Used electric vehicle prices down sharply from last year: Edmunds survey

( NewsNation ) — The average price of a used electric vehicle plummeted by more than 20% in the past year, while an average gas-powered vehicle cost about 7% less in the same time frame, according to the car shopping guide Edmunds.

And the EV market won’t get much better, according to Edmunds, thanks to new, cheaper EVs coming to market, which will compete with similarly priced used EVs.

“This downward trend in values marks an abrupt turn in the trajectory of the used EV market, which had a runup in prices with the introduction of competitive products,” wrote Edmunds director of insights Ivan Drury.

“We seem to have reached a point where used EVs values are succumbing to more mainstream market forces,” he added.

In its quarterly report on the state of the used vehicle market, Edmunds pegs the average price of a used EV at $42,482, down 20.5% from the second quarter of 2023.

The average price of an internal combustion engine (ICE) vehicle was $29,382 in the second quarter. That’s 6.8% cheaper than last year.

The average price of a hybrid stands at $32,038, down 5.1% from the April to June period of 2023.

Edmunds also notes the difference in age and mileage between EVs and ICE vehicles.

“A typical used car in Q2 2024 was 4.5 years old with 52,478 miles. For used EVs, those figures were 2.7 years old and 29,430 miles. For shoppers willing to consider multiple propulsion types and those in search of the newest used vehicles, the value proposition of these lightly used EVs could be very appealing.”

For the latest news, weather, sports, and streaming video, head to NewsNation.