Used electric vehicle prices are continuing to decline, with significant drops for Tesla models: the Model S and Model X saw decreases of over 15%. Overall, used EV prices fell 4.8% year over year, while internal combustion vehicles rose by 5.2%. The decline in interest in EVs, coupled with an increase in supply from higher turnover rates, contributes to falling prices. As the market share of used EVs has dropped dramatically and incentives are set to expire, the demand for electric vehicles is expected to continue decreasing.
The price of used electric vehicles has seen a significant decline, with Teslas experiencing drops of more than 15% year over year as overall EV prices fell 4.8%.
Tesla Model S's value fell by $8,768 (15.8%), Model X dropped $9,544 (15.5%), and Model Y saw a 13.6% decline ($4,637), reflecting ongoing challenges.
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