A research released this month by iseecars.com claims that used vehicle prices have somewhat declined, with the Tesla Model 3’s 24.8% decline from last September particularly hurting the EV industry. Similar to expensive automobiles like the Maserati Levante and Mercedes-Benz AMG GT, the other entry-level EVs (Bolt, Niro, and Leaf) that have lately been sold have also seen significant devaluation.
Even two or three-year-old electric vehicles are no longer state of the art due to quickly evolving EV technology, despite the temptation to attribute the rapid EV depreciation to a cooling EV industry overall. All things considered, this indicates that purchasing a late-model EV is becoming significantly less expensive and that the used car market as a whole is still recovering from COVID-19 pricing.
CarGurus data indicates that the healing process is staccato rather than continuous. CarGurus reports that used vehicle prices have increased by less than 0.5 percent in the last month, which is probably a continuation of the general downward trend. Even while the trend is undoubtedly declining, secondhand cars are still increasing, albeit by tiny amounts.
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According to statistics from iseecars.com, the Porsche 718 (21.4%), Volvo S90 (16.3%), and Chevrolet Camaro (8.4%) have had the most year-over-year price increases in the used market. Since that 718 won’t be four-cylinder powered for very long, the move towards electrification is having a devastating effect on the values of outgoing ICE performance vehicles, even while the market as a whole is still adjusting to the old normal. There are many whispers that the Camaro, another combustion enthusiast vehicle, will make a comeback in some kind.
A brand-new EV is among the top three in CarGurus’ monthly survey of the few used cars with higher prices. Used prices for the Honda Prologue have increased 3.2%, in contrast to the 2.2% increase for the recently updated Toyota Camry and the 3.4% increase for the recently discontinued Chrysler 300. Perhaps an indication that scalpers are trying to take advantage of unmet demand for a car whose supply hasn’t yet kept up. It seems that a vehicle’s conditions are just as important as its power when the market recovers.
The top 15 vehicles with the largest price reductions
| Rank | Model | AVG Price | $ Difference YOY |
| 1 | Tesla Model 3 | $25,931 | -$8,558 |
| 2 | Kia Niro EV | $21,692 | -$5,769 |
| 3 | Maserati Levante | $43,710 | -$11,086 |
| 4 | Nissan Leaf | $16,243 | -$4,102 |
| 5 | Hyundai Kona EV | $21,466 | -$4,873 |
| 6 | Chevy Bolt EV | $17,863 | -$3,997 |
| 7 | Jaguar E-Pace | $26,477 | -$5,149 |
| 8 | Range Rover Sport | $53,071 | -$9,528 |
| 9 | Range Rover Evoque | $30,506 | -$5,395 |
| 10 | Range Rover Velar | $37,642 | -$6,652 |
| 11 | Ram 1500 Classic | $26,413 | -$4,634 |
| 12 | MB AMG GT | $79,808 | -$13,840 |
| 13 | BMW X7 | $55,333 | -$8,899 |
| 14 | BMW X2 | $24,878 | -$3,874 |
| 15 | Tesla Model S | $53,141 | -$8,255 |
| Overall Average | $30,228 | -$1,509 |
