According to a June report from iSeeCars.com, EVs are declining nearly ten times faster than the average used vehicle. 📉
Their recent data shows that used EV prices are down nearly 30% YOY, with the decline going into ludicrous speed just this year alone — from 8.8% in January to 29.5% in June.
iSeeCars.com
🙄 Thanks, Elon. Tesla's aggressive price cuts appear to be the primary culprit, putting tremendous pressure on the used EV market to follow suit. The Model 3 and Model Y have experienced substantial value declines, affecting the entire category.
Factors like stabilized fuel prices, rising interest rates, and price-conscious buyers seeking the best deals regardless of powertrain have all contributed to this downward trend. ⛽️
In contrast, ICE vehicles like the Mercedes-Benz SL convertibles, Fiat 500X crossover, Chevrolet Suburban, Porsche 911 convertible, and 718 Cayman coupe have seen the biggest overall price hikes. 📈