Edmunds: Used EV prices 20% cheaper than last year & depreciating faster than used ICE cars

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A caller survey suggests that present is simply a bully clip to bargain a utilized electrical vehicle, arsenic their values are dropping importantly compared to erstwhile years.

According to the study, portion the wide mean terms of utilized cars dropped to 6.8% from Q2 2023, prices of utilized EVs reduced by a monolithic 20.5% compared to past twelvemonth and an adjacent higher 38.5% compared to Q2 2022.

In Q2 2024, the mean outgo for utilized ICE cars was $27,391, compared to the mean utilized EV terms of $33,787. While the outgo of utilized EVs is inactive somewhat higher, the spread is said to beryllium narrowing. Reports authorities that conscionable 1 twelvemonth back, the outgo of utilized ICE cars and utilized EVs stood astatine $29,382 and $42,482, respectively.

Another item mentioned is that utilized EVs are newer than the utilized ICE cars available. The mean property of a utilized ICE car was 4.5 years and had 52,478 miles connected the odo. Compare this to the mean property of a utilized EV, which was 2.7 years and recorded conscionable 29,430 miles.

Source: Edmunds

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