Is it time to buy a used electric car? Used electric vehicle (EV) prices have dropped significantly over the past year, bringing hope for price-sensitive buyers. The increased supply of used EVs and the reduction in prices of new models are the main factors that have contributed to this trend. Sales of used EVs have increased, indicating a positive shift towards more sustainable mobility.
The prices of used electric vehicles (EVs) have recently experienced a significant drop, which, combined with a greater supply on the market, has created favorable conditions for buyers who were previously deterred from purchasing EVs due to high prices. The decrease in the prices of used EVs is primarily the result of a larger offer on the market, as the sale of new EVs is on the rise, which increases the number of used vehicles coming onto the market. Is it time to buy a used electric car?
Biggest US drop for 32%
The average price of a used EV in the US is now $27,800, down 32% year-over-year1. Pre-owned Tesla Model 3 prices have fallen by more than $9,000 since 2021, signaling the start of a slow decline in pre-owned EV prices. Used Tesla models in particular have seen a 29 percent price drop since the summer, which analysts attributed to growing competition in the EV market, particularly from Nissan and VW.
The most interesting model at the moment is the 513 horsepower Tesla Model 3 - year 20/21
Cars around 3 years old are interesting, among which the model stands out Tesla 3 Performance up to 50,000 kilometers driven, which you can on the German mobile.de buy for half price.
Forbes reports that the average retail price of a used EV fell last quarter to approx 43,400 dollars, down about 4 % from Q1 2022. The average price of new EVs was closer to $59,000 during the same period. This price cut, combined with a larger supply of used EVs, led to an increase in used EV sales by 32 % in the first quarter of 2023 compared to the first quarter of 2022 and by 120 % compared to the first quarter of 20213. Is it time to buy a used electric car?
Falling prices of new vehicles - due to reductions by the manufacturer Tesla
A report by Kelley Blue Book (KBB) showed that the average price of new electric vehicles in the US fell by nearly $15,000 over the past year, with the average transaction price falling to $50,683 from last year's average of $65,2951 . This price drop is part of a wider trend in the automotive industry, led by Tesla's active price reduction policy. So, the average price of new electric vehicles has decreased by about 22.42 % in the last year.
More price cuts have been recorded in recent months. Also several other institutions and research institutes. The biggest drop was recorded in December 2022, when the average price of a new EV was $61.448, which was 5.5 percent lower compared to November's average price of $65.042. This price reduction opens the door for more consumers to consider purchasing an electric vehicle, while also pointing to the possibility that electric vehicle prices could catch up with conventional internal combustion (ICE) vehicles in the coming years.
Despite stabilization of used car prices in general, used EV prices continue to fall. In June, used EV prices fell by 29.5 % compared to the same period last year, after falling by 28.9 % in May, 24 % in April and 16.8 %4 in March.
Is it the right time to buy a used electric car?!
Falling prices and more offer of used EVs are positive signs for the future of electric mobility. They give more people access to more environmentally friendly vehicles, which is crucial for achieving the goals of reducing emissions and transitioning to sustainable mobility. As this trend continues, we can expect a wider adoption of electric vehicles, which will benefit both consumers and the environment.
