Thinking of getting an electric pickup? If so, springing for a used model could save thousands as used EVs continue to drop in price.
A study released this week from iSeeCars shows that used EV prices have continued to fall substantially over the past year.
Used EV prices fell nearly 30% since June of last year following year-over-over declines of 28.9% in May, 24% in April and 16.8% in March. iSeeCars analyzed over 1.8 million 1- to 5-year-old used cars to identify the latest used car pricing trends.
“A year ago, used EV prices were on the upswing, rising faster than the average used car,” said iSeeCars Executive Analyst Karl Brauer. “Electric vehicle prices are now falling at nearly 10 times the rate of the average used vehicle, reflecting a clear shift in EV supply and demand.”
EV price drops have not been limited to passenger cars. A used 2023 Ford F-150 Lightning Platinum listed at iSeeCars on Wednesday was selling for $10,300 below market price at $89,900. And the list went on. A 2022 Lightning Lariat was priced $13,218 below market price. Another 2022 Lightning had its price reduced nearly $6,000 to $66,990.
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At cars.com, a 2022 Ford F-150 Lightning Lariat with 6,001 miles on the clock was priced at $66,990 following a $6,000 price drop. Other Lightnings were also discounted.
Several Rivian R1T pickups listed on the site were also showing price cuts including a 2022 Launch Edition that had its sticker reduced $2,002 to $79,979.
Brauer says more stable gas prices and higher interest rates continue to steer customers away from used EVs.
“In Spring 2022 the war in Ukraine sent the cost of oil skyrocketing. Consumers saw electric vehicles as a safe haven from volatile gas prices,” said Brauer. “A year later fuel prices have stabilized, interest rates have risen, and shoppers are cautiously weighing their vehicle purchase options as they seek maximum value from their car-buying dollar. None of these factors contribute to electric vehicle demand.”
Used Tesla EVs had the greatest price drops.
“Tesla occupies three of the top four slots in used car price drops, with Nissan’s LEAF rounding out the top four and confirming the market’s shift away from older, high-volume electric vehicles,” said Brauer. “With so many newer EVs entering the market over the past two years cars like the Model 3, X, S, and LEAF are looking less competitive and less compelling.”
