Prices of used EVs drop below used gas cars for the first time [Video]

(iSeeCars) – Used electric vehicle prices fell below average gas car prices in February and EVs have continued to lose value faster than the average used gas car, according to the latest study by iSeeCars. 

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 percent year-over-year versus 6.1 percent for the average used gas car price. In May 2024, the average used electric vehicle was priced at $28,767, or 8.3 percent 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.

Usee 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. “We’ve watched EVs prices fall between 30 …