Used car prices have dropped -8.7% over the past year as the supply chain recovers, a new report says, but many electric vehicle values are in a free fall.
The study of more than 1.8 million sales of one- to five-year-old vehicles by iSeeCars found that EV prices are down -13.9%, but still at an average of $46,353.
That compares to -8.8% for conventional combustion engine models, and -2.1% for hybrids, which have benefited from stubbornly inflated fuel prices compared to before the COVID-19 pandemic.
A few electrics have bucked the trend, however. Prices for the Chevrolet Bolt and Nissan Leaf are up 5.9% and 5.4% respectively over the same period.
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Karl Brauer, iSeeCars executive analyst, said the hybrid price strength is "possibly reflecting the average consumer’s unwillingness to pay the higher price for a used EV as inflation and interest rates dampen consumer confidence."
The EV drop was driven in large part by the Tesla Model 3, which has seen prices fall -21.5% over the past six months.
New Model 3 prices were increased steeply over the past few years with tightening inventories, but received several large reductions in recent months that raised the ire of some customers who bought cars before the cuts.
Other models seeing large six-month drops are the Nissan Kicks (-13.4), the Nissan Leaf, which took a -12.0 turn despite being up over the year, the Toyota C-HR (-11.9) and the Jaguar E-Pace (-11.6).
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The Model 3's year-over-year decline is lower than its six-month figure at -19.3% and led by the Land Rover Discovery (-19.9), Nissan Armada (-20.3%) and Infiniti QX80 (-22.3%).
However, several models continue to buck the discount trend, according to iSeeCars, mostly in the luxury segments.
Used Mercedes-Benz S-Class sedan and Mercedes-Benz GLS prices are up 11.8% and 11.2% since last September, followed by the Porsche 911 (10.6%), Cadillac Escalade (9.1%) and Porsche 918 Cayman (8.7%).