Used electric vehicles suffered a 33.7% year-on-year price decline in October 2023 amid the fluctuating sales in this particular market, iSeeCars’ report revealed.
Report highlights
Car buying and research firm iSeeCars evaluated more than 2.3 million new and 1- to 5-year-old used electric vehicles as it seeks to understand the current market situation.
Interestingly, the evaluation showed a “substantial weakness” in EV demand compared to hybrid and gas-powered cars.
Without further ado, here are the key findings.
Findings
| iSeeCars Used Car Study | Year-over-Year Price Comparison | Average Price October 2023 | Average Price October 2022 |
| All Used Cars | -5.1% | $30,972 | $32,627 |
| EVs | -33.7% | $34,994 | $52,821 |
| Hybrids | -9.6% | $31,511 | $34,850 |
As you can see in the table above, used EV prices dropped by an astounding 33.7% in October 2023 to $34,994 from $52,821 in the same period last year.
Meanwhile, hybrid vehicles only reported a slight decline of 9.6% to $31,511 last month.
Overall, used electrified vehicle prices declined 5.1% YoY to $30,972 in the same period.
Key factors affecting the decline
InsideEVs implied that various factors prompted customers to become more cautious in buying electric vehicles, including the following:
- Market uncertainty
- Affordability
- Charging infrastructure issues
“Everything from economic concerns to growing competition among electric vehicles is contributing to their [used EVs] downward trend.”
Karl Brauer, iSeeCars executive analyst
Interestingly, older models report the highest price declines, with Nissan Leaf claiming the first spot. Tesla Model 3, Chevrolet Bolt EV, Tesla Model X, and Model S completed the top five.
“It’s common for old models to drop in price when the market contracts. Most of the models on this list were introduced several years ago and need a redesign to remain competitive.”
Karl Brauer, iSeeCars executive analyst
That said, it is unsurprising that Tesla has launched a revamped Model 3 in the Chinese and European markets. It is also on track to hit the US market in the near future. The Musk-led company also introduced a redesigned Model Y under Project Juniper. It is also worth noting that non-Tesla cars, such as the Kia EV6, Ford F-150 Lightning, Polestar 2, and Volkswagen ID.4, are the longest-to-sell models based on the findings.
