesla vehicles recorded the largest price drop for one- to five-year-old used cars, with a 5.3% difference year-over-year and an average value that, for the first time, fell below the $30,000 mark.
A year ago, EV prices were falling by more than 24%, or nearly $9,000 on average. Last month, they dropped just 1.3%, equating to a difference of around $408.
The average used Tesla Model S lost the most value over the past year, down 12.3%, or a difference of $6,662.
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